June is National Home-ownership Month and a month that is usually busy when it comes to home sales. However, buying a home can be a complicated process with various ins and outs that can mean the difference between thousands of dollars. We’re here to help you navigate the waters of home buying by providing a Home Buyer’s Checklist that includes the essential items to consider when looking to buy a home.
Consult with an agent- they can help you understand the process and will advocate in your best interests
Get preapproved- a preapproval shows a seller that you are a serious contender. A lender, such as Iowa State Bank, can help you understand how much home you can afford, as well as how much a bank is willing to lend you. We can also explain the various programs available to help you purchase your home
Be rational- sure, you may want a home with x-amount of space, but do you really need it? Stay realistic about how much home you and your family really need
Correct your credit- put simply: a bad credit score = a higher interest rate. Clean up errors on your credit report, pay down your debt balances and establish a solid schedule of payments before beginning the home buying process
Upgrade your down payment- consider making a higher down payment (if you can afford it) for two reasons: 1) it decreases the amount of mortgage you will owe, therefore keeping you from paying more interest, and 2) making a down payment over 20 percent means you don’t have to take out Private Mortgage Insurance, further saving you money
Channel your inner interrogator- when it comes to your home, there are no dumb questions. Ask questions and leave no stone unturned. If you don’t understand something, inquire about it until you get it. Buying a new home is not the time do things halfway
We understand that the process can cause great anxiety. That’s why at Iowa State Bank we provide the easiest service possible when it comes to getting you a mortgage at a low rate. If you need help, we are ready and willing! Call or come by any of our locations to see how we can help!