Four Tips for First-Time Buyers First PREMIER is committed to helping you find the right financing to make your first home happen. We work hard to make the process as smooth as possible. Once we’ve approved your application and started processing your home loan, follow these first-timer tips to prevent hassles, hang-ups or added stress. Avoid quitting your job, becoming self- employed or changing employers. Steady employment is critical to securing a home loan. Most lenders require two years at one job. Switching employers mid-process may delay your home. Don’t fall behind on any of your current payments. Your payment history makes up more than one-third of your credit score. Just one late payment before closing could sink the deal. Don’t finance new cars, furniture, flooring or any other major purchases. Your debt-to- income (DTI) ratio is a significant factor when considering your qualification level. If you add more debt during the process, it could affect your terms. Additional credit checks may also negatively impact your credit score, potentially changing your rate and loan eligibility. Avoid spending your savings. Unless you do a First-Time Homebuyer loan or have negotiated with the seller, your down payment and closing costs won’t be covered in your loan. You may need your savings to help cover these costs on closing day. 1 2 3 4
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