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Your Guide to Home Buying Part One
Thinking about buying a home? Feeling overwhelmed with questions? Let us help you! In Part One of a special Notes from the Nest three part series, we'll tell you just what you need to consider before applying for a home loan.
Make sure all items reporting are accurate. Reviewing your credit early will allow you time to correct any blemishes or errors being reported. You can obtain a free credit report from annualcreditreport.com or by calling 1.877.322.8228 or by mailing in a form from any of our Consumer Banking Officers.
Financing a home generally requires twelve months on the job. Consideration will be taken on a recent job change if it remains in the same field of work to better your position (ie. less travel time, higher pay, more guaranteed hours, etc.). You may qualify with less than one year on the job if it is in a position or field for which you've received special education or training.
Different loan programs require different down payments. Many require you pay for certain items before you purchase your home, including: earnest money; cost of an inspection; one year homeowners insurance; or loan closing costs.
A home inspection will locate any defects, code violations and potential required repairs. You will also want to have the well/septic system tested and inspected. Tests for radon gas are also recommended.
Watch for the next installment of our Notes from the Nest to learn what steps to consider during your financing process. And for more information about buying your future home, talk to a Horicon Bank Consumer Banking Officer today!