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Articles of Interest.

Articles of Interest.

6 Questions First-Time Homebuyers Should Ask Themselves2/28/2018

Home ownership still remains an integral part of the American dream, and thankfully, it does not have to remain merely a dream. But how do you know if you are ready to become a homeowner? Here are six questions you’ll want to consider before you take the leap.

Are you ready to settle down?

Consider the longevity of your job, your personal life and the responsibilities involved in home ownership. Evaluate your current life stage before undertaking the financial and emotional move into your own home.

Do you have a good credit history?

This is the key in getting a good mortgage. You are entitled to receive a free credit report from each of the nationwide consumer reporting agencies at your request, once every 12 months. Be sure to comb through it for errors and unresolved issues as these things can become problematic once you start applying for a mortgage.

Do you have all your documents ready?

Reduce stress later by collecting your paperwork now, including pay stubs, financial statements, W2’s, tax returns for the past two years and names and addresses of your landlords for the past two years.

Are you preapproved?

Getting preapproved not only saves you time in your house hunting process, but it also makes you a “preferred buyer” in the eyes of a seller since you already have your financing locked in.

Have you looked at the houses that are available?

Do your research and talk to reputable realtors in your area about the real estate climate. Their insight can be a huge advantage.

Do you know how a mortgage will impact your budget?

Use a mortgage calculator or speak to one of our loan officers and crunch the numbers. Consider what your total monthly payments will be, including taxes and insurance. And don’t forget about closing costs and home maintenance expenses.

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