Purchase

Home…It’s Where Memories Are Made

Purchasing a home is a very exciting time, and being well prepared will help you make better decisions.

Take this opportunity to learn more about home buying and the mortgage process. Below and throughout this site, you will find information that will help you with the purchase of your new home.

Am I really ready to buy?

Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be even less than rent.

When considering home ownership for the first time, you need to decide whether buying makes financial and practical sense for you right now or if you are better off renting. Consider both the advantages and disadvantages to renting as well as buying, and weigh the pros and cons for your particular situation.

How much “house” can I afford?

The first step toward finding the right home is to quickly compute your purchasing power and determine how much you can afford to pay each month.

This saves you time by allowing you to focus on homes in your price range. You can click how much can I afford to help you with this.

In addition, you should consider both the up-front and ongoing costs associated with purchasing a home in the planning stage.

Up Front Costs:

• Down payment: Typically ranges from 3.5-30% depending on the purchase price. Of course, there are 0% down payment options and other special government grants that you may qualify for.
• Down payments less than 20% may require mortgage insurance
• Closing Costs: Typically range from 0-2% of the loan amount. We can structure a low cost loan in almost all cases.