First Time Homebuyer

A PLACE TO CALL HOME.

So you’re ready to purchase your first home. Congratulations! The prospect of becoming a homeowner for the first time is exciting but it can also be overwhelming. If you’re not sure what to expect, don’t worry – that’s why we’re here. At Embrace, we’ll guide you every step of the way, from figuring out what you can afford to spend or what type of loan is best for your situation, to what you need to be prepared for at closing. We make the process as simple and easy as possible so you’ll feel right at home long before you move in.

Loans tailored specifically to first-time homebuyers

Our personalized approach makes us the ideal lender for first-time homebuyers. We explain the homebuying process in simple terms to make sure you’re comfortable, from application through moving day. Embrace offers a variety of loans including FHA, VA, conventional, unconventional, and extended rate lock, which means we are in position to serve all types of borrowers. And our No Down Payment (LINK) program offering up to 101% financing makes it easier than ever for you to get into a home of your own for the first time. We even help with closing costs.

Tips for first time homebuyers

GET STARTED

Work with a real estate agent. Time is money, and an agent can save you both. Agents can send you listings that fit your parameters, and they often know of new listings that aren’t yet on the market. Some agents will preview homes for you, and they’re good at spotting overpriced listings.

Save for a down payment. Start saving for a down payment as soon as you can. Putting 20% down is traditional, but some programs like Embrace’s no money down program allow as little as 0% down. Just realize that a lower down payment may mean higher costs down the road.

Check and monitor your credit. Your credit is key. It will determine if you’re approved for a mortgage, and could also affect your interest rate and loan terms. So check your credit, dispute any errors, and look for opportunities to improve your score, such as making a dent in any outstanding debts.

Pick the right house. Right house, wrong neighborhood? It happens. Be sure to look at local crime statistics, and map the nearest hospital, pharmacy, grocery store, and other places you’ll frequent. Also, drive by the house on various days and at different times to check out traffic and noise levels.

Negotiate the offer. First-time buyers often miss the opportunity to negotiate the offer price. This is another way a real estate agent can be helpful. They can provide comparable sales, examine pending sales, and keep you in a reasonable price range.

WHAT CAN YOU AFFORD?

Why use Embrace for your first home loan?

We’ve been helping first-time homebuyers qualify for home loans for decades. At Embrace, you’ll work with the same knowledgeable Loan Officer from start to finish. And our Loan Officers are all experts in their field, with over 8 years of experience on average, and they close loans in weeks, not months.

Embrace also has exclusive programs that make the process easier. With our revolutionary Approved to Move™, you get a fully underwritten mortgage approval before you even start looking for your dream home. This gives you an advantage over other potential buyers who may only be pre-qualified or pre-approved.

Our Guaranteed On-Time Closing program ensures that you won’t miss your closing. If you do, we’ll pay you up to $2,500. And we recently launched an online application that’s so easy, it practically writes itself.

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30 Year Fixed-Rate Refinance Mortgage Example:
The payment on a $225,000 30 year fixed-rate cash out refinance loan at 3.875% with a 70% loan-to-value (LTV) is $1058.04 with 2 points due at closing. The Annual Percentage Rate (APR) is 4.123%. This assumes a FICO score greater than 680. Payment does not include taxes and insurance premiums, which will result in a higher monthly payment. Interest rates and annual percentage rates (APRs) are based on current market rates and are subject to change without notice. Rates offered may be subject to pricing add-ons related to property type, loan amount, LTV, credit score and other variables. Mortgage insurance may be required for LTV >80%. If mortgage insurance is required, the mortgage insurance may increase the APR and the monthly payment. Stated rate may change or not be available at the time of loan commitment or lock-in.

30 Year Fixed-Rate Purchase Mortgage Example:
The payment on a $225,000 30 year fixed-rate purchase loan at 3.49% with a 70% loan-to-value (LTV) is $1,009.10 with 2 points due at closing. The Annual Percentage Rate (APR) is 3.733%. This assumes a FICO score greater than 700. Payment does not include taxes and insurance premiums, which will result in a higher monthly payment. Interest rates and annual percentage rates (APRs) are based on current market rates and are subject to change without notice. Rates offered may be subject to pricing add-ons related to property type, loan amount, LTV, credit score and other variables. Mortgage insurance may be required for LTV >80%. If mortgage insurance is required, the mortgage insurance may increase the APR and the monthly payment. Stated rate may change or not be available at the time of loan commitment or lock-in.