Posts Tagged ‘ buying a new home ’

Your Resolution, Your Home

new house

Is purchasing a new home on your list of resolutions and goals for 2018?  We found this helpful article that has some great tips on how you can reach that goal! Full article

And as always, our team of Citizens Mortgage lenders is only a phone call away if you have any housing questions you need answered – 800-549-0194. More information can also be found on our website at: cbnu.mortgagewebcenter.com

 

Be Prepared To Buy A New Home

Whether you are a first time home buyer or are looking to move to a different home, beware that we are in a different environment than we were 2-3 years ago.

Key items you should know before purchasing a home:

1) Know your own credit: You may obtain a free copy of your own credit report annually from www.annualcreditreport.com.  It is important that you have credit and that the credit you have is clean. You should get copies of your credit report a few months before you start house hunting.  Make sure all the facts are correct and fix any problems you may discover.

2) Have some savings or equity that you can use towards a new purchase: You will need money for the down payment, closing costs, and the first year homeowner’s insurance. You also want to have a reserve fund in the bank after your new purchase.  As a homeowner, you never know what you may need to repair.

3) Meet with your banker and be pre-approved: Meet with someone that you know will have your best interest in mind.  They will go through your credit, look at your current payments and determine what you can afford for a house.  A good rule of thumb is to compare your current house or rent payment to your new proposed payment.  Do not try to buy more house than you can afford since you will have these payments for a longtime.  Rely on your banker to lay out product options for you and then together you can determine which loan is right for you.

4) Plan for your future: When you become a homeowner, you are responsible for all the maintenance, yard care, property taxes and homeowners insurance.  All of these items should be factored in as an expense in addition to your monthly principal and interest payments.

Purchasing a new home will be one of the most important purchases of your life.  Work with someone that you know and trust to provide you with a good experience.

By: Maria Anderson, Asst. Vice President

Equal Housing Lender - larger

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