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Five Tips For Purchasing Your First Home

Do you currently rent your home or an apartment? It may be time to start looking at purchasing your first home. Luckily, PyraMax Bank can help. Here’s Five Tips For Purchasing Your First Home:

1. Determine a realistic budget

Television programs like “House Hunters” often make it seem as though a budget for a home is a cut-and-dry process. This is not always the case, and it’s always a helpful to know your budget when making a major purchase. Be sure to take these into consideration, and if you have questions about what types of fees you may incur, consult your local PyraMax Bank Mortgage Officer with questions that you may have.

2. Find out if you qualify for preapproval

Preapproval for a mortgage loan makes purchasing your first home much quicker and simpler than if you have to apply for a mortgage loan after deciding on a property. In addition to knowing what dollar amount that you are preapproved for, it will also make the process quicker when it becomes time to put in an offer on a property. PyraMax Bank offers free preapproval on Mortgage Loans for those who qualify, so feel free to make an appointment by contacting any one of our Southeastern Wisconsin locations.

3. Avoid damaging your credit score

If you are considering buying a home, it is helpful to avoid credit activity that might negatively affect your credit score. Any time you take out a loan or a apply for a new credit card, a hard credit inquiry is almost always required, which means a more in-depth look at your credit activity is necessary.

4. Determine your down payment amount

While you may be thinking that purchasing a home only involves making monthly payments, don’t forget that you need to pay a percentage of the property’s value as a down payment before your mortgage loan is taken into account. In previous times, a down payment could sometimes escalate to as high as 10% of a home’s value, but that is no longer the case. Some mortgage programs, including mortgages offered by PyraMax Bank, require a smaller down payment.

5. Make an appointment with a PyraMax Bank mortgage loan officer

While these tips may be helpful, these should merely be a starting point for you in your search for your first home. Every home buying situation is unique. For more information about becoming a First Time Home Buyer, contact your local PyraMax Bank Mortgage Loan Officer to set up an appointment today. Let us help you find the home of your dreams!

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