Homeownership 101 

Homeownership 101

 

We understand buying a home is a very big decision.

For this reason, it is important to educate yourself on the home buying process and how best to plan for it. Saving money for a house may seem like a daunting task, but our local team of experienced Mortgage Lenders are here to help you through the process!

Get your credit in order

Obtain a copy of your credit report. When applying for a mortgage loan using joint income, each partner’s credit history is typically weighted equally. If one of you has a late payment record or poor credit, you are likely to pay a higher interest rate to offset the perceived risk of default.

Save for a down payment

Review your spending habits. Create a budget and look for expenses you can cut. Put your savings in an account you cannot touch and that earns higher interest.

Do you know what you want?

Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.

What can you afford?

Don’t wait to get a loan until you’ve found the perfect home. Talk to a Macatawa Bank mortgage loan officer and get prequalified for a mortgage before you start looking. Our lenders will help you explore different loan options and determine if you qualify for any special mortgage or down payment assistance programs. Many programs are designed for those with low or moderate income or first-time home buyers. Our loan officers will help you review how much you earn versus how much you owe to determine what you could afford.

Don’t be “house poor”

If you max yourself out to buy the biggest home you can afford, you’ll have no money left for maintenance,decorations or savings. Don’t forget about home insurance, property taxes, interest, closing costs and a down payment.

Stay Focused

Cutting costs and saving will all be worth it the second you are handed the keys to your new home!



Have questions?

Call us at (877) 820-2265 to schedule an appointment with a Mortgage Loan Officer or fill out the contact form below and we will have one of our Loan Officers reach out to answer any questions you have.

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Disclosures and borrower information
Macatawa Bank's primary lending area is West Michigan. Online applications will be considered received on today’s business day if submitted during the course of the bank’s normal business hours;
9am EST – 5pm EST Monday – Friday, excluding Federal Holidays
9am EST – 12pm EST on Saturdays
Applications received outside of this timeframe, including Federal Holidays and Sundays will be considered received the next business day.

We're happy to help.

Looking for answers? Need some sound advice? Want to talk over your financial options? Fill out the form below and we'll be in touch.  * = Required field.

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