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| Q. |
What is the first step when buying a home? |
| A. |
Find out what price home you can afford to buy. The best way to do this is by talking
to a mortgage broker or a loan officer. From there, you may want to get pre-approved for a
mortgage. Pre-approval is the first step in actually applying for a loan - contact your
loan officer to get started. |
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| Q. |
How much will my monthly payment be? |
| A. |
Please use the Monthly Payment Calculator provided to
help you determine your monthly payment. |
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| Q. |
How much can I borrow? |
| A. |
The best way to assess your borrowing power is to talk with a loan officer or to get started on-line. Your borrowing power is a ratio between your income and your debt. |
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| Q. |
Can I get help from a relative for a down payment? |
| A. |
Yes. You can get help from other sources, in the form of a gift. They will require
that the source submits a letter stating that the funds are a gift, not a loan. |
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| Q. |
Can I buy a house without a down payment? |
| A. |
Yes. These loans, however, are usually offered at higher interest rates. However, for
buyers short on cash, they can mean the difference between buying or not buying a home. |
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