Your guide to buying your first home

Key takeaways:

• Buying your first home is an exciting and overwhelming experience. But don’t worry, we’re here to help.
• By educating yourself about the process of purchasing a home, you’ll feel more prepared and in control.
• Your mortgage banker is a valuable resource in helping you navigate the homebuying process.

Owning a home – it’s a dream that tops many people's lifetime to-do lists. Younger couples and families in particular have been flocking towards home ownership.

According to the National Association of Realtors, over the past several years, the largest share of home buyers were 37 years old or younger. Of that age group, 65 percent were first-time homebuyers.

Whether it’s your first home or your fifth, the homebuying process can be daunting. But don’t worry. We’re here to help.

MidWestOne created a first-time homebuyer’s guide that answers many of those questions and more. Topics include:

Whether to rent or buy

Before any other steps are taken, you should understand your best living situation. To help you determine which is best, consider your current financial situation, how long you intend to live in one place and some of the hidden costs of buying a home.

Prepping your finances to purchase a home

Enhancing your credit score, reducing your debt and gathering money for a down payment are all steps you’ll need to consider before buying a home. This article also tells you what financial documents you’ll need for the loan pre-approval process.

Budgeting for a home

Your budget will now have to include a mortgage payment and many other new costs that you’ll have to make room for. This article helps you understand the new costs you’ll have to factor into your budget.

Mortgage 101

If you don’t have a clear understanding of what a mortgage is and how mortgages vary, this article is for you. It explains common mortgages and interest rates. 

Hidden costs of buying a home

This final article can help you understand the various costs that come with buying a home. From appraisal to inspections, there are many costs to closing on a home. You also won’t want to forget to set aside funds for furnishing your new home.

You can read all these articles in full in MidWestOne’s guide to buying and financing your first home. 

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If you have questions regarding home loans, the MidWestOne team can help. Stop in to see us at any of our locations.

MidWestOne Bank does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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