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Routing # 307086691 | Wiring Instructions

Monday Messages

Home buying questions answered

We seem to be hearing a great deal lately about home prices, interest rates, lack of inventory, and the list goes on. The last time that we saw such a rapid increase in mortgage rates was in the early 80s – nearly 40 years ago! But we survived the 80s and with careful planning and use of resources, you can find the right home for your needs today also. Here are some steps to follow:

Talk to your Mortgage Loan Officer at WyHy. A no-obligation visit with a WyHy Mortgage Officer will accomplish several things:

  • Review loan options. 
  • Develop a relationship with a professional that can provide guidance and answer questions.
    • Can you afford a 15- or 20-year mortgage, rather than 30 years?
    • What’s the difference between a fixed or variable rate
    • Would I qualify for special programs, or an FHA or VA loan?
  • Help determine not only what you qualify for, but what your budget can actually afford.
  • You can get prequalified – and shop with confidence.
  • Provide guidance on ways to lower your rate or closing costs to fit your long-term financial goals.

Determine wants versus needs. Often choosing a home often takes compromise. What is really important to you? What is a showstopper versus just having to repaint that awful shade of green? Decide ahead what is a no-go, what you really need, and what items are on the “it would be nice” list. Selecting your lender and home loan program is very similar to picking the perfect house. We are here to help you find the balance of monthly payment, interest rate, and reduced closing costs that works best for you.

Work with a Realtor® that understands you and your needs. Yes, your co-worker’s cousin got a great deal on their home without a professional, but honestly, that is very rare. A Realtor® has access to the Multiple Listing Service (MLS,) and with today’s limited inventory you want to see everything that is available within your parameters. A Realtor® knows the market and can advise you on offer price and home details. This also helps to make sure that offers, counters, and contracts are done correctly and legally. Having professionals who are on your team is even more important in today’s real estate market. Our Mortgage Professional will work with you and your Realtor® to make the process smooth, and exciting!

Don’t fall for the wrong home. Consider these items:

  • Shop within your means. Remember what you and the Mortgage Officer discussed. Remember expenses such as Property Taxes, Home Improvements, insurance, landscaping, and still putting something in savings. You’ll live with that payment for a long time!
  • Shop for the right-sized home, not the biggest. What are your future family plans, will you need a private home office, but do you need three guest rooms? 
  • What is your lifestyle? Are you single and like to travel?  A condo might be just the ticket for you. Do you have children?  Does the neighborhood have playgrounds or a pool? Would you like close bike trails or access to schools?
  • Consider daily events. How is the flow of the home? Can you walk past when the refrigerator door is open? Will the bathrooms handle rush hours? Some items can be quite easily changed, and some are a bit more difficult.
  • Does the home need some updating? Often a home might be more affordable because it needs some updating. Are you willing to roll up your sleeves and do some work? You might take pride in showing off the remodeled kitchen or bathroom that you did. But maybe you might never make that happen. Be open and consider the possibilities. 

Let the Mortgage Professionals at WyHy put you in that perfect home. You’ve done your homework and they’ll work hard for you. Go with people that are here for you. Click here to schedule a no-obligation appointment today. Like we say, We’re with you.