You can't start shopping until you know what you can afford! Begin by determining the amount you expect to pay for a home. As a general rule, your total monthly home payments should stay in a range of 36-42% of your gross monthly income. Also review your other monthly payment obligations.
Ensure you have the right type of mortgage to help you achieve your homeownership goals at the lowest possible cost. Choosing the best mortgage for your situation is an important step.
After completing our application, one of our Mortgage Consultants will contact you to obtain basic personal information. This information will be self-reported from you and not from official documents. If our Mortgage team feels confident in your financial situation we will then provide you with a certificate stating you are pre-qualified for a certain loan amount.
Plan for your initial cash payment. Depending on the type of home loan you choose, you may be required to make a down payment ranging between 3.5% and 20% of the price of the home. If your down payment is less than 20%, you may have to pay for private mortgage insurance, or PMI, an additional 0.5% of the total loan amount.
It's hard to have it all in one home. Research locations and identify activities that will affect your day-to-day living. Rank the factors in order of importance for your new home location. Compile a list of must-haves vs. nice-to-haves so you can evaluate multiple properties objectively.
Now that you know your budget, have determined your down payment, and narrowed the location, it is time to start your home search! If you need help locating a Real Estate Agent in your area, our team can give you some recommendations.
Visit the locations you've identified. You may need to expand your search depending on home availability, the current market, and your budget. Be alert, patient, and flexible. Doing your homework before you begin the search will expand your options.
Mortgage bankers encounter unique complications when dealing with natural disasters.
$3 here and $10 there may not seem like much, but over time these fees will take large chunks out of your hard-earned cash.
Emergency fund or new opportunities? We’ll help you decide how much money to keep in savings.