It’s National Homeownership month and Todd B, spoke with our good friends at JPMorgan Chase. This month Todd’s guest was Senior Home lending advisor Justin Cotton. Buying a home for the first time can be very exciting and nerve-racking at the same time. Justin broke down the process of home buying into 3 steps. First, consumers should ask questions and do their research. Secondly, consumers should find a trusted professional that is willing and able to walk you through the process. The third step is to create a purchase plan. This is important because it is critical to choose which plan of action is best for you. Future homeowners should also make sure before beginning, is to ensure that the action plan is a goal you are truly ready for and committed to seeing through. Buying a home is a big decision for the future homebuyer, their family, and their future.
Justin explained that research should go a little further than just a search on Google. You want to learn as much as you can about the home buying process. That starts by asking a trusted family member, friends, colleagues and neighbors that are home owners.
It is important that first time home buyers select a trusted and professional realtor. Justin also explained that it is also good to have a home lending advisor. Justin and other professionals with our partners at JP Morgan Chase work to make sure that you can actually afford the house that you are buying.
Step Three Justin discussed creating a purchase plan, part of that plan is outlining your current debt. The more debt you pay down the more house you can afford. You never want to enter a home and be “house poor” because you will never fully enjoy your new home
One of the biggest myths regarding purchasing a home is that you need 20% to put down as a down payment. There is value in putting down 20% but it is not a requirement. You wouldn’t need to put down more than 5% on a standard conventional loan; and if you are first time homebuyer you can put down as little as 3%.
If you are interested in becoming a Home Buyer you can reach Justin Cotton at Justin.Cotton@chase.com or stop by one of the many free Home Ownership events like the one State of AANHPI Homeownership with Asian Real Estate Association of America and Freddie Mac June 27th, 2023 10:30am – 2:30pm, Freddie Mac HQ [1551 Park Run Drive Mclean, VA 22102 or visit our friends at Chase.com