Thinking of purchasing a home? Many dream of achieving this goal, but not everyone knows how to make it reality. Take the guessing out of the process by following these easy steps.
- Understand Your Credit Score: While it may seem simple, this step can easily be overlooked. Start your home buying process by checking and understanding your credit score. Don’t have credit or need to improve your score? Take advantage of Marine’s new ‘Get Credit’ program.
- Create a Budget: Once you understand your credit score, it’s time to think about your budget. Meet with a member of our team early on to have your debt to income ratio (DTI) calculated professionally. We’re here to help you create a budget within 36% and keep your finances in good shape.
- Save for a Down Payment: Let’s get to saving! A down payment typically ranges from 3-20% (the higher, the better). One great way to save is by creating a separate account for “house savings” only. Automatically deposit a percentage of each paycheck into this new account for easy, routine saving.
- Contact a Marine Lender: Now that you’re in good financial standing, let’s connect and find your dream home! Fill out our home-ownership form and discuss your goals with a Marine lender. We’ll help specify the type of homes to look into and discuss the best loan option for you.
Buying a home is an exciting milestone which can easily become overwhelming. Let our team of professionals help you along the way. You deserve it!
Questions about applying for a loan? Explore our website today.
Subject Matter Expert: Jason Kaufman – Milwaukee District Manager