Frequently Asked Questions
Here are some of the most frequently asked questions from people just like you — hoping to buy a home. And although we try to share answers to the more popular questions, our mortgage loan experts know you may have a few that are not answered here. We encourage you to contact us now to support you in your successful home buying question and answer process!
- What are the first steps for the typical home buyer? Make sure you are ready! Ask yourself the following questions: Do I have steady income? Is my debt lower than my total income? Do I have enough money to pay for the down payment and closing costs? A house also needs constant care and attention. Will your budget allow for unexpected repairs and upkeep? There are many financial and psychological steps to get ready to buy your new home.
- Why are there advantages to owning a home? There are many advantages, but the most appealing for homeowners is the fact you own it. There are other benefits including potential tax savings, when mortgage interest paid on a home loan is tax deductible, as is the local property tax. You may also build up equity as your property appreciates in price over time. Equity can be used to help put children through college, purchase a second home, or make home improvements. And, if you get a fixed-rate home mortgage loan, you may be able to spend or invest wisely knowing your monthly mortgage payment, unlike rent, will not change substantially.
- When is the best time to buy? Purchase a lower-cost home now, or save to buy a bigger home, later?It can take a long time to save for your perfect dream home. Meanwhile, the market has some of the most favorable mortgage interest rates in years. Low rates make housing more affordable, which is why so many buyers are considering purchasing a new home. If you buy a starter home today, you can potentially begin to build value leading to the purchase of a larger, or more desirable, trade-up home in the future.