Paid Partnership with Tony Umholtz, First Horizon
This is a paid post as part of a sponsorship agreement with Tony Umholtz, a mortgage loan officer at First Horizon.
Financial Readiness
Before you start browsing listings, it is crucial to understand how much house you can afford. A good rule of thumb is that your monthly housing costs (including mortgage, property taxes, and homeowners’ insurance) should not exceed 32% of your gross monthly income. Additionally, your total monthly debt payments (including your mortgage, car loans, student loans, and credit card payments) should not be more than 43% of your gross monthly income. With our Pharmacist loan, First Horizon can go up to 50% in certain circumstances.
Your credit scores will play a significant role in your rates and qualification for mortgage programs. Saving for a down payment and closing costs can be a big hurdle. First Horizon’s program offers a low-down payment requirement of 3% for first-time homebuyers and 5% down for non-first-time homebuyers. This can help with the out-of-pocket cost of purchasing your new home. At First Horizon, we offer several different programs as we know each borrower has unique circumstances, so please feel free to reach out so we can place you in a mortgage that is best for you.
Getting pre-approved for a mortgage will give you a clear idea of how much you can borrow and shows sellers that you are a serious buyer. It involves a thorough review of your financial situation by the lender and can speed up the buying process once you go under contract for your home.
When you are ready, click here to apply online to First Horizon.
Understand Your Home Wants and Needs
Location
- How far away from work do you want to live?
- What school district would you like your children or future children to attend?
- Is the neighborhood safe
- What public transportation options are there?
Type of Home
- Does a single-family residence, condo, or townhouse best support your lifestyle?
Must Haves vs Nice to Haves
Working With a Professional Realtor
Working with a professional realtor could help with finding the perfect home for you.
Realtors can be a great asset in finding your home with their knowledge of the area and can help you sort through your options to view the best homes for your situation. The realtors will be able to make informed offers and negotiate for you. If you need assistance in finding a professional realtor, please let us know as we work with a lot of great realtors who could be essential in your home buying process.
Conclusion
your needs and wants, working with professionals, considering long-term implications, and making informed offers, you can navigate the home-buying process with confidence.
Find the Best Home Loan for You
Regardless of the type of property you want to purchase, finding the right loan requires a lot of research and expertise. Fortunately, you can turn to the professional loan officers on the Umholtz Team at First Horizon Mortgage. Tony Umholtz leads a team of experienced loan officers that provide you with high-quality home loan programs, tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool. Tony and his team can be reached at 813-603-4255 or by email at [email protected]
You can learn more about the Pharmacist Home Loan offered by First Horizon here.
