I want to buy my first home.

What can I do to be prepared?

This is an exciting time in your life; making sure you are fully prepared before you go home shopping is a crucial piece of the puzzle. Our dedicated local Mortgage Lending Team at National Exchange Bank & Trust is here for you before, during and after your home purchase to help educate and assist you with any needs that may arise. The first step is sitting down and discussing your short and long term financial goals with one of our local lenders. During the initial meeting we will discuss three important items that affect your home buying prospects:

1. Your credit score: We will pull a credit report and discuss the findings with you including any potential inaccuracies and ensure your recent activity has no limiting factors. Even if you’ve had a bump or two in the road along the way, our Mortgage Lending Team will be there to provide advice and guidance.
2. Your down payment: We will discuss your asset position and the options you have with more or less money down. We have several loan program options including first time home buyer programs. We’ll also discuss how a larger down payment relates to a lower monthly payment, creates immediate equity and can help you avoid Private Mortgage Insurance (PMI).
3. Your monthly payment: No matter how large of a down payment you’ve saved for, understanding all the components of a monthly mortgage payment is critical. Your loan payment will include principal, interest, property taxes and home owner’s insurance. Also, don’t forget that you may have HOA or Condo Association dues monthly depending on the type and location of the home you choose to buy and single mortgages over 80% loan to value require private mortgage insurance (PMI). Making sure you understand and are prepared to make a monthly payment before you write an offer is something we will cover in depth with you.

As your trusted local lender, National Exchange Bank & Trust will be there for you from the start to answer any questions you may have with regards to the home buying process. We will make the transaction an educational experience that exceeds your expectations. We will also be available for any questions you have throughout the life of the loan, because we service our loans locally. Give your local National Exchange Bank & Trust lender a call today to get started!