Tips for First-Time Home Buyers

Ready to buy your first home?  The home buying process can be overwhelming at times, however, it doesn't always have to be!  CB&S Bank has compiled these 6 tips to help your home buying journey go as smoothly as possible:

1. Save for your down payment as soon as possible—Begin saving for your down payment even before you decide on a home you want to purchase.  A good idea is to set up a savings account and capture any windfalls you may come into.  CB&S Bank also has a few tips that may help you save for a down payment on a home.
2. Don't be afraid to speak with a lender—Go ahead and set up a meeting with a lender.  A mortgage lender can show you all of your different down payment options so you can find the home loan options that are best for you.
3. Decide how much house you can really afford—Before you begin your search for your future home, it's a good idea to know what is actually a realistic payment that works with your monthly budget.  Use a home finance calculator like CB&S Bank's Home Affordability Calculator to help you do just that!
4. Get pre-qualified for a home loan—So you've done your research and you know about how much home you can afford... The next step would be to get pre-qualified.  Your mortgage lender will check your credit, review your financial information and determine if your credit quality and financial position are in-line to be approved for a home loan.  Being pre-qualified will show the seller that you are serious about their home and you are prepared to follow through with a purchase.
5. Don't stop saving after you have saved for the down payment—Unfortunately, the down payment isn't the only cost in purchasing a home.  You will also need money to furnish your new home, purchase appliances, make any updates, fix any underlying safety issues or add any final touches.
6. Research your insurance options—One thing that most lenders will require you to purchase is homeowners insurance.  Go ahead and look around at all of the different insurance options so you are not overwhelmed with this at the last minute.