We make it easy to buy a home. Get matched with a CityWorth Realtor and find your perfect place to call home!
Talk with a CityWorth Realtor and discuss all your must-haves and nice-to-haves in your future home.
See how much you are qualified to borrow by providing your information to a Mortgage Banker.
Narrow down potential homes, tour them, and make an offer on the one you want to call home!
Once your offer is accepted, prepare for closing. We will do the heavy lifting to get your loan cleared to close.
While this decision is ultimately up to you, there are a few indicators that show you may be ready to buy. Some of the things you should have in preparation for a mortgage approval include a good credit score, steady employment history, proof of income, money for a down payment and closing costs, and a low debt-to-income ratio (DTI).
A down payment is the amount of money you put towards the sales price of a home. It reduces the amount of money you will have to borrow and it is typically expressed as a percentage of the price. Down payments vary based on the loan type, the mortgage lender, and your finances. With conventional loans, you can put as little as 3% down. Some loan programs, such as VA loans, don’t require a down payment.
Realtors are trained to help people buy and sell homes. They provide up-to-date information on current market conditions, home and neighborhood data, and real estate protocol. Additionally, they have access to thousands of available properties and are highly skilled in contract negotiation. They help coordinate every aspect of the transaction so you can have a smooth experience.
Your credit impacts your eligibility to be approved for a mortgage. While some lenders may work with lower credit scores, it is recommended to raise it as much as possible. A higher credit score will not only improve your eligibility but it also increases the amount you can borrow and qualifies you for a lower interest rate.
Private mortgage insurance (PMI) is a type of insurance that protects the lender in case you default on your loan and your home goes into foreclosure. Most lenders will require you to take out PMI if your down payment is less than 20% of the home’s sales price. PMI is typically 0.5%-1% of the mortgage annually and is included in your monthly payment. Once you have paid off enough of your mortgage’s principal, PMI may be removed.
Your monthly mortgage payment is comprised of four main factors—principal, interest, taxes, and insurance (homeowner’s and PMI). Another factor that can contribute to your monthly payment is your HOA fee if you have one. These factors calculate how much your monthly mortgage payment will be. Be mindful of other monthly expenses that are not included in your monthly mortgage payment such as utilities and maintenance.