Spring has sprung and so has the season for buying a home. Joni Utnage, VP & Mortgage originator for Busey Home Mortgage joins us to give us some tips.
What should you consider when buying a home?
Although buying a home is exciting, it can also be stressful—considering it’s one of the most substantial purchases you will ever make. To simplify the homebuying experience, prepare now and answer the following six questions:
1. What do you want in a home? Create a list of needs (i.e., number of bedrooms and bathrooms) versus wants (i.e., white picket fence or a pool). Bring the list with you as you consider homes. It will help you make a more practical decision during this often emotional process.
2. How much home can you afford? Consider your gross monthly income, housing expenses and any long-term debt. o To do the math, check out the ‘How Much Home Can I Afford’ calculator on busey.com.
o Find the mortgage lender/mortgage that’s right for you. We know just how stressful it can be to purchase a home. Busey Home Mortgage provides you with a personal experience—making the process timely and stress free.
o Take advantage of special loan programs. For example, Busey Home Mortgage participates in nearly 30 programs to help you achieve your dream of homeownership.
3. What is your credit score? Better credit may mean mortgage opportunities with lower rates. o Request your credit report consultation from Busey. Our professionals will analyze your credit report and help you understand how creditors view your credit history.
4. How much money do you have saved up? Figure out how much money you have for a down payment. Down payments are typically 5 to 20 percent of the price of the home. Be sure to keep enough in savings (at least three to six months of living expenses) for an emergency fund to cover unexpected costs. o Read ‘6 Tips for Saving for Your Down Payment’ on Expert Insights on busey.com.
5. Have you factored in all the costs? Create a hypothetical budget for your new home.
o Find the average cost of utilities, factor in gas, electricity, water and cable.
o Consider the cost of yard maintenance and other basic maintenance costs like replacing the air filter every three months.
o Don’t forget about real estate taxes and mortgage insurance.
6. How long will you stay? The longer you plan to live someplace, the more it makes sense to buy. Over time, you can build equity in your home. Experts recommend at least three years if you plan to purchase.
Do you have anything else to add?
Whether you’re just starting out, tired of renting or purchasing your dream home, Busey’s award-winning mortgage team (consistently named Top Lender by LendingTree® and 5-Star Lender by Zillow®) is here to simplify the homebuying experience.
- Apply online in minutes at buseymortgage.com or in person at one of our many convenient locations today.
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