Many people try to buy a home backwards, a frustrating and unsatisfactory problem for all parties. It makes us sad when we see it happen. What do we mean by buying a home “backwards”? People who start home shopping before researching their loan options, learning what they can really afford, and uncovering all the costs associated with home-buying process.
For the inexperienced buyer, going into a home purchase ill-prepared is certain to lead to disappointment – if not failure. A home is the biggest financial commitment most families will ever make! Many are surprised to learn that more is involved than just a monthly mortgage payment and that they can’t afford the home where they set their heart.
There is a time-tested way to purchase a family home that makes for a much better experience. It involves choosing the right things to do first, before you start looking at houses to buy or build.
We know what we’re talking about. Peoples Bank has been successfully helping families get the home they need (and want) for more than 100 years – it’s something we care a lot about – and we’re here to help you too, in the here-and-now.
Here are some “first-things” that have helped families reduce the stress and drama of home-buying:
Banks have a number of different types of loans and can help you decide on the loan strategy that’s best for you. You don’t have to limit your options to Peoples Bank – talk to other bankers to make sure you are getting the best deal. (We feel pretty good about our ability to compete for your business.)
There are so many tips and techniques for successful home buying, we cannot list them all here. The important thing is to do research and get an idea of the loan amount for which you qualify before you start selecting your next family home. Get those things right first, and the rest tends to fall in place in an (more or less) orderly fashion.
In addition to the great people inside our bank and the materials and tools on our own website, you can also find good information from the US Consumer Financial Protection Bureau’s website.
We want you to be successful in purchasing your home because your success is an indication of our success. Click here to meet our mortgage team to let us know you want to initiate a conversation about a new home. Start now to be ready for the opportunity when you find that home you want at the price you know you can afford!