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Building Community Blog

Before you buy a new home, the first thing you should do is determine what you can afford. Experts recommend that you spend no more than 30% of your gross income (income before any taxes are taken away) on your mortgage.

Everyone is different, and everyone has different things they need to consider when buying a home. From establishing your current monthly costs to researching home prices, here are a few questions to ask yourself so you can pick the perfect mortgage:

Betsy describes herself as being able to communicate better with numbers, so when it began time to find a career path, she chose Accounting. After completing her Accounting degree, she became a bank teller and moved into different roles such as personal banking, commercial loans, home equity loans, and lending. While this provided great work experience, she felt as if her job was creating more wealth for people who already had it. One day, she volunteered for Twin Cities Habitat for Humanity on a homebuilding project in Shakopee, Minnesota. That’s when things changed.

As with any big decision in life, it’s a good idea to do your homework. Same is true if you’re looking to upgrade your status from home renter, to homeowner. We’re not just talking about the house itself or its location (though a little research there is strongly encouraged!). What we’re talking about is exploring your payment options.

Though a home loan is something you’ll be paying off over time, don’t let the word “loan” scare you away from taking the next step. First-time homeownership is an exciting and rewarding experience, and yes, just about every homeowner has had to take out a loan at some point. And just like rentals, there are also ways to make homeownership more affordable.

Whether you want a lower down payment or a lower interest rate, there are many affordable housing loan options available to Twin Cities residents and first-time homebuyers, and we’ve done some of the homework for you. Here are just a few options to get you started:

Whether you’re buying your first home or you’re on your third, chances are you’ll find yourself looking for a mortgage lender. Since the average U.S. homebuyer makes mortgage payments for 20-30 years, you want to choose a lender you can trust.

Although it’s helpful to ask friends for referrals, it’s also a good idea to spend time comparing rates and speaking to lenders. Not sure where to start? Let these five tips guide you in choosing the best mortgage lender for you.

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