FDIC-Insured – Backed by the full faith and credit of the U.S. GovernmentOwning a home can give you stability and security, and protection from rising housing costs.
Allow us to assist you in getting ready for the dream of owning a home. We understand it’s a significant responsibility, as homeownership comes with additional expenses like property taxes, Insurance, and repairs.
If you want to buy a home, start getting ready
If you can answer “yes” to the questions below, you’re probably ready to buy your own home:
- Do you have at least two years of regular, steady income?
- Is your income stable and consistent?
- Have you established a credit history?
- Do you have just a few long-term debts, like car payments?
- Have you saved money for a down payment?
- Can you pay a mortgage every month?
- Can you pay other costs, like insurance and taxes?
- Can you set aside money for other costs of home ownership, like closing costs, moving costs, new furniture, repairs, and home improvements?
Save for a down payment
Most lenders won’t lend you the full price of a home. They want you to come up with some of the money yourself. That money is called a down payment.
By setting aside a portion of your paycheck each payday you will start to build your down payment.
Check your credit
To secure a favorable mortgage having a solid credit history is crucial. In certain loan scenarios, lenders typically require a minimum credit score of 620. There are programs that would go as low as 580.
Credit Sense is a FREE tool already in your Premier Mobiliti App that gives you the pulse on your financial health! You can monitor, build, and better understand your credit score safely and securely.
Are You New to Premier Community Bank? Start Your Credit Sense Journey Today with a new Checking Account.
Tips for good credit
There are no secrets or shortcuts to building a strong credit score.
Follow these tips:
• Pay your bills on time, every time
• Don’t even come close to “maxing out” your credit cards
• Be cautious about closing accounts that show a long history of on-time payments
• Apply only for credit that you need
Get ready to shop around for a home loan
Choosing the mortgage you’ll use to pay for your new home is an important decision. You can start by looking around for a network of people and information you trust to help you through the process.
And, you can start gathering facts about your finances, so you’ll have them ready at your fingertips.
Download Our Ready To Buy Checklist
Are you ready to move forward on your mortgage journey?
Contact our lenders to get started today!
