First-Time Homebuyer

Buying a new home is exciting! It can also be a little scary, especially if you are a first-time homebuyer. The mortgage professionals at Norcom will make it easier by explaining all the options and walking you through the process, step by step. We’ll look at the big picture and help you choose a mortgage – the right mortgage – so that you can buy the home you want. We invite you to read, research and remember: We make homes happen.

Remember: We're always here to help make things easier, answer questions and guide you through the process.

Mortgage Pre-Approval

Being pre-approved by a lender gives you the confidence to shop for a new house, knowing exactly how much you can afford. You can avoid looking at properties that don't fit your budget. The pre-approval helps you know exactly what is possible right from the start. In fact, most realtors expect you to be pre-approved.

Get Pre-Approved

How much can you afford?

A good place to start is to look at your current expenses. There are fixed expenses such as car payments, taxes and day care. There are also discretionary expenses such as travel, clothing, entertainment, etc. where you personally decide how much to spend.

The next step is to create a budget. You'll see how much of your monthly income is already committed to fixed expenses, as well as how much you have to spend on a mortgage payment, taxes and insurance for a home.

Of course, how much you can afford also depends on how much debt you have. Long-term debt (debt that will take more than ten months to pay off) is what lenders are most concerned about. If you have long-term debt that is considered excessive for your income, it will probably limit how much you can borrow. If you have a lot of long-term debt, you may want to pay off some of it before you apply for a mortgage.

Which kind of mortgage works best for a first-time buyer?

It depends on you and your circumstances. However, we find that 30-year Fixed-Rate Mortgages are often a good fit because they offer the security of a rate that won't change over time. Whichever program is right for you, we promise to make the dream of owning your first home as attainable as possible.

For more information, check out our Mortgage Calculators to help you get started.