The prospect of buying a new home is an exciting one, from your first steps through the door or an open house to picking out paint colors for the living room.
 
But there is one element of homeownership that often makes people cringe:
 
A Mortgage.
 
Hopefully, you didn’t read that word and exit out of your web browser, shut down your computer, and walk away.
 
Our team at Heritage Bank understands that the process of getting a mortgage is overwhelming, but we’re here to help.
 
As a bank that is locally owned and family operated, we know how important it is to have a home that you love. So whether you are at the very beginning of your search, refinancing your current home, or somewhere in-between, our loan officers are here to help (and our online mortgage application will be available soon)!
 
Here are a few tips to help you be prepared going into your mortgage application:
• Have all of your materials ready. This can include recent pay stubs, a couple of years’ worth of tax filings, and bank account statements. 
• Understand your budget. The age-old 28/36 rule states that a household should spend a maximum of 28% of its gross monthly income on housing expenses. No more than 36% should be spent on debt service, which includes payments like car loans or student loans. 
• Understand the current housing market. Do your research! How much are houses going for at your time of consideration? What types of things are impacting or improving the housing market? 
 
Of course, there is much more work to be done when it comes to setting up a mortgage. But we’d love to walk you through it! Give us a call today with any questions, and we’ll get you pointed in the right direction.