Rates are Still Low for Home Buying
Have you been thinking of finally taking that step in purchasing
your first home? Or, maybe it’s time to upgrade from your
current home to provide your family with added space or a new
As you shop for your dream home, key questions to ask yourself
very early in your search include:
• Are my credit reports accurate, up-to-date, and
• What information will I need to gather to apply to finance
• What are my mortgage loan options?
• What funds do I have available for a down payment, closing
costs, and other prepaid Items?
Here are some key steps to make the process simple and
Obtain Your Credit Report: Well in advance of home
shopping, you should consider ordering your national credit
files—ideally from all three major Credit Reporting Agencies
(Equifax®, Transunion® and Experian®). By ordering and reviewing
these in advance, you will be able to identify any inaccuracies
or outdated information. It is always a good practice to
complete the dispute process with the Agency supplying the
report to correct anything you find in error. For more
information go to
Gather Key Documents: Your lender will need documentation
of your income and assets. Examples are the last two years of IRS
tax filing(s), last two years of W2s, last 30 days of paystubs,
bank accounts, 401(K) statements, etc.
Down Payment and Closing Costs: Determine what you may
have available from your own funds. Some loan programs allow
gifts from an immediate family member. Make sure to talk to your
lender about possible down payment programs or grants that could
be available for closing costs, etc.
Baylake Bank also offers free mortgage loan pre-approvals for
home purchases. Contact a mortgage lender today. Credit approval
and property valuation required.
Baylake Bank is An Equal Housing Lender and Member FDIC.