A New Year’s path to homeownership

Posted by on January 3rd, 2019

The New Year always begins with New Year’s resolutions – with a list nearly always topped by getting fit (i.e. giving up fatty food, alcohol or smoking), getting organized or taking better care of finances.

Taking your first steps to home ownership

Our Bay Equity Loan Officers are experts in helping customers make a similar list of resolutions. Let us help you make it a happy New Homeowner’s Year, too.

Ready to get started?

Credit Check:  Good credit is key to getting a mortgage but it takes discipline and planning. First, find out what your score is. Pay bills on time, and work to improve your credit establish it independently by opening up checking/savings accounts and using credit cards carefully.

How much? Figure out how much you can spend with a handy mortgage calculator. Don’t forget to consider closing costs, ongoing maintenance and insurance, too. Experts recommend you spend no more than 36 percent of your income on housing costs.

Bay Equity Home Loans can help you make your dream of homeownership possible sooner than you may realize. Our resolution is to serve the communities in which we do business, providing a wide array of home loan options including conventional, VA, USDA, refinance, Jumbo and more.

Down Payment facts: The required 20 percent down payment requirement is mostly myth! Nearly 40 percent of first-time home buyers pay less! FHA loans have down payment programs offering as low as 3 percent, with USDA and VA loans offering Zero-down options. Bay Equity’s loan officers can also help access many additional local and federal Down Payment Assistance (DPA) programs.

Choose the right mortgage for you: Most people choose a fixed rate mortgage, but there are some people for whom an adjustable rate mortgage (ARM) makes sense. Our Bay Equity loan officers can help you find the loan that is best for you and your circumstances.

Pre-approval: At Bay Equity, we always recommend pre-approval BEFORE you begin your home search. Pre-approval helps you set a price range on the home you can afford, and it lets sellers know you mean business. A pre-approval letter from your Bay Equity loan officer is a great step toward a successful offer!

Rely on our team: A typical home shopper looks at one home a week, so working with the right team is critical. Bay Equity loan officers are backed by our exceptional operations staff, and we provide in-house underwriting, too. We have the expertise to advise you every step of the way!

From our Bay Equity Family to yours: Happy New Year and Happy house hunting, too!