It's not uncommon to "qualify" for more mortgage than you may comfortably be able to afford -- so it pays to borrow cautiously. Here's some simple advice with links to easy-to-use mortgage calculators that will help you determine how much you can afford.
There's a right time to rent and a right time to buy. Find out whether you're ready for the journey to homeownership and your first mortgage with this simple calculation.
Both prequalification and pre-approval show you're a serious buyer -- one gets you started and the other makes it official. It's important to understand when to do which.
While there are many mortgages to consider, government backed FHA and conventional mortgages are very popular choices.
A down payment demonstrates your commitment and a larger down payment could help you secure a better interest rate -- which means you'll have lower monthly mortgage payments.
An escrow account may be set up by your lender to place part of your monthly payment into the account for some of the costs associated with home ownership.
Fixed-rate loans, ARMs, FHA loans, VA loans, Jumbo loans -- the list may seem long, but it may be in your best interest to become a knowledgeable
first-time home buyer and understand your loan options.
Some home buyers get lower payments by paying a percentage of the interest up front. This option, called "buying points," can lower your interest
rate and monthly payments -- but it may not be right for everyone.
The Annual Percentage Rate helps you compare payments and total cost between mortgage offers -- it's just one of the many factors to consider
when shopping for a mortgage loan.
Good payment habits and a good credit score can mean a lower mortgage rate -- and if your credit score isn't what you want it to be, you can improve
it over time.
Now is the time to get organized. As a home buyer you'll be required to prove things like how much you earn, where you've lived, monthly debts and
account balances. Take a look at our mortgage checklist for additional items you may need.
Making an offer on a house is a formal process, which is why it may be helpful to have a competent, experienced real estate agent on your side.
Here are some tactics to discuss with your real estate agent:
"Closing" is the last step in the home-buying process. It's where all the parties get together to finalize the transaction by exchanging signatures,
checks -- and ultimately, house keys.
Contact a VisionBank Mortgage Officer to discuss your goals and compare all of the refinancing options that are available to determine what loan products
may best suit your needs.
Apply now and start your journey to homeownership!