Financing
Tips For New Homebuyers
We Will Guide
You Through the Process
If you are ready to buy your first house, congratulations! This is an exciting time that can bring you sweet rewards. It’s also a time full of questions and we are here to make it as easy as possible.
Savings
How much monthly payment you can support? Experts recommend no more than 1/3 your monthly income. Don’t forget about your down payment and closing costs. Estimating your costs are important to know how much you can afford.
Down Payment Options
Do you qualify for down payment assistance programs? Will you be able to get an FHA loan and pay 3.5 percent down? Do you have a relative who would make a down payment gift? Many financial experts recommend a down payment of 20%.
Check Credit Report
Lenders use this report and subsequent score to evaluate your risk potential for your interest rate. Be sure to check your report for accuracy and report errors to the credit reporting agencies.
Get Prequalified
Pre-qualification will give you an idea of how much the bank will lend you. Try our Pre-qualification calculator to see what loan values may be available to you.
Get Pre-Approved
If you're granted a pre-approved mortgage loan, the lender gives you a pre-approval letter, which says your loan will be approved once you make a purchase offer on a home.
Affordability
The bank may say you can afford an expensive home, but this doesn't mean to borrow to your max. A modest home may be a better fit. Try our Affordability Calculator for a better idea.
Housing Criteria
You have a budget, now develop a list of what you need and want in a house. Location is something to consider, since this will effect your commute and school district.
Neighborhood Choice
Since you've already decided on a general location, now decide what neighborhoods are the best fit to narrow your search. See what amenities each neighborhood offers.