Understanding the financial considerations that go along with purchasing a home will increase your chances for a successful start.
You can also prepare by:
Creating a Plan
- Compare your income and expenses.
- Total the amount of your personal savings and other down payment sources.
- Understand your credit needs and borrowing ability. Know your credit history, assess your ability to make payments, and determine whether you can borrow using collateral such as the equity in your home.
- Check your credit history.
- Make a plan to get your credit in shape if necessary and establish a budget.
Estimating What You Can Afford
- Calculate your monthly payment.
- Use our payment calculator to estimate payments for various mortgage amounts and interest rates.
- The total amount you need is:
- The cost of your new Fieldstone Village home
- + Closing Costs
- – Down Payment
- Estimate the proceeds from the sale of your current home that can be used to buy your new home
- Some mortgages require mortgage insurance (MI), depending on the type of loan and down payment. If your down payment is less than 20%, you will typically need to pay mortgage insurance.
- Closing costs and prepaid expenses are also a necessary part of getting a mortgage.
Setting a Time Frame
- Determine when you’d like to buy your home
- Take into consideration your credit, cash flow, and savings.
Our team is here to help! We have long-standing relationships with several lending institutions and mortgage brokers.
Contact a Fieldstone Village team member today and we are happy to help start the pre-qualification and financing process for you today!