First Home

Purchasing your first home is a big decision, and it’s important to do your research in advance. While the process can be overwhelming, it doesn’t have to be. We have a team of experts that can help guide you through the process.

Goals

  • Consider Your Options
  • Make a Budget
  • Plan Ahead

Consider Your Options

There are many reasons to buy your first home. For example, perhaps you have achieved financial stability and are ready to establish yourself in the community or are ready to move into a larger space. Taking your lifestyle into consideration is the key to a great first home purchase. Consider the following:

Which loan option works best for you?

How much can you afford?

What type of home is best for you, a single family home or townhome/condo?

What are you looking for in a home?

Make a Budget

Make a budget detailing how much you will save for your down payment and closing costs. Ensure you include various expenses such as furnishing your home, maintaining your yard, and any other updates you may need into your budget. Create a savings plan to cover the additional costs.

Your monthly house payment typically includes principal, interest, taxes, and insurance. With the purchase of a home, there are additional costs beyond this.  In addition to utilities and general maintenance, factor into your budget expenses such as new furnishings and other updates you may want or need to do to the house.

Plan Ahead

Meet with one of our Mortgage Officers to begin your home buying process. They will help you understand the entire process, work with you on which loan options to consider, calculate down payment requirements which range from 3% to 5% of the purchase price, and provide an estimate of closing costs. Most importantly, you will walk away with a preapproved loan that allows you to make a strong offer when you find that perfect home.

How to Apply

Applying for a mortgage is easy and we offer several options that will suit your needs. Apply online, in person, or call us at (507) 293-1460 or (800) 535-2129.