Buying your first home can be a confusing and overwhelming process. But Summit is here to help answer any questions you have along the way. We’ll make sure you’re asking the right ones, too.

WHY BUY A HOME? 
Yeah, it's a big purchase. But the perks are pretty big, too.

• IT’S ALL YOURS! Hang those shelves and paint those walls. Your home means your rules.
• HELLO, TAX BREAKS Deduct property taxes and the interest you pay on your mortgage and give your tax return a boost.
• OWN YOUR FUTURE. It’s more money in your pocket instead of your landlord’s. Build equity with every mortgage payment.

GET STARTED AT SUMMIT
Even if you’re only thinking about buying your first home, here are some things you can do to help get ready for when the time is right

• GET TO KNOW YOUR CREDIT SCORE It can have a big impact on how much home you can afford. You’ll hear about credit often throughout the homebuying process.
• SAVE FOR A DOWN PAYMENT More money down means lower monthly mortgage payments. It’s never too early to start saving.
• SPEAK UP! You’re going to have some questions along the way. But no matter what they are, we’ll be here to help you feel comfortable and confident.

THE POWER OF PREAPPROVAL
When you decide it’s time to start looking for your first home, stop into Summit and meet with a mortgage lender for a free preapproval. We’ll help figure out your price range and the right loan program for you.

• WHY GET PREAPPROVED? When it’s time to make an offer on a home, a preapproval shows the maximum price you’re approved for and gives you credibility over potential buyers who aren’t yet approved.

We’ll consider the following:

• YOUR CREDIT HISTORY A higher credit score means lower interest rates and closing costs. And if your score isn’t where it needs to be, we’ll help you make a plan to improve it.
• INCOME, ASSETS AND LIABILITY We’ll look at how much money is coming in and going out, plus any savings or debt. Then we’ll find the best loan option for you.
• DOWN PAYMENT You could make your move with a low down payment or maybe even none at all.* But more money down has its advantages. We’ll help you find the sweet spot.

THE SEARCH BEGINS
Once you’re preapproved, house hunting can begin. And it’s a breeze with an experienced Realtor at your side.

They’ll help you understand:

• The kind of home that meets both your budget and taste
• The best neighborhood and fit for you and your family.
• Important details you might miss in a home.
• All of the paperwork you’ll fill out along the way.

Did you know?
The seller almost always pays Realtor fees, so you can simply enjoy being shown around town by your very own expert.

SOME THINGS TO CONSIDER
Before you make any big decisions, giving the following some thought could save you a lot of money and a home’s worth of headaches.

• TAKE YOUR TIME Don’t start looking until you know your budget. Nothing turns “cozy” into “cramped” like seeing homes outside of your price range.
• KNOW THE COSTS Four factors known as PITI make up your monthly mortgage payments: principal, interest, taxes and insurance. We'll help you understand them all.
• DIY WITH CAUTION Fixing up a home can cost you serious time and money. A home inspection will reveal anything major and could save you from getting in over your head.

THE HOME STRETCH
You’re almost there. Just a few more steps before those keys are yours.

• MAKE YOUR OFFER You’ve done your homework, gotten preapproved and found the perfect home. Your Realtor will help you make a formal “offer to purchase.”
• FINALIZE YOUR LOAN We’ve got this covered. Once an offer is accepted, we’ll start the loan approval process and set up an appraisal.
• IT’S CLOSING TIME We’re really close now. All that stands between you and the keys to your new home is a stack of paperwork waiting for your autograph.

MOVING DAY HAS ARRIVED!
Give yourself a pat on the back for navigating the home buying process with ease. Now tell your friends to get over there and help you squeeze your furniture through your new front door.

Pro-tip: lift with your legs, and take a few breaks along the way to appreciate your new digs.

CONGRATULATIONS, WELCOME HOME!

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