Your homebuying journey starts here
Congratulations on taking your first step toward homeownership! This page will help keep the process simple, but know we’re always here to help. What are you looking to do today?
The homebuying process may seem complicated, especially when it’s your first time experiencing it. That’s why we created our Homebuyer’s Kit: to provide you with a helpful resource that simplifies the mortgage process. It covers a wide range of topics, including required documentation, mortgage options, mortgage to-dos, and tips for finding the best loan for you. Download your free copy to start simplifying homebuying.
Purchasing a home can seem daunting, especially when you don’t know where to start. We’re here to help every step of the way with useful information and tips, as well as a range of products that meet your specific needs. To start, let’s answer some frequently asked questions.
Simply put, a mortgage is a loan to finance the purchase of your home. When you close on a mortgage, your home becomes collateral for the loan, which you pay off over a predetermined period (30 years, for example).
A number of factors determine mortgage interest rates, including market and economic conditions, your credit history, your personal financial situation, and the amount of your down payment or equity.
Closing costs are the final fees that are owed when you officially close on your new home. These costs include appraisal fees, title charges, attorney fees, and inspection fees, among other expenses, and will vary by situation.
Yes, getting prequalified is a crucial step in the process. Not only does it help you determine how much you can borrow, it makes you a more attractive purchaser, as the seller now knows you are a qualified borrower.
An escrow account helps manage property taxes and insurance for your home. When making your monthly mortgage payment, a portion covers principal and interest while the remainder is allocated to your escrow account to cover property taxes and insurance.
If you choose to escrow your property taxes, you will make monthly payments and Community Bank will pay your taxes on your behalf. If you do not escrow the property taxes, you are responsible for making the property tax payment when it comes due.
MORTGAGE QUALIFIER CALCULATOR
See how much you can borrow
Knowing how much you can afford will help you narrow down which homes to consider. With our helpful calculator, you can get an estimate based on some key information, including:
- Your annual income
- Term length
- Interest rate
WHAT TO EXPECT
Homebuying in 6 steps
With help from our Affordable Housing Programs, the Barclays bought their first home—one that met the needs of their growing family.
“Knowing that there was somebody fighting for us, and then to see it all pay off, just really speaks volumes for Ronda and Community Bank, because this was the first time that I was ever in a business transaction where I felt like I mattered and my family mattered.”
—Makaila Barclay, Community Bank customer
Now that we’ve covered the basics, let’s explore your mortgage options. We have a range of home loan types available, but more importantly, we have mortgage experts who will build a loan tailored to your individual needs. By mixing and matching our flexible options, you’ll get a loan on your terms while simultaneously maximizing your buying power.
COMMUNITY BANK EXCLUSIVE OFFERS
Looking to lower your homebuying expenses? Ditch the closing costs and move into your new home with extra savings in your pocket, thanks to our customizable no closing cost mortgage.
Save NowTo avoid Private Mortgage Insurance, most institutions require you put at least 20% down on your new home. At Community Bank, you can avoid PMI altogether and keep your monthly payments low with as little as 10% down.
Schedule an appointmentWith predictable rates and payment schedules, our fixed-rate loans keep your monthly principal and interest payments in place, so you can stay on budget each month. How it works is simple: If you purchase a home at 4% interest with a 30-year fixed rate, you will pay only 4% interest every month for the duration of your loan.
With an interest rate that changes periodically, an adjustable-rate mortgage (ARM) is ideal for individuals who plan to relocate soon. The initial interest rate is lower than comparable fixed-rate mortgages but can fluctuate once this period ends. It can help you save money early in your loan term while you plan your next move.
Traditional mortgages feature monthly payments, but bi-weekly mortgages allow you to make half of your monthly payment every two weeks. The benefit? You’ll pay less in interest and complete your mortgage sooner, making it an option Community Bank is proud to offer our customers.
As an authorized mortgage lender by the Department of Veterans Affairs, Community Bank is proud to offer home loans to active service members, veterans, and surviving spouses who meet the VA’s qualifying requirements. Whether you want to buy a home, build from scratch, retain a property, or even renovate your primary residence, we’re here to support your homeowning plans.
If buying a home feels out of your budget, you may qualify for a USDA-sponsored loan or HomeReady® by Fannie Mae. With benefits including zero down payment and up to 102% loan-to-value ratio, we can help you afford your very own home. Click below to learn more or to sign up for a free consultation.
Looking to build a new home or start a significant remodeling job? Our construction and land loans can help you fund a new build or purchase a parcel of land. Financing varies between the two options, but both can help you put your plans in motion.
Before you start looking for a home, you should know what kind of home you can afford. Prequalifying for a mortgage does exactly that, while using our mortgage calculator can help you determine what your mortgage might look like.
Once you know your budget, you can truly begin the homebuying journey by getting prequalified. Most real estate agents will require you to be prequalified before helping you find the perfect home, so click below to get started.
Once you know what your budget looks like, get in touch with a mortgage banker for extra homebuying tips, tricks, and even answers to questions on your mind. Click below to find the right banker for you.
