Purchasing a home is a large financial investment and a decision that should not be made lightly. So I decided to put together a list of things you should consider before you buy your new home. 

1. Know your budget. Make sure you have an understanding of your current financials and what you really can afford so you don’t overspend. A common way to figure that out is to calculate your debt to income ratio. Another important part of knowing your budget is knowing what you can pay for the down payment. Typically, a down payment for a home is around 20% or more of the home’s price.

2. Find the right lender. You want to find a bank that is going to offer you the best mortgage for your situation. There are lots of options but the most common two are fixed-rate interest and adjustable-rate interest loans. At TSB Bank, we offer both of these options but we also offer a balloon loan and more!

3. Connect with the right realtor. When house-hunting you are going to want a realtor that knows the area you are looking at so they can inform you of any quirks about the neighborhood. You are going to want to look at the realtor’s history and past successful sales to see if they are the right fit for you. 

4. Verify information on the listing. This just means to make sure you and the seller are on the same page of which fixtures are staying with the home ( such as dishwasher and stove) or leaving with the owner. Check out 10 Important Features to Consider Before Buying a House if you are wondering what features of a house you should be focusing on and which ones you should look past, like wall colors and carpet.

If you have found the perfect home and are now looking for the perfect loan let us help you. Our lenders are friendly, knowledgeable, and ready to work with you.

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