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First-Time Homebuyer

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Buying a home can feel overwhelming. There's a whole dictionary of acronyms to learn: DTI, PMI, LLPA, LTV. And while each individual's circumstances are unique, it seems like everyone is talking in generalities.

We get it and we agree. That is why choosing a Park Bank loan for your homebuying journey has so much value. Our team has helped countless individuals purchase their first or subsequent homes.

We believe that the advantages for first-time homebuyers are currently more significant than ever before. Low-rate benefits and down payment assistance programs may be available to first-time homebuyers, making it simpler and more economical to realize your dream of homeownership. However, navigating the housing market requires a customized loan strategy like those provided by Park Bank's experienced mortgage advisors.

 

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Explore the resources below to learn how a Park Bank first-time homebuyer's program can help you. If you have questions, we encourage you to reach out to one of our mortgage advisors so we can help get you started.

 

First-Time Homebuyers Guide

Homebuying Strategy

What to Expect

 

 


 

What is a pre-approval?

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A pre-approval is a request for a loan to buy or build a home that is a comprehensive, underwritten review of the creditworthiness (income, assets, debts and credit) of your application. Based on this information, Park Bank issues a written commitment to you that is valid for a designated period of time. Learn more about pre-approval vs pre-qualification.

How much do I need for a down payment?

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Affording a down payment can be challenging for first-time homebuyers. The amount you need for a down payment on a house can vary depending on several factors, such as the price of the house, the type of mortgage you are seeking, and your credit score.

Worried about having enough down payment for a new home? Learn about additional options.

What is PMI?

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Any time you have less than a 20% down payment, you will pay what’s called Mortgage Insurance. This is separate from your house/fire/flood insurance, and it’s a premium you pay for providing a smaller down payment. Mortgage Insurance, (MI), or PMI (private mortgage insurance), is tiered based on down payment percentage and the borrower's credit score.

How do I shop for rates?

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Shopping for rates can be a challenging aspect for borrowers to comprehend. Your loan and credit profile can affect the rate you may qualify for. To ensure you get the best rate possible, Park Bank Mortgage Advisors recommend the following approach:

 

 

First-Time Homebuyer Resources