Buying and Maintaining Your First House
means fulfilling part of the great American Dream!
Is owning and maintaining your own home part of your Great American Dream? If so, there can be true financial rewards from home ownership. You should know that buying and owning a home is expensive!
Deciding how much to spend for a home can be complex. You probably want as nice of a home as possible, but you want to be able to afford it. What you can afford depends on the size of your mortgage, mortgage rates, costs of home ownership, your other expenses and your income. One rule of thumb to consider is that the total of your mortgage payment, property taxes and insurance should be no more than 28% of your household income.
In addition to needing funds for a down payment (perhaps 20% of the purchase price) and any mortgage closing costs before you buy, after you buy, you will also need to pay:
- Monthly mortgage payments
- Property taxes and insurance
- Utilities and maintenance
If you are like most homeowners, you will also want to furnish it and keep your home in top shape. All of these items cost money. That’s why Coastal offers many ways for members to learn how to use the equity in your home wisely.
Coastal Offers:
When you’re ready to place the final piece in your puzzle and everything on the application doesn’t add up to a “PERFECT FIT,” we’ve got a number of flexible mortgage options.
Apply for Coastal's Perfect Fit Mortgage Online » and receive a decision within minutes, or call the Mortgage Service line at 866-252-4896.
* Subject to acceptable property, loan to value, a minimum FICO credit score, maximum loan amounts, and debt to income ratio of one of the loan programs offered. You must be 18 years of age or older. Verification of information provided is required.
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