Financing a New Home: What You Need to Know

Buying a new home, especially your first home, is a huge milestone, and at Herbst Homes, we understand that the financing process can sometimes feel like the most complicated part. The good news, though, is that it doesn’t have to be. With the right knowledge and the right team on your side, you can move forward with confidence, and this guide will walk you through the essentials of financing your new home, so you feel informed and empowered throughout your journey. 

Getting a Clear Picture of Your Budget

Before you start shopping for new homes in Santa Rosa County, FL, it’s a good idea to get a clear understanding of what you can afford. Start by looking at your income, your existing expenses and how much you currently have saved for a down payment. You’ll also want to check your credit score, since this number plays a big role in the types of loans and interest rates available to you. 

The next step is getting pre-approved for a mortgage, and this is when a lender takes a look at your entire financial situation and tells you how much they’d be willing to loan you. It gives you a realistic price range to work within and shows sellers that you’re serious when you’re ready to make an offer. 

Working With a Lender You Can Trust

At Herbst Homes, we believe that buying a home should be a smooth and stress-free experience, and that’s exactly why we’ve partnered with University Lending as our trusted preferred lender. With deep knowledge of the local market and a commitment to personalized service, University Lending will be there to guide you through every step of the mortgage process. 

Whether you’re applying for your very first loan or just beginning to explore your options, the team at University Lending will take the time to explain your choices, answer your questions and help you find the financing that fits your needs. 

Choosing the Right Loan for You

There are several types of home loans available, and the right one for you depends on your financial situation, credit score and long-term goals. Some buyers might qualify for a conventional loan, which is a good option if you have a high credit and a fairly large down payment. Others might benefit from an FHA loan, which is designed to help first-time buyers with more flexible credit requirements and smaller down payments. 

If you’re a veteran or active-duty service member, a VA loan could be a great fit, offering benefits like no down payment and no private mortgage insurance. The good news is, you don’t have to navigate these choices alone—University Lending is here to help you explore all your options and choose the one that works best for you. 

It’s Okay to Ask Questions

There’s a lot to learn when you’re buying your first home, and no question is too small or too simple. In fact, the more you ask, the better prepared you’ll be. Don’t be afraid to ask your lender things like: How much should I put down? What will my monthly payment look like? Is it better to choose a fixed or adjustable rate? Are there any programs that could help me as a first-time buyer?

At Herbst Homes, we believe that the more you understand, the less stressful the experience will be, and with our team and University Lending by your side, you’ll have expert guidance to help explain the process in plain language, from pre-approval to closing day. 

Let’s Get Started

Financing your new home in Santa Rosa County might seem like a mountain to climb, but with the right support, it’s completely manageable. Whether you’re ready to start the mortgage process today or just want to learn more about what’s ahead, we’re here to help you every step of the way. Give us a call at (850) 696-6964 or fill out our online form to learn more.