Home Purchase
Purchasing Your Home
Purchasing your home is one of the most important investments you will make in your lifetime. There are many decisions to consider. Where and when you should buy, what you can afford and where you will choose to purchase. An important detail that is often overlooked is reviewing what loan amount you can be approved for. At 
we will gu
ide you through the purchase process.
If you know you are ready to buy a home, the first step is to know your buying power. Purchasing will allow you the benefit of home mortgage interest which may reduce your taxable income. In many instances, a good purchase investment may allow you to borrow against your home’s equity to perhaps, assist your son or daughter in going to college or whatever need arises. We cannot guarantee how and when real estate values will rise or fall due to various economic conditions that impact home values.
Where Do You Start?
Speak with a mortgage loan officer to get the process started. We suggest a personal call to get a preliminary idea of what you can afford. If you are busy you can start with our mortgage website which offers information on the difference between prequalification and pre-approval, along with the opportunity to apply online. You can also utilize our mortgage calculator, or email one of our loan officers and set up an appointment.
Be Prepared
Our mortgage loan officer will ask for your gross income, which is the money you earn before taxes are taken out. You can also disclose bonus income, overtime, stipend income, child support or other sources of income. It is important to disclose whether you have had a bankruptcy, divorce, judgment or any detail that you may want us to know. By disclosing your present situation we can better inform you of the present lending guidelines and requirements. Together we can develop a plan so we can take steps to achieve your dream of home ownership.
Our mortgage loan officer will help calculate a monthly mortgage payment, which will include taxes and insurance, along with private mortgage insurance or association fees if applicable. Your monthly mortgage payment will be considered, along with your other monthly obligations. Your credit history, employment history, and assets are all taken into consideration in determining mortgage approval and credit worthiness.
Down Payment for Your Purchase
The percentage of down payment for your purchase is dependent upon which mortgage product you choose and that best suits your needs. As an example; an F.H.A. loan requires a 3.5% down payment whereas a V.A. or Rural loan may allow no down payment for qualified buyers. If you decide to pursue a conventional loan and have less than twenty percent of the purchase price you should expect to pay mortgage insurance. It is important to learn your various options because there are several programs available.
- Contact your CF Mortgage Loan Officer
- Consider Down payment options & products that best suit you
- Review your debt and funds-set a budget
- Get Pre approved
By exploring & knowing your options, along with careful planning, your home purchase process can be rewarding.
is uniquely suited to provide home financing solutions. We are committed to making the home process faster and easier to accommodate busy lives. We pride ourselves on delivering top-level customer service and offering one of the widest array of home loan products in the industry. Let is help you start on the path toward your home ownership goals.