Questions to Ask
Most homeowners will tell you that a home is almost like a living, breathing entity. Before you launch into the decision associated with buying a house, ask yourself a few questions…
Is this the right time?
It's no secret that mortgage rates are near all-time lows and that housing is a buyer's market now, so from a pricing standpoint, the answer is likely, "yes." With low rates and homes priced to sell, you can likely find a home for a monthly payment comparable to rent.
The trickier question would be is this the right time for you! Are you prepared to dedicate time every week to yard work? Are you ready to fix a toilet or would you prefer to simply call a landlord?
Is my job and personal life stable?
This ties directly into the "is this the right time" question. It is much easier to break a rental agreement than to sell a house. Do you see yourself staying in the same location for several years?
How is my credit?
MidCountry Bank will help you to evaluate your credit score and give you tips to make it better. It's a good idea to check your credit reports once a year and clear up any mistakes or blemishes.
How much home can I afford?
Take a good hard look at your existing budget and lifestyle. The real question may be how much home SHOULD I afford. You can click here for a mortgage calculator to determine what you can afford. Compare this with your budget and determine if you're comfortable with that amount. A good rule of thumb is not to exceed 30% of your income with your house and house related expenses such as utilities.
What type of community do I want?
You've heard the cliché, "in real estate, its location, location, location." It's cliché, but true.
Consider where you want to live. Do you want an urban or suburban lifestyle? Take into account your commute, nearby shopping, sidewalks, crime rate, schools, and taxes. Is it important to live in a community with people who reflect your own age, income, and stage of life?
What are my priorities?
In addition to your community, what else is important to you in your first home? Should it be move-in ready or are you ready to fix it up? How many cars do you want in the garage? Do you want a garage? How much yard do you want to maintain?
What first-time homebuyer programs are available?
There are many programs available for first-time homebuyers that can affect your required down payment, terms, and rates. Your MidCountry Bank mortgage specialist will help you find the program that best fits your situation.
MidCountry Bank is your home loan expert. Call, click, or come in and one of our mortgage experts will help you find the right loan for you.
Minimum and Maximum loan amounts apply. Rates and programs subject to change at any time. Loans subject to borrower qualifications, property evaluation and credit approval. All rates and program guidelines subject to change without notice based on consumer eligibility and marketing conditions. All loans subject to credit approval and compliance with underwriting standards.