Some people call a home an investment.
But it’s much, much more.
It’s where you start a new chapter. Where you raise your children. Where you welcome friends and family. Where you put down roots while accomplishing your dreams.
Buying that home, especially for first-time homebuyers, can feel daunting though. Interest rates. Supply and demand. Inflation. There’s a lot to consider.
Thankfully, many of us in the River Region are here to serve those turning homeownership dreams into present-day reality. It’s what we do. At Regions Bank, our Montgomery-area associates have helped people accomplish their homeownership goals for generations.
Our specialty is offering customized, in-person guidance. In the meantime, here are some key suggestions:
Determining How Much Home You Can Afford
Start by looking at your current income and expenses and consider how a mortgage payment might impact the budget. As a renter, utility bills might be bundled, but they won’t be when you’re paying for water, gas, electric, property taxes, etc. Know what your monthly bills are likely to be as a homeowner, and that can help you choose a loan amount that makes sense for you.
Borrow Based on Your Present Means
The decision to buy a home might come on the heels of another life change: a raise, a new job or a windfall such as an inheritance. While a change can be great news, focus on what you can afford to borrow now—not what life will look like after your next raise or promotion.
No one can predict what the future will hold but managing your homebuying expenses in a way that accounts for possible challenges can help you avoid problems down the road.
Find a Lender You Like
The key to the mortgage process is finding the right lender. Start a conversation with a mortgage professional who takes your unique situation into account—not just the numbers.
There are many loan programs available. Shop around, talk to different lenders, and find someone who understands your goals and can work with you.
Know the Homebuying Costs and Benefits
There are several costs associated with homebuying. Ask about the cost of the appraisal, the inspection, the title search and closing costs. Make sure those costs can work within your budget.
There are many benefits to being a homeowner that are important to consider.
- Owning a home helps build equity that may, in turn, help you qualify for loans in the future.
- There are tax benefits that allow many people to deduct mortgage interest from their tax returns.
- Home values typically appreciate, so homeownership may increase your assets.
If homeownership is on your horizon, Regions Bank can help. Our team of Mortgage associates can answer questions and guide you through every phase of the journey. To learn more, visit www.regions.com/mortgage.
This information is general in nature and is not intended to be legal, tax, or financial advice. Although Regions believes this information to be accurate, it cannot ensure that it will remain up to date. Consult an appropriate professional concerning your specific situation and irs.gov for current tax rules.
Regions Bank is an Equal Housing Lender.
By: Allison Bird, Regions Mortgage Central Alabama Sales Manager. NMLS#546272
Email: [email protected]
Phone Number: 334-230-6183
