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Rocky Top Lending

FIRST-TIME HOME BUYERS

IS IT TIME TO BUY?

Thinking about buying? Have you gone through the process before or is this your first time? Buying a home is a huge financial decision, but it's also an emotional one.  There are steps to determine whether you're financially set, but the emotional side of buying a home is often overlooked. To gauge whether you're ready to stop renting and buy, think about these below-the-surface questions:

IS THERE A "WANT" TO BUY A HOME?

  • You should never buy a home because others are doing it or because you think it's what you're supposed to do next. You've gotta have your own "want" and desire.

ARE YOU READY TO PUT DOWN ROOTS?

  • Buying is a more long-term decision than renting, so you want to be sure you're ready to plant roots for at least a couple of years before signing on the dotted line.

DO YOU DESIRE MORE PRIVACY AT HOME?

  • If you're exhausted by noisy neighbors and no place to stretch your legs, it may be time to buy.

ARE YOU CONTENT IN YOUR CURRENT JOB?

  • Lenders want to see job stability, so if you're thinking of buying, evaluate your long-term employment plans.

IS YOUR DEBT-TO-INCOME RATIO HEALTHY?

  • Your DTI ratio is an important factor when applying for a mortgage. Getting debt under control before purchasing is always a wise decision. Let's determine your DTI with the formula below:

DETERMINE YOUR DEBT-TO-INCOME RATIO (DTI)

Gettin Prepared
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FINANCIAL PREPARATION

Gain Pre-Approval

  • Most Pre-Approvals are Valid for 120 days

  • Work with a Local Lender

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Ask Questions if You Need Clarification. Examples Below:​

  • What Type of Loan do You Recommend?​

  • Will my Down Payment Vary Based on the Loan Type?

  • What is the Interest Rate and APR?

  • Can I Lock-in an Interest Rate? If so, For How Long?

  • What Will My Closing Costs Be?

  • Can You Estimate My Expected Monthly Payment?

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Locate Down Payment Funds​

Prepare for Additional Costs

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THE ROCKY TOP CONCIERGE TEAM

HOW  CAN
WE HELP?

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