Buying Your First Home

You’ll need to consider many options before buying your home, and we’re here to guide you through the process.

Nothing quite compares with the pride that comes with home ownership. For most of us, it's the biggest single purchase we will make. That can seem rather daunting. But if you have an understanding of the options, the costs and the obligations, you can confidently make the right move. We can help you every step of the way and make your purchase as easy as possible!

Buying Your First Home

Borrow an amount that’s right for you
 Very few people are in a position to purchase their first home with cash; this means the majority of first-time homebuyers will have to borrow. Generally, an individual or family should spend no more than two to two-and-a-half times their annual income for a home. Find out what you can afford with our Online Mortgage Calculators.
Account for all the costs
 In the excitement of looking for a first home, it’s easy to overlook all the expenses involved.
  • Closing costs - Can add up to two to four percent of the price of the home you are buying.
  • Ongoing costs - Property taxes and homeowner’s insurance can add up quickly.
  • Maintenance and repair costs - A good rule of thumb is to save one to three percent of the value of your home each year for unexpected maintenance and repair.
Apply for prequalification
 Prequalification means we have reviewed your application and believe you will qualify for a specific amount. This allows you to begin your search for the perfect house.
Determine the down payment
 A down payment may be as little as zero percent to as much as twenty percent, depending on the type and conditions of the loan. Most first-time home buyers spend an average of two and a half year’s savings for their down payment.
Understand your mortgage options
  • Fixed-Rate Mortgage - A fixed-rate mortgage (FRM) comes with a rate that stays the same for the life of the loan.
  • Adjustable-Rate Mortgage - An adjustable-rate mortgage (ARM) offers a lower rate for a set period at the beginning of the mortgage, and then adjusts after that period (either up or down depending on market conditions).
  • FHA Loans - If you qualify, you may be able to get more favorable terms on a loan insured by the Federal Housing Administration, known as an FHA loan.
  • VA Loans -If you are a veteran, you can apply for a VA mortgage guaranteed by the Department of Veterans Affairs (VA). This type of mortgage usually requires a smaller down payment than “conventional” home loans.
Learn More
Ensure you're covered
 When you buy a home, you are suddenly responsible for a large asset you need to protect. You'll want to ensure you have adequate coverage to help pay for damages to your home, or even to rebuild it, in the event of a total loss. Plus, you’ll want to make certain you have adequate liability coverage in the event someone is injured on your property. We can help you assess your needs and options.