The decision to purchase a home is an exciting one, with dreams of the perfect house. Before you dive into shopping for houses, you need to prepare to get your finances in order and talk to your lender.
Check your credit score
What is your credit score like? This will determine whether you’re eligible for a mortgage and determines your mortgage interest rate. Typically, the higher the score the better the terms. Review your credit report for accuracy and dispute errors that can decrease your store.
Get pre-approved
Getting pre-approved for a mortgage from a lender is an essential step in preparing to purchase a home. Pre-approval shows that you have been approved by a lender for a certain loan amount. This gives you bargaining power with sellers when making an offer because you have the financing.
Save up for a down payment
Most home loans require a down payment, or money paid up front. Traditionally, buyers were required to put down 20% of the home’s purchase price to avoid paying private mortgage insurance. Today, there are options available to homebuyers that can require little to no down payment.
1st Advantage Bank has partnered with First Integrity Mortgage for all of your mortgage needs. To begin the process, contact one of our loan officers today at (636)970-0440.