Buy A Home

A variety of programs, rates and terms
are available

What can we do for you?

As a first-time homebuyer, you might not know where to start. Applying for a mortgage can seem complicated, but the process isn’t as complex as you might think. When deciding between different types of home mortgage loans from a variety of mortgage lenders, there are a few factors you should take into consideration, including:

Fixed Rate Mortgages

A fixed-rate mortgage is the most common kind of home loan. It offers consistent rates that don’t change throughout the life of the loan. You can get a fixed-rate mortgage with a loan term up to 30 years.

Adjustable Rate Mortgage

With an adjustable rate mortgage (ARM), you will enjoy low initial interest rates for a specified number of years. Once this term ends, your monthly mortgage payments will start to rise and fall with the market rates. ARMs can be a good option for homebuyers who plan on selling or refinancing their home in the next five years.

FHA Loans

FHA loans can be a good option for first-time buyers, as they allow down payments as low as 3.5 percent. Sponsored by the Federal Housing Administration (FHA), these mortgages are forgiving of low credit scores.

How much you can afford?

We also take a look at your ability to pay your loan. Obviously, your monthly household income is figured into the equation, but your employment history is as well. Having recently changed jobs doesn’t automatically disqualify you, though. We simply need to verify steady employment over a period of time.

Buying real estate is a great investment for you long term. When you’re on the hunt for your first home, you’ll want to figure out how much you can afford. There are plenty of components to consider when finding the right property, such as:

Household Income
Loan Term
Monthly Property Taxes

Other household Payouts
Loan Interest Rates
Home Owners Insurance

In addition to these costs, most homebuyers are required to pay closing costs on the property, usually between 2 and 5 percent of the home’s purchase price. Depending on your mortgage lender and loan type, you might be able to negotiate lower fees at closing.

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