Mortgage Tip #16: Saving for a Home
When you are preparing to purchase a home, it is important that you get your fin
ances in order. Make sure that you are saving money and know where the funds will be coming from that you will use for your down payment and other closing costs.
Having your financial ducks in a row will improve your chances of getting approved for a loan, and it will also ensure that you get approved for the mortgage amount that you are seeking. Having this money set aside prior to applying for your loan could also affect the interest rate that you receive. With today’s market, saving for a home is easier than you may have expected! The traditional loan can get you into your new home with a down payment as low 3%, but already having a savings set aside for your down payment and closing costs will allow you to open up your options when deciding on which loan is best for you!
If you are a FIRST TIME HOME BUYER check out our 1% Down loan program! IF you are a Hometown Hero check out our Hometown Hero options!