buying a home

Get your credit up, learn about loans, and prepare that down payment. There are steps to take before you jump into
home ownership that will keep the process exciting instead of excruciating.

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how to buy a house so you can build a home  

Purchasing your first home is a huge milestone. No more landlords? Score! Actually getting some return on your investment instead of throwing away rent every month? Major score. You're excited, but you should also come to the table prepared. Let us help guide you through the process so the house of your dreams doesn't remain one.


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general considerations

  • Credit Score: A borrower's credit score has the greatest impact on the lender's interest rate - lower scores carry higher risk
  • Interest Rates: Longer term loans pay higher interest rates than shorter term loans
  • Loan-to-value: (debt owed divided by home value) affects rate terms
  • Debt-to-income ratios: affect ability to borrow and get approved
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private mortgage insurance (pmi) 

  • Additional cost passed down from lender to the borrower
  • Gets added to monthly mortgage payment
  • PMI can be avoided by making a 20% down payment
  • PMI Calculation = (loan amount x mortgage insurance rate) / 12 

DOWN PAYMENT REQUIREMENTS

  • Conventional loans
  • FHA loans
  • Specialized loans
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CHOOSING THE 'RIGHT' LENDER
FOR YOU

Read through our guide and use it to weigh the pros and cons of each type of lender to help you find the best scenario for you

  • Large banks
  • Community Banks and Credit Unions
  • Brokers
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MORTGAGE APPLICATION DOCUMENT CHECKLIST

Download our Buying a Home guide with the full checklist, here.