Purchase a Home
Purchasing a home is a very exciting time, and being well prepared will help you make better decisions. Take this opportunity to learn more about home buying and the mortgage process. Below and throughout this site you will find information that will help you with the purchase of your new home.
Am I really ready to buy?
Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be even less than rent. When considering home ownership for the first time, you need to decide whether buying makes financial and practical sense for you right now or if you are better off renting. Consider both the advantages and disadvantages to renting as well as buying, and weigh the pros and cons for your particular situation.
How much “house” can I afford?
The first step toward finding the right home is to quickly compute your purchasing power and determine how much you can afford to pay each month. This saves you time by allowing you to focus on homes in your price range.
Some up front costs include:
Down payment: Typically ranges from 3-30% of the cost of the house. The more you can put down, the greater equity you will have in your home and the lower your monthly payment will be. For down payments less than 20% you may also need to pay mortgage insurance.
Closing Costs: Typically range from 2-6% of the loan amount depending on your area.
On-going Costs: Your housing costs can include the following:
Monthly mortgage payment
If applicable - Flood Insurance
If applicable - Property taxes
How much can I get pre-qualified for?
Before you go looking for a home, you should see if you are financially able to get a mortgage and get an estimate of what you pre-qualify for from a lender. If you are working with a real estate agent, getting pre-qualified lets them know you are a knowledgeable and serious buyer.
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Our Happy Clients
"Doris, you and your staff are incredible and I could never thank you enough for the help you’ve all given me through this process. You, Wendy, and especially Karen have shown me so much patience and understanding in what was a very foreign experience for me. This may sound a bit hokey to you, but I truly believe that you and your staff have been like angels supporting me through a really emotionally difficult time of my life. I’m so excited to move into our new house and even more so to create a wonderful new home for my children. Thank you again for everything!!"
"Doris, Thank you for your assistance and handling the process so efficiently and making it an enjoyable process. If you ever need a reference or have a customer survey to fill out I would be more than happy to provide you with an excellent recommendation."
"Good afternoon ladies! I just wanted to drop a note thanking you both for how well you took care of my family and I through our transaction. We usually aren't the easiest people to deal with (at least we can admit it) and you guys were helpful, friendly and committed the entire way. Should I hear about anyone looking for lending services I will certainly be a champion for Cody Financial and give them your contact information. As I was drafting this I received the flowers you sent us. Thank you for those as well. The professionalism and individual attention that you provide make for a very good business plan that will ensure success. Thanks for everything."