How do I begin?
What's the home buying process
?

   
  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.
   
How 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. Equifax, Experian, and 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.
 


What steps 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
  • Sales contract
 Enter values to calculate your payment.
    
Years:   
Interest:   
Loan Amount:   
Annual Tax:  
Annual Insurance: 


Results:
Monthly Principal and Interest
Monthly Tax
Monthly Insurance
Total Payment per Month


 * 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 free consultation.

 

 
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