Interest Rates are Still Low for Home Buying


Vicki Shefchik
Mortgage Lender
NMLS #495846

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 location.

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 correct?
  • What information will I need to gather to apply to finance a home?
  • 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 efficient:

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 By ordering and reviewing these in advance, you will be able to identify any inaccuracies or outdated information.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.