new homes in GardendaleWith a continually improving market comes increased home buyer optimism. First-time buyers are ready to become homeowners, but there are increased regulations on home financing. Here are a few quick tips to keep in mind when applying for a home mortgage:

1. Seek Third-Party Advice: The worst idea a first-time buyer could have would be to forge into the home buying process without seeking the advice of an objective, third party. The source of the advice could be a close and trusted friend or family member who’s been through the process before. Also, attending a first-time home buying seminar or class would be highly beneficial. Another option would be to visit a credit counselor who isn’t affiliated with a lender. All of these sources can provide quality and necessary advice.

2. Be Prepared: Pre-Qualify: What better way to show earnest, preparation and confidence than to get pre-approved for a mortgage? Pre-qualifying ensures a smooth financing process and provides buyers with a financial commitment before home shopping. Pre-approval enables buyers to act quickly on the home of their dreams, and sellers will find pre-approved buyers more attractive if faced with multiple offers.

3. Eliminate or Diminish Debts: One bigger obstacle to home buying is having too much debt. For buyers with too much debt, lenders are more hesitant to give a mortgage because the situation is much riskier for them. An acceptable total debt ratio is less than 40 percent of your monthly income.

4. Match expectations with Reality: A significant challenge for some first-time home buyers is being more realistic about what they can afford. Of course, many people want a large house to comfortably fit a growing family; however, buyers should figure out exactly what is affordable in a monthly payment. Write down all monthly expenses including loan payments, utilities, insurance, credit cards, food, clothing, entertainment and anything else that is foreseeable. Remember to add in the monthly principal and interest, as well as escrows for property taxes, hazard

Builders typically have select lenders they like to work with, which will make the process easier for the buyer. Harris Doyle Home likes to work with a Synovus Mortgage, Mortgage Banc, Interlinc Mortgage, FirstBank and many more depending on location. To find a full list of preferred lenders, click here. Keep in mind these important home buying tips when house hunting.

Harris Doyle Homes has new homes in Gardendale at two communities, Fieldstown Crossing and Turnberry Highlands. For more information about these communities or any of Harris Doyle’s communities, visit the Harris Doyle website or call 205-982-2896.