Purchase A New Home!

Purchasing a home is a very exciting time.

Being well prepared will help you make better decisions. Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. However, in many cases, mortgage payments are the same or even less than rent payments.

Purchase Solutions Right For You!

Whether you're buying your first home or you are an experienced buyer, we have a home lending solution just for you. Get a No-Obligation Rate and Closing Cost Analysis!

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How much house you can afford

The first step toward finding the right home is to quickly compute your purchasing power and determine how much you can afford to pay each month. This saves you time by allowing you to focus on homes in your price range. In addition, in the planning stage, you should consider both the up-front and ongoing costs associated with purchasing a home.
Check How Much You Can Afford Calculator!

Some up-front costs include:

Down payment: Depending on the loan program selected and property type being purchased, the minimum required down payments range from 0-25% of the purchase price. The more you can put down, the lower your monthly payment may be, but be sure to have enough money left over for moving expenses, furnishings, and potential home improvements after closing.

Closing Costs: We offer all of our mortgage loans with no lender fees or points to keep your closing costs as low as possible. We even of some loan options with no or reduced closing costs! However, some closing costs may be unavoidable such as appraisal, title insurance, closing, credit report, and recording fees. We will always explain the costs associated with your mortgage options upfront to insure you’re making an educated decision on the best mortgage for you.

On-going Costs: Your typical housing costs include: monthly mortgage payment, homeowner’s insurance, property taxes, mortgage insurance (if required), flood insurance (if required), utilities, and maintenance.

Home Purchase Basics

Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you're a first-time homebuyer. Here's some information that will keep you on track.

Count On Educated Mortgage To:

  • Assist you in selecting the best loan to meet your personal situation and goals. (This single decision can save you tens of thousands of dollars throughout the years!)

  • Provide you with accurate information & explain all forms and agreements

  • Keep you informed of your loan status throughout the entire process by being responsive to your phone calls and emails

  • Keep your Real Estate Agent informed of our loan progress (Note: your personal information is always kept confidential between you and Educated Mortgage Services; only deal points and progress are shared).

  • Help you find “your smartest way home” by diligently completing every step of the loan process

  • Provide you with the best customer service around!

Count On Your Real Estate Agent To:

  • Listen to you in regards to what you are looking for in a new home

  • Arrange property showings that meet your needs and wants for price, location, design, bedroom & bath count, etc

  • Provide you with accurate information & explain all forms and agreements

  • Assist you in determining a "good buy" and also point out good reasons not to buy certain properties

  • Negotiate the best deal for you and write an offer. If your 1st offer doesn’t get accepted by the seller, you can always counter offer something else you are willing to pay for the property

Count On Yourself To:

  • Get a pre-approval letter before looking, this way you're ready to make an offer when you find the right home and you won’t fall in love with a house that you can’t afford.

  • Keep your Real Estate Agent & Educated Mortgage Services informed of any questions or concerns as they develop.

  • Be honest with your real estate agent and Educated Mortgage Services to prevent any hold ups that may arise in the process

  • Provide any additional required documentation in a timely manner. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details or events that require your attention.

  • Enjoy purchasing your home, but do remain objective throughout -- to make the business decisions that are best for you.