Thinking about buying your first home, but don’t know where to start? Buying a home is one of the most important financial decisions a person can make, and the journey to owning a home can be confusing for many first-time buyers. Fortunately, it doesn’t have to be. Chase Bank can help you navigate the home buying process, so getting the keys to your first home may be closer than you think.
Homeownership is more than a dream for many Americans. In * Chase Home Lending’s First-Time Home Buyers Study, 69% of respondents said they still see home ownership as an important part of building wealth. The survey covered more than 1,100 consumers who indicated that they expect to buy a home and are actively preparing to buy it.
Chase is taking steps to take an active role in creating opportunities for minority communities, including providing affordable and low down payment options with products and programs designed for Latin American, Hispanic and African families. Americans who are on the path to homeownership. dwelling place.
It’s always a great time to dive in and find out what you need to know about buying your first home, and how Chase can help make your dream come true.
Work with a mortgage advisor
Chase Mortgage Consultants are responsible for helping you prepare for home ownership, find the financing solutions that suit your needs, and get the down payment or home help you can. to qualify. Mortgage counselors work closely with many first-time home buyers, helping them navigate this process for the first time. They also help clients who are looking to refinance or who may be looking for a home that is larger or smaller than their current home. Chase and his mortgage team begin by looking at each client’s full financial situation so they can make the best recommendation and successfully take you on the path to home ownership. Through the various stages, from prequalification to closing, we are at your disposal to offer you advice, support and knowledge.
Apply for a mortgage
First-time buyers should understand some basic things before starting this process:
Prepare your finances: Buying a home can be a huge financial task, so keeping your finances in good shape will be important. This involves things like continuing to pay bills on time, not taking on new debt, and building up your credit score, which can help you get a lower interest rate on your home loan. Chase makes it easier to improve its clients’ credit scores by supporting * Project REACh, a program that increases the chances of approval for traditionally unreachable applicants so they can take that first step. Make plans for your down payment: It is a well known fact that you will most likely have to pay up front to buy a home. However, it is a myth that you have to pay a 20% deposit. Every case is different and there are a variety of mortgages available that may require as little as 3% down payment, like Chase’s * DreaMaker. There may also be local programs that could help with down payments and closing costs. It’s always a good idea to start saving, but it’s also important to become familiar with the products and support that may be available to you. You can connect with a mortgage advisor to get started. Be pre-qualified: When you embark on your home buying journey, you need to know up front how much you can afford to pay for the home. Getting prequalified through a lender like Chase lets you see how much money you might qualify for, and it also shows sellers and real estate agents that you are a serious and competitive buyer.
Recognize the resources at your disposal
Chase’s Homebuyer Grants program offers up to $ 5,000, in more than 6,700 minority communities nationwide, to eligible clients to help cover closing costs and down payment upon letting go. buying a house. The Chase DreaMaker * Mortgage offers down payments as low as 3% and reduced mortgage insurance.
Chase has also developed a new feature called “Community Home Loan Advisor,” which is designed to serve low to moderate income communities and minorities. They are experts focused on local housing and down payment assistance programs, working closely with the work of local non-profit housing organizations and other community organizations. To date, Chase has hired over 100 community loan counselors across the country and will continue to grow.
From now on
For those who are just starting out on the path to homeownership, the * Chase Financial Goal Center is a great place to start. You start by choosing a goal, which can be saving or building credit, and explore tips, offers, and tools to help you stick to and achieve it. The Increase Your Savings page, for example, has an interactive calculator that sets up a plan to meet your savings goals and highlights how the auto-enrollment tool can help you run a regular savings plan that allows you to standardize. your situation and achieve your goals. There are also other great resources available, such as budget worksheets where you can view and record your monthly expenses, tips on using the Credit Journey tool to build and protect your credit, and information. general on low-cost designed checking accounts. for those who have had difficulty obtaining or maintaining an account in the past.
Know when to buy
Buying a home can be exciting, but it can also be stressful. Learning all you can about the home buying process is the best thing to do before you start looking for properties or comparing mortgage options. Other questions to consider before buying a home include:
Do you have a stable income you can count on? How many accommodations can you afford? Have you chosen a place where you want to stay for the long term? Are you comfortable managing your debts?
If you think you are ready to take the next step in buying a home, visit your local Chase branch to learn more about the tools, resources and capital available to help you achieve your dream of home ownership. to the property. .