Whatever your homeownership status, it’s common this time of year to wonder what it would be like if you purchased a home somewhere else. What if you could watch the leaves change from a new top-floor condo, or take your kids trick-or-treating in the neighborhood you’ve always dreamed of making your home in? A home mortgage from The Federal Savings Bank might be able to help you make your dreams a reality. Here are some tips for avoiding mistakes that first-time home buyers might typically make along the way.
The Federal Savings Bank’s online Learning Center exists to help homeowners and prospective homeowners learn more about the pitfalls of purchasing a home. As you peruse the Learning Center, you’ll find it’s full of helpful tips and tricks for navigating your homebuying journey. Whether you’re putting down 20% on a Jumbo conventional loan, seeking a low-cost FHA mortgage or in need of down payment assistance, it’s good to take the time to educate yourself about the ins and outs of mortgages, so you don’t get surprised by terms like “mortgage insurance” and “seller’s concessions” later.
Above all, it’s important you work with a trusted lender to secure financing for the path to homeownership. Figure out your mortgage options early– your loan officer could be a trusted member of your team like your realtor or your attorney. Don’t be afraid to obtain loan estimates from multiple lenders in search of the right deal for yourself and your family.
Here’s one of the best ways you can protect yourself against untrustworthy lenders who peddle misleading information: know exactly how much money you and any co-borrowers can afford to borrow. Try The Federal Savings Bank’s free online mortgage calculator to get into the specifics before contacting a lender or speak with one of our loan officers today.
When you apply, your loan officer can discuss with you how to get a pre-approval letter before you look at even a single house, if you like. With a pre-approval letter to back up your offer, you could stand out amongst competing bids when you find the home you simply must have. It doesn’t hurt to be proactive– reach out today to discuss your options with no commitment!
Subject to credit approval. Terms and conditions may apply. Property insurance is required on all loans secured by property.
Down payment assistance requirements are based on the mortgage insurer or guarantor’s guidelines. Borrower may fund down payment and closing costs. Down Payment Assistance Program, which assist eligible homebuyers with purchasing a home. Down payment assistance programs are not eligible for all potential homebuyers.
This article is intended for general informational and educational purposes only and should not be construed as financial or tax advice. For more information on financial planning or investment advice, consult a registered investment advisor or financial planner. For tax advice, please consult a tax professional.