Congratulations on wanting to take the plunge and become a first-time homeowner in Beloit. Maybe you’ve already done some looking. And just maybe you’ve started wondering how you’re going to afford that dream home. The fact is most people don’t buy a home outright with all their own cash. Typically, you save up enough to make a healthy down payment and then borrow the balance from a lender in the form of a home loan. The amount you borrow is called a mortgage, and you’re responsible for making monthly mortgage payments to pay the loan back.
Posted in: home, mortgage
Buying a new home is probably the single largest expenditure most people make in their lifetime. It’s thrilling, but it can also be stressful. A good place to begin is to consult an online mortgage calculator to see how much home you can actually afford. Other important considerations include having a good to excellent credit score and a healthy debt-to-income ratio (DTI). Both indicators provide lenders with a picture of whether you’re a good lending risk and how much you’ll be able to afford to borrow — and comfortably pay back.
Posted in: mortgage
Building a new house can be an exciting time. You’re preparing to customize your home to suit your needs exactly — maybe you’ve even been dreaming about this house for a long time. To help prepare you for financing a new build, we’ve outlined some key points of home construction loans, so you can move forward with more confidence.
Posted in: a, build, construction, home, loan, mortgage, renovation