BUYING YOUR FIRST HOME
The task can seem overwhelming. Let's take the next step together
What process fit your lifestyle?
Find your answers online
See how much you can afford and customize your mortgage options with our simple, fast and efficient mortgage process.
Talk with our experienced staff
Are you most comfortable hearing a friendly voice on the other end of the line or meeting in person? We get that. Answer a few quick questions to help us best understand your needs and our home loan specialist will give you a call.
Frequently Asked Questions by First Time Home Buyers
Where do I start?
Get prequalified! Knowing how much you can afford is bargaining power. Before you start looking, let All American Mortgage partner with you through the home financing experience.
What documents do I need?
We have made it simple. Download our document check list here.
What can I afford?
Many budgets reserve 28% of post-tax income for housing expenses; including your mortgage payment, homeowners insurance and property taxes. Although the formula is straight forward, every family's needs vary. Maybe you need to consider recurring monthly expenses like childcare, car payments or student loan payments.
Every situation is different which is why it helps to talk it through with a home loan specialist.
What costs are involved?
Loan Options and Down Payments
FHA Loan – Purchase your home with only 3.5% down. Closing costs can be a gift from a relative!
30-Year Loan – Our most popular mortgage. Purchase your home with as little as 3% down or less than 3% equity. Get a low payment and the security of a rate that won’t change for the life of your loan.
VA Loan – No down payment, no PMI and flexible credit requirements make the VA loan a top choice for veterans and active military members.
Mortgage closing cost or settlement costs are the fees necessary to complete to loan. You will receive a loan estimate and closing disclosure which list all the fees. The fees may include; credit report, appraisal, pest control, title fees or recording fees. The total cost differs geographically and with each loan.
Estimating homeowners insurance, property taxes and flood insurance
There's no quick answer here. The cost depends on the location of the home and the type of coverage you desire.
The simplest way is to request a online quote from your insurance provider. You can also ask us or a real estate agent in the area. The county property appraiser's office keeps record of the property taxes for each address. A simple search of homes in the neighborhood you desire should provide an estimate.