Finance Your Dream Home Today
Today’s Home Buying Outlook: Your Options Explained
Buying a home is a big decision, and can seem overwhelming to anyone. You may be wondering if now is a good time to take on the responsibility, or if you can truly afford a home of your own. This is where we can help! Your Stearns loan officer can answer your questions about today’s home financing options, explain our loan pre-approval services, and tell you all about our unique approach to customer service.
We suggest you take a few minutes to review the next two tabs. We’re ready to help you during every phase of the home financing process, from application to funding. Our goal is to provide a truly rewarding home buying experience that gets you to the closing table quickly, with minimal stress.
How much home can I afford?
We recommend using a simple calculation called a debt to income ratio. To determine this, add up your monthly household debt obligations and subtract this amount from your pre-tax monthly income. Click here to access a simple online debt to income calculator, or ask your loan officer to assist you.
If you’re planning to stay in your home for the foreseeable future, you may want to plan ahead for the types of repairs all homes eventually need. For example, if you factor in a maintenance “allowance” equal to approximately 2% of your home’s value each year, you’ll be better prepared to manage the cost of repairing or replacing heating, plumbing or other systems.
Can I get my loan approved before I start shopping for a home?
Yes! We offer both pre-qualification and pre-approval services. If you’re looking for the fastest route to closing, our pre-approval program helps get the paperwork out of the way first. Once you’re pre-approved, you’ll have a real advantage over others in a hot real estate market and sellers will know you’re serious! Pre-approval also means you can focus on the enjoyment of shopping for a home.
Can I do anything ahead of time to speed up the home loan process?
If you haven’t reviewed your credit reports in the last 12 months, you can request FREE copies from the three major credit agencies at www.annualcreditreport.com. Review each one carefully and request corrections if you spot any errors. This will help our staff obtain your correct credit score quickly when you apply for financing.
Is there anything I should avoid doing before applying for a loan?
Yes! We strongly suggest that you don’t make any major changes in your current banking or spending habits, such as opening new credit accounts or making large withdrawals. A job change can also adversely affect your application, so you may want to postpone your next career move until you’re settled in your new home.
Ready to take the next step? Call us today at (855) 839-6487