Home Buying Tools
Where to Start
There are benefits to both buying and renting a home. The reality is that the decision to buy or rent often comes down to which scenario best fits your lifestyle and future goals. What you’re looking for will be different when you’re in your early 20’s then it will be in retirement years. Overall, though, there are some constants that are true for both owning and renting. Find out which option is best for you, buying a house or renting a home, by using our home buying tool.
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Financing
Whether you’re buying your first home or your third, you’ll most likely have to get a home loan, commonly called a mortgage. There’s a misconception out there that a minimum of a 20 percent down payment is needed to buy a home, but that’s not true. With a good credit score and debt-to-income ratio, you can get a home with a down payment as low as 3 percent. However, if you’re borrowing more than 80 percent of the home’s value you’ll probably end up paying mortgage insurance premiums or private mortgage insurance, which adds a small amount to your monthly payments. Then there’s the question of whether to apply for a mortgage with an adjustable interest rate or fixed interest rate. Each type has its pros and cons.
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Work with the Right Team
When you’re making the decision to purchase a home, you want to make sure you get the best team possible on your side. You’ll need to decide if you’re going to have realtor representation and you’ll also need to choose a mortgage lender, a home inspector, a closing attorney and a moving company. If you’re building new, you’ll need to choose a builder and do adequate research into the quality of the homes they build. All of these individuals make up your team, and you want to be mindful of who to include on your team because you’re going to be spending a lot of time working with these people.
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Closing Day & Beyond
If you’ve never purchased a home before, the closing process may seem complicated and overwhelming. The truth is, there are many steps but the process is quite simple.
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