You and your partner have saved a down payment, perused the listings at Sally McGarr Realty Corp. and found the home of your dreams.

What’s the first step in purchasing a home, once you have connected with the agent?

It’s generally a good idea to start with your financial institution.

Surprise! You have options. You can shop around for your traditional mortgage or home equity line of credit, seeking the best product for your needs.

Most financial institutions have mortgage specialists who will walk you through the different types of loans available - and most institutions have many types from which to choose. Don’t be afraid to approach more than one bank or credit union to see where your best “fit” is.

Depending on your available down payment; your credit score; your employment; level of investments and other details, like existing assets and debt, your mortgage specialist will help you figure it all out.

Once you have made a choice and been pre-approved in writing, you can approach your hunt for a home with confidence. You’ll know exactly how much you can afford; what your down payment will be; how much you can expect to spend in closing costs and home inspections and what you can expect to pay in property tax and mortgage insurance in the area in which you have chosen to search.

Starting off with your mortgage planning makes all the rest of it easier - if there’s a question you want to ask, your financial institution probably has the answer. And Sally McGarr Realty Corp. can help you find the questions you need to ask!

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