It is home buying season and we couldn’t be more excited!  One of the best things about being a local bank is watching our community grow through homeownership.  Our blog last month talked about the importance of relationships when buying a home, this month we want to talk about some of the ways you can prep for the home buying process.

Know What You Are Looking For.  Take the time to really think about the kind of house you want.  Do you have a particular style in mind?  How many bedrooms do you need?  Do you want a little bit of land or want to be in a development?  What about the neighborhood, is there a school district you need to be in? Knowing the answers to these questions or at least narrowing down the possibilities will help you as you move forward.

Check Your Credit.  Get a copy of your credit report so you know where you stand and if you lack good credit, you may need to find a credit counselor to help you bring your credit score up a bit.

Decide How Much House You Can Afford.  While there are a bunch of different points of view on this, common recommendations are that your mortgage payment range between 25% and 36% of your gross monthly income.  Our mortgage calculators can help you find out how much house you can realistically afford.

Get Pre-qualified.  Once you start looking at houses, you’ll want to be able to react quickly and having a pre-qualification helps!

Resources to help you get started:

  • Learn more
    Attend our seminar for First Time Home Buyers at our Maybrook Branch location (on 205 Homestead Avenue) next month.  Join us on Wednesday May 8th from 6-7pm where we will talk about credit reviews, pre-approvals, preparing for closing and the whole buying process. 
  • Apply online
    Just click the link below and find a link that will allow you to apply for a mortgage, check on the status of a mortgage, utilize mortgage calculators and more!

 https://wallkill.com/loans/mortgages

  • Apply in person
    Our loan officers Cyndi O’Brien (NMLS# 754577) and Rick Farrow (NMLS# 800674) are ready to answer questions and help you get started.  To reach Cyndi O’Brien, call 845-946-6635 or 845-895-2051 ext 431.  For Rick Farrow, call 845-527-2090 or 845-895-2051 ext 426.

Wallkill Valley Federal Savings & Loan is an Equal Opportunity Housing Lender (NMLS#1790987).