
Buying your first home is a major milestone—one filled with excitement, anticipation, and big decisions. Whether you’re just beginning your search or already touring open houses, taking time to ask the right questions can set the foundation for a confident and successful homebuying experience.
At Peoples Bank, we’re committed to helping you feel informed and empowered at every step. Here are five important questions to consider before making one of the biggest purchases of your life.
1. How Much Can I Really Afford?
Understanding your budget is key. A mortgage pre-approval can give you a realistic idea of your price range by analyzing your income, debt, and credit. But don’t forget to factor in costs like property taxes, insurance, maintenance, and utilities. Staying within a comfortable range helps you avoid financial stress down the road.
???? Tip: Use Peoples Bank’s free mortgage calculator to determine monthly payments and today’s rates.
2. What Type of Mortgage Is Right for Me?
There’s no one-size-fits-all solution when it comes to home loans. Do you prefer the predictability of a fixed-rate mortgage, or are you comfortable with the initial lower payments of an adjustable-rate mortgage (ARM)? Peoples Bank offers a variety of mortgage options to meet your needs—and our team is here to help you compare and choose the right one.
3. How Much Should I Save for a Down Payment?
While 20% is often considered the standard, there are many loan programs that allow for lower down payments. Peoples Bank proactively works to help low-income homebuyers reduce their borrowing costs by delivering meaningful grants to families that qualify through the Federal Home Loan Bank of Chicago and Freddie Mac down payment assistance programs. It all depends on the loan type, your credit profile, and your long-term financial goals. Keep in mind that a lower down payment may mean higher monthly payments or the addition of private mortgage insurance (PMI).
4. What Are My Must-Haves vs. Nice-to-Haves?
Before you start shopping, make a list of features that are non-negotiable—like location, number of bedrooms, or school district. Then, list features that are ideal but flexible. Being clear on your priorities will save time and keep your decision-making focused.
5. Am I Prepared for the Responsibilities of Homeownership?
Owning a home comes with additional responsibilities: maintenance, repairs, property taxes, and unexpected costs. It’s important to have a savings cushion and a plan for managing these expenses so that homeownership remains a rewarding and sustainable part of your life.
Final Thoughts
At Peoples Bank, we know that buying a home is more than a transaction—it’s the beginning of a new chapter. Our local mortgage lending team is here to provide personalized support, answer your questions, and walk you through the process with care and transparency.
Ready to take the next step?
Connect with our mortgage experts today and let us help you open the door to your future.
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