By Josh Moore, District Manager – Northwest District, Marine Credit Union
- Down payment: How much do I have saved for a down payment?
Try to avoid using all your savings for your down payment. Ideally, keep at least a third of the money you’ve saved. For example, if you’ve saved $10,000 for a down payment, find a home that allows you to put only $6,666 down. This gives you a cushion of cash for unexpected expenses.
- Am I going to stay in this area?
If you don’t plan on living in an area long-term or you’re unwilling to commute, consider this decision carefully. Up-front fees are spread throughout the life of a home loan and no one can predict appreciation.
- How much can I afford?
This is THE question everyone asks themselves when thinking of purchasing a home. You’ll have your mortgage payment, which can also include your taxes and insurance. However, remember that homeownership will bring additional expenses including maintenance and monthly utilities, which can be more expensive than the costs associated with renting.
These are just a few points to consider when you are thinking of purchasing a home. Before making your final decision, please consult a home loan/lending expert and ask friends and family for their advice.
The lending experts at Marine are excited to offer you home loan options that fit your budget and credit.