First-Time Homebuyer’s Guide Choosing your first home is exciting and one of the largest purchases you’ll ever make. Wow! That sounds intimidating, but no worries we’re here to help with some of your homebuying questions.
Cost of Homeownership
Understanding the cost of homeownership can help you make the right decision for you and your family.
Ongoing costs may include:
Your Journey to Homeownership
Upfront costs may include:
• 0% - 20% for a down payment • 2% - 5% for closing costs • $200 - $600 for inspections For example, if you put 10% down, a $150,000 home could have between $15,000 -$22,500 in upfront costs.
• Mortgage Payments • Maintenance & Repairs • Utilities • Property taxes • Homeowner’s Insurance • Mortgage Insurance
Set Your Budget
Determine how much you can afford for your new home.
Pre-Qualification Consultation
Contact a Civista Mortgage Lender for a free pre-qualification consultation.
Debt-to-Income Ratio Determine how much you can afford for your home. Your debt-to-income (DTI) ratio equals your monthly debt payments divided by your gross monthly income. It is recommended to keep household debt to less than 43% of your gross monthly income. However, Civista offers programs that accept higher ratios. Your Civista Mortgage Lender can help you find the right option for your financing needs.
Explore Your Loan Options Find the right loan option to fit your financial needs.
Start Shopping Begin shopping for your new home.
For example:
Find Your Home
$3,800 Monthly Income
$1,600 Monthly Debt Payments
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Start negotiations to get the best price for your new home.
42% DTI
Finish Applying for Your Mortgage Contact your Civista Mortgage Lender to complete your mortgage application.
Close on Your Home Pay remaining closing costs and sign documents for your new home.
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