Start by thinking about
your situation. Are you ready to buy a home? How much
can you afford in a monthly mortgage payment (use our
calculator to determine payment)? How much space do you
need? What areas of town do you like? After you answer
these questions, make a "To Do" list and start doing
casual research. Talk to friends and family, drive
through neighborhoods, and look in the "Homes" section
of the newspaper.
large of a down payment
do I need to purchase or buy?
There are mortgage options now available that do not
require a down payment. Most normal loans are subject to
a 5% or less of the purchase price. But the
larger the down payment, the less you have to borrow,
and the more equity you'll have. Mortgages with less
than a 20% down payment generally require a mortgage
insurance policy to secure a loan. When considering the
size of your down payment, consider that you'll also
need money for closing costs, moving expenses, and -
possibly - repairs and decorating.
How can I find out information about my credit history
There are three major
credit reporting companies.
Trans Union. Obtaining
your credit report is as easy as calling them or
receiving it online. Once you receive the report, it's
important to verify its accuracy.
need to be taken to secure a loan?
The first step in securing a loan is to
complete a loan application.
To do so, you'll need the following information:
Pay stubs for the past 1 month
W-2 forms for the past 2 years
Information on long-term debts
Recent bank statements
Tax returns for the past 2 years
Proof of any other income
Address and description of the
property to buy
* The payment calculator will give an approximate result to help give you
an idea of the payment you can expect. It is not exact,
please contact one of our loan officers today to get a