We're Here to Help
Buying a home, especially your first one, is an exciting but daunting task. For many, it is one of the biggest decisions they will make in their lives. At Republic State Mortgage, we specialize in making first-time and experienced homebuyers feel at ease about their decision. Our dedicated loan officers help guide you through the process from start to finish, making sure you understand everything along the way.
Here Are Some Tips to Get You Started:
Determine Your Budget
Eveyone's financial situation is different. To begin the loan process you need to anwer these basic questions. How much money do you make monthly? What other monthly expenses do you have? What is your credit score? All of these questions and more need to be answered before you begin shopping for a new home. Working with an experienced professional at RSMC will keep this process simple.
Use our loan calculators to estimate your loan limits, click here.
By getting pre-qualified for a maximum loan amount, not only are you ensuring real estate agents and sellers alike that you have the means necesssary to purchase the home they represent, but you are also setting the bar in your mind as you shop for your new home. Pre-qualification is a simple process and typically required prior to submitting an offer on a home. We are here to get you started.
For a list of information we will need to get you started, click here.
Get to Know Your Loan Options
There are many loan types to consider and just as many reasons why one loan type might be better for you than another. Your yearly income, the amount of funds you have available for a down payment, and your credit history help determine the types of loans available to you. Once we understand your financial situation, we can look at what type(s) of loans will perform most efficiently for you long ter,. There are many factors that ultimately impact your home loan obligation and the right loan type is square one.
For a list of the most commonly available loan types, click here.
Explore Down Payment Options
As you can imagine, the more money you have upfront, the less you're going to pay over time. The purchase price is the biggest weighing factor, of course, but different loan types require different down payments too. It is important to understand the types of loans that are available to you but also your current and long-term financial needs. For example, if you are buying a home but have no furniture to put in it, you may opt for a loan type that requires less of a down payment and enables you to maintain your cash reserves.
To explore the affects of different down payments, click here.