First Time Home Buyer

Buying your first home is a big event! There are many benefits to home ownership, but we also want to educate our potential first time home buyers on some of the things that should factor into the decision of making that purchase. We'll walk you through the home buying process to ensure your success.  And, we'll be there to celebrate when you close on your first home!

Weighing your costs and benefits is key in determining if you’re ready to buy your first home and make the next step of pre-qualification. You can visit our You First Academy watch a short video about Considering Home Ownership or continue reading below.

You First Academy

Costs to Consider with Buying a Home:
  • Monthly mortgage payment – could be significantly more or less than rent depending on your area.

  • Your down payment – while there are some down payment assistance options out there, you shouldn’t count on that when figuring your costs.

  • Closing costs – this is typically a percentage of your loan amount.

  • Property taxes, homeowners insurance, flood insurance (if your home is found to be in the flood zone).

  • Monthly utilities – electricity, water/sewer, gas, trash pick-up, etc.

  • Homeowners’ association dues if you choose to live in a subdivision or community which requires them.

  • Repairs and maintenance – owning a home is long-term commitment which includes regular/expected maintenance, as well as unexpected repairs and upkeep.

Your real estate agent can help you determine what these costs may be as you search for your first home. It will vary depending on the size and age of the home and the community in which are you looking to live.

Benefits to Owning Your own Home:
  • No landlord – you can customize your home and maybe even get the pet you’ve been wanting.

  • You’re investing in yourself through home equity. When you pay your monthly payment, you may be storing up equity in your home. Equity can be converted to cash later when you may find yourself in need of money for home renovations, unexpected costs or buying a vacation home.

  • Mortgage interest and property taxes are typically tax deductible – consult your tax advisor for confirmation.

  • You’re setting down roots and becoming a local. You may have already felt that way as a renter, but as a home owner, you are contributing to your community in a whole new way. You’ll find so many ways you can   BE LOCAL.

Once you’ve considered the costs and understand the benefits, you’re ready for the next step: Pre-Qualification.

To learn more, visit your local branch, contact a mortgage lender in your area, or send our mortgage team a message and they'll reach out to you directly.

Contact one of our mortgage loan officers to learn more about purchasing your new home. They'll be with you every step of the way.
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