TIPS FOR FIRST TIME HOME BUYERS……

Author: Tim Mooney, Vice President | Mortgage Loan Officer

  1. SAVE-SAVE-SAVE…Start to save early for that down payment.  10% would be good, but 20% would be even better!  You can do it with less but your cost could be higher.
  2. Maintain good credit and pay your current bills on time.  This will avoid any late charges that can show up on your credit report.
  3. Ask yourself… Am I ready to commit to a loan?  Is my income stable and steady?  Do I have at least 3 months of expenses saved up in an “emergency fund” for those unexpected expenses or events that may come along?
  4. Ask your bank for a pre-approval so you know ahead of time what you qualify for and what you can afford to buy.
  5. Stick to your budget and don’t talk yourself into that house that may be a little bigger or nicer, thinking “it’s only a little more”. 

If you have questions, contact one of our mortgage experts at 217-268-4911.