What price point is right for me?
While keeping your financial health our main priority, Movement Bank will determine your borrowing power after considering multiple factors such as your monthly income, employment history, credit score, and overall credit-worthiness. One of our most valuable pieces of advice is that only you can determine the mortgage debt that you're willing to bear, based on your future financial goals. Movement Bank provides expert advice to assist you with how much you can comfortably afford to borrow.
Can I still buy a home without 20% to put down?
Absolutely. Movement Bank offers a large variety of available financing options for potential buyers with little or no down payment. We've even received recognition and an award for helping borrowers get financed with federal programs which offer forgivable down payment assistance.
Are there any upfront costs I need to budget for? If so, how much should I budget?
Yes. Movement Bank suggests a thorough conversation regarding all fees and closing costs associated with sealing the deal of your home. To avoid any last minute surprises, it is essential to plan in advance for various out of pocket costs such as an appraisal, title insurance, and other costs depending on your specific loan situation. For example, some sellers will pay for all or some of your closing costs.
Is getting pre-approved better than getting pre-qualified?
YES. A common mistake homebuyers make, is assuming that getting pre-qualified is substantial enough in a busy market full of other buyers all vying for the same home. In today's market, pre-approval is the way to go.
How much do I need for a down payment?
Depending on the type of loan you are financing, you may be required to make a down payment ranging from 0 to 20%. There are many advantages to both small and large down payments, including income tax benefits and keeping a portion of the funds available as a financial cushion. Our Loan Officer's provide guidance to our borrowers on their options and the outcomes of each.
How does my credit score affect my borrowing power?
Your credit score in addition to other significant factors such as employment history, debt, and monthly income, all play a role in determining your credit-worthiness to the lender. Movement Bank offers valuable advice and encourages borrowers to get pre-approved first, increasing their borrowing power for their future purchase.
What if I have more questions?
If you have more questions or were unable to find the answer to your question here, please give us a call. This is one of the biggest purchases of a lifetime, and Movement Bank believes in the importance of educating and arming our borrowers with as much knowledge as possible so they may comfortably and confidently purchase their dream home.