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Peoples State Bank

Top 5 Home Buying Tips

Learn a few key tips to make buying a home easier
  • Mortgages
  • February 28, 2018
  • Jeffrey Saxton

Buying a home is one of the biggest purchases you will ever make. Doing a little preparation before starting your search can save you time, money, and disappointment in the long run.

  • Begin With a Pre-Approval
  • Know Your Credit Score
  • Get to Know the Neighborhood
  • Consider Property Taxes and Other Costs
  • Consider Resale Value

Looking at homes you can’t afford only leads to disappointment. See your banker before starting your home search to get pre-approved for a mortgage that is compatible with your income and expenses. In addition to peace of mind, pre-approval gives you an advantage at the offer table because sellers know you are a serious buyer.

Your credit score determines whether you can qualify for a loan and at what interest rate. There are several ways to check your score, but the most accurate is to contact your banker, who will provide you with a comprehensive credit report upon application. If your current score does not qualify for a mortgage, we can advise you on ways to improve it so you can successfully reapply in the future.

Tour the neighborhood as well as the home. Does it fit your lifestyle? If you enjoy being outside with your family, look for nearby recreational amenities such as trails and parks. Also make sure your home compares favorably with others in the neighborhood.

When calculating affordability there is more to consider than the size of your mortgage payment. Also budget for property taxes, homeowner’s insurance, utilities, HOA fees if you’re buying a condominium, and maintenance so you have enough funds at the end of the month to enjoy your new home.

Realistically, you will sell your home at some point in the future, and there are key resell factors to consider. How old is the home? Is it on a busy street? Is it next to a store, factory, or business? Newer homes in quiet residential neighborhoods are more likely to increase in value and be easier to sell than those in high traffic areas or homes that are mixed in with retail and commercial properties.

Peoples takes the uncertainty out of the home-buying process and offers a wide variety of competitive loan programs to meet your specific needs. Get started with one of our knowledgeable mortgage lenders or apply online today.

Jeffrey Saxton
  • Vice President, Mortgage Lending, NMLS# 524081
  • NMLS# 524081

Jeff leads Peoples State Bank’s mortgage team. He enjoys connecting customers to the right resources they need for the best home buying experience.