By: Aaron Sapp
Purchasing a home is a huge goal for many people – and also a huge investment.
Between credit scores, mortgages, insurance, and down payments, you have a lot more to consider than the color of the kitchen cabinets or how many bedrooms you’d like.
Thinking about buying a house? At Illinois National Bank, we’ve rounded up what you need to consider when it comes to getting a mortgage . . .
- Learn the language. With terms like “amortization” and “escrow,” you might think the mortgage loan business has its own secret language. Before jumping in, learn what some key phrases and terms mean for a better understanding of the process.
- Your credit score. The first thing you need to start thinking about when purchasing a home is what your credit score is, because this will affect your approval on a mortgage.
- Building versus buying. Interested in building? We’ve outlined the building process for you, and answered the 4 questions we get asked most often at INB about building a home.
- Saving for a down payment. A down payment is a percentage of a purchase price that is paid up front. When it comes to a mortgage, most banks today expect you to pay a certain percentage of the home’s purchase price in the form of a down payment. Coming up with that money can take some planning, so we’ve detailed some simple ways to save for your down payment.
- Getting pre-qualified. Prequalifying for a mortgage means that we’ve checked your credit report, determined your credit score, and considered the information that we’d need to help you to obtain a loan. It can give you a good idea of what loan type and amount you may be able to ultimately be approved for.
- Applying for a mortgage when you’re self-employed. Do you own your own business or work for yourself? Without the paycheck stub and W2 forms most employees are provided, being approved for a mortgage loan when you’re self-employed might mean an added a layer of complexity to the loan process, so we’ve outlined all of the information you need to know.
- Behind-the-scenes of your mortgage application. At some point in the process, you’ll probably be wondering what goes on behind the scenes at the bank while your home mortgage is being processed. Here are all of the steps we move through quickly and efficiently to get you into your new home as soon as possible.
- The importance of home appraisals. A big piece of the home-buying process is the home appraisal, which protects both the buyer and the seller by assuring that the home’s value is accurate.
Purchasing a home is a major life decision, and that’s why we step alongside you at INB to assist you through the process. Our mortgage lenders are experts in the industry, ensuring that you move through the mortgage process with understanding and guidance.