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Local Real Estate

Buying Your First Home Comes Down To Individual Circumstance

With the lowest home loan rates in recent history, now may be a great time to buy.

Daughter and Father Unpacking

Buying a home is one of the most important financial decisions a person will make in their lifetime. Are you starting a family? Do you have a steady job or are you looking at a new career move?

These questions are important as they help you decide your budget, what kind of property you need and the best location and home features to meet your lifestyle. Below are some quick tips to make home-buying successful, safe and affordable.

When it comes to purchasing a home there are four key areas to consider:

1.) Capital: How much money you have saved for a down payment? (It doesn’t have to be 20% – there are a lot of affordable options.) Lenders will look at your personal assets to help determine the right loan to ensure you still have leftover in reserve for ongoing maintenance and any unexpected fixes.

2.) Collateral: What kind of property are you looking to purchase? What condition is it in? Will you need to do any work before moving in?

3.) Capacity: How much can you afford? This is measured as your debt-to-income ratio (DTI). A key rule of thumb is to keep your debt-to-income ratio as low as possible. The Consumer Financial Protection Bureau recommends a ratio below 43%.

4.) Credit: What’s your credit score? The make-up of your credit score is 35% payment history, 30% amounts owed, 15% length of credit history, 10% mix/types of credit used and 10% number of inquiries. At OlyFed, everyone gets the same great rate – There’s no risk-based pricing with our home loans, you’ll get our advertised rate regardless of credit score.

You may be thinking that’s a lot of information to consider on top of your already busy schedule. OlyFed and our non-commissioned loan officers are here to help make the most of your time and give you added confidence with expert support!

Join us and our partners from Bay Equity and the USDA Rural Development program for a free First Time Homebuyer Workshop at Lacey’s Timberland Library (500 College Street SE) on Thursday March 5th from 5 p.m. to 7 p.m. It’s a good place to explore all the steps in buying your first home.

If you’d like to learn why OlyFed is a good home-buying partner, we’ve provided our Top 10 here. You can also visit our Home Loans page to see our loan program options or check out our Loan Officer page to schedule an appointment with one of our knowledgeable professionals.