by
Stacy Wise
| Aug 16, 2023
5 Simple Steps to Prepare for a Home Loan
Written by Andrea Klinedinst, Compliance Assistant
Preparing to buy a home and secure financing can be a daunting task. Sometimes the hardest part is figuring out where to start. Our expert for this article, Lisa Rosich, Mortgage Lending Officer at MNB’s Canton Banking Center, recommended 5 simple steps to get ready for a home loan.
- Check your credit. Your credit score will play a big part in your application process. Always make your loan payments on time and avoid unnecessary purchases or applying for other new loans during this time.
- Start a budget. Save for the down payment and closing costs – funds will be needed. Determine a house price and consider the monthly payment and what works for you. Know what is included in your monthly payment such as Real Estate Taxes, Homeowners’ Insurance, and maybe even Mortgage Insurance.
- Talk with a Lender. Meet with an MNB Mortgage Loan Officer to get Prequalified.
- Know your options. There are several mortgage types such as Conventional, Adjustable, FHA, USDA, and VA loans. Find out about the different types of Mortgage Loans that are offered and which one works for you.
- Find your realtor. Now, you are ready to look at homes.
Purchasing a home is a big commitment and will take time to find the right one. Set a plan, set an amount, and make it happen. MNB will be here from start to finish.
Our Mortgage Loan Officers at MNB are here to help you with your home loan needs. If you have questions about the process to preparing for a home loan or any other questions, don’t hesitate to call. To learn more about our loan products or to apply for a loan, give us a call at 877-647-5050, set up an appointment or apply through our website today!