Are you thinking about taking the steps to purchase a home? This is an exciting time and with our help your experience will be enjoyable. Buying a home is most likely going to be the largest purchase you will make, so it is vital to be well prepared. Take the time to browse our website to learn about different loan programs, what they mean to you and how it will affect the home buying process.
How much can I afford?
This question is the first step toward finding the right home. By determining a price range that meets lending guidelines you will be saving yourself a lot of time.
Some upfront costs include:
Down payment: Typically this can range between 3 – 25% of the cost of the home. The greater the amount that is put down, the lower your monthly mortgage payment will be and you will also have more equity in the property. Less than 20% down in some cases can mean that mortgage insurance may be required, which will increase your monthly cost.
Closing Costs: Typically range from 2-6% of the loan amount depending on factors such as where you are located and the amount of the loan that will be financed.
On – going Costs: Housing costs can include the following:
- Monthly mortgage payment
- Homeowners insurance
- Mortgage Insurance
- If applicable – Flood Insurance
- If applicable – Property taxes
How do I get pre-qualified?
Before you begin looking for your home you should see if you are financially able to get a mortgage. You can do this by contacting one of our mortgage advisors. If you are currently working with a real estate agent they will appreciate the steps you have taken to get pre-qualified, as it lets them know you are a serious buyer.