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Preparing for Homeownership
Buying a home is likely the largest purchasing decision you’ll ever make. When getting started, it’s important to determine your needs versus your wants. This includes everything from the location of the house all the way down to the bathroom layout. You may not be able to have everything you want, but creating a list will help you prioritize what is most important to you in a home.
Next, it is essential that you find out how much home you can afford and what a lender is willing to let you borrow. Be judicious with the quote you receive. Sometimes you may qualify for a larger loan amount than would actually be wise to take out. In addition to the actual purchase price of the home, you also need to take into account the interest rate, property taxes, and homeowners insurance costs. To find out how much you can afford, try one of FORUM’s mortgage calculators.
Keep in mind that you have a lot of options when considering how to finance your first home purchase. Several federal, state, and local programs are available to assist people who need help buying a home. Federal Housing Administration (FHA) mortgage loans are government-insured loans that offer very low down payments, which can be borrowed from relatives. If you are a veteran of the armed services, or a widow or widower of a veteran, you may qualify for a U.S. Department of Veterans Affairs (VA) Home Loan. VA Loans have guidelines that allow more people to qualify and help veterans purchase properties with no down payment. You’ll also need to consider if you would prefer a fixed rate mortgage or an adjustable rate mortgage where the interest rate is periodically adjusted.
FORUM offers comprehensive information via an online Mortgage Center. Click here to check rates, utilize mortgage calculators, and take advantage of various resources. If you have questions or would like to speak with a professional about home loan options, contact FORUM Mortgage at 317.558.6160 or 866.367.8600.
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