Buying a home can be scary, overwhelming and filled with so many unknowns. This is especially true if you’re a first-time home buyer. Don’t worry, we got you. Here at Frontier Bank, we have over 85+ years of experience to help with your financial needs.
Not only are we proud of being local and here to serve our local communities, but we also pride ourselves on having bankers, loan officers and mortgage experts available to get you into your home with ease and confidence.
Here are 9 simple tips:
- Think about how you pay your bills - cash is not able to be verified and doesn’t setup any history that can be proven.
- Set up a savings account - Work on setting up a savings account. Prove to the bank/lender that you can manage your current bills/debts AND save for your future.
- Think about your home preferences - Think through your preferences on a home’s location and amenities while recognizing the price range of the homes that meet your criteria. Are there options on the market or will you consider building new?
- What down payment are you comfortable with? - Think through a down payment that you would be comfortable with. The down payment amount along with your monthly income and monthly debt payments are what we use to calculate a price range for a pre-approval. It’s very helpful to have an idea on the price range that you are thinking before visiting with a financial institution because a lot of times we can pre-approve for more than what you want to spend.
- Get pre-approved - Reach out to a financial institution to get pre-approved. Remember, this is YOUR home purchase, so if you want your price range lower than what you could get pre-approved for, then that’s your price range.
- How long will you be in this home? -Try to think through how long you think you may be in this home. It may be impossible to know, but any information like this will help with determining the right loan product for you. Is this your “forever” home or do you think you may upgrade in the next 5-7 years?
- Find a realtor to represent you - You generally do not pay any of their commissions, and they can help with guiding you through the negotiations and whole process. It can be beneficial to have a 3 rd party on your side to discuss things with the seller’s realtor or seller.
- Keep emotions in check - Buying a home can be an emotional time, but try to keep emotions in check. Once a property is picked out it can take 30-60 days (or longer based on what was agreed upon) to take possession which can feel like a long time. Getting in arguments with the seller over who pays for what, even when it may be minor things, can make it feel even longer.
- Keep up on maintenance and improvement items - Once you purchase the home, remember to try and keep up on maintenance and improvement items. You may think you will be in this house for decades, but sometimes things come up where it speeds up your timeframe. Taking care of a few things each year can help improve the value of your home, and not having to do a whole list of things to get a house ready for sale is always beneficial.
Have more questions or would like to speak to a Mortgage Banker?
Contact Stacey McIntire - Mortgage Banker at Frontier Bank.
Phone: 712-472-2537, ext 105