Home Buying Tips

Planning to buy a home soon? Our loan officers will be happy to answer your questions, help you plan your purchase, and explore your financing options. You’ll be able to make an informed home purchase decision and negotiate price from a position of strength. Here are a few tips to get you started.

Pre-qualify before you buy.

Pre-qualifying lets you know how much you can afford, gives you an estimate of how much money you’ll need for your down payment and closing costs, and gives you the opportunity to find out about and fix any potential problems in advance. It also gives you a negotiating tool with sellers and realtors. Click here to link to our pre-qualification request form.

Short of cash?

Try to have the seller pay a portion of your closing costs to reduce your out-of-pocket expenses. Also, investigate gifts from relatives and loans against your retirement plan.

Don’t pay off all your debt.

Don't pay off all your debt to make yourself look better on the application unless our loan officer suggests it - you may need that cash for your down payment and closing costs.

Don’t apply for new credit cards or loans.

Don't apply for new credit cards or loans without first consulting with your loan officer until AFTER your mortgage has gone to settlement. You may no longer qualify for your mortgage with the new monthly loan payments. Even “12 months same as cash” offers and other deferred payment plans appear on your credit report as new loans with scheduled monthly payments which could disqualify you for a mortgage if they appear too high in relation to your income. Also, don’t increase credit card balances much, and be sure to make all payments on time. Often, a final credit report will be run right before your scheduled settlement date!

If you’re selling your current home,

Be sure to make the mortgage payment on time until your new mortgage loan has settled.