Spring marks the start of the home purchasing season, which means mortgage specialists are busy helping people prepare to buy a home, said Sam Karengi, mortgage loan officer with Midwest BankCentre.
“What I recommend to buyers is to come up with a financial plan, taking a look at their current expenses,” he said. “They need to set a budget appropriate for now and the future. It’s important to have realistic expectations about what your income will be. If you have a fluctuating income, it’s best to budget conservatively.”
Prospective home buyers also need to look at mortgage loan options, like Veterans Administration loans for veterans, Federal Housing Administration loans for those with lower credit scores or down payment limitations and United States Department of Agriculture loans for those buying in rural areas, Karengi said.
Then they need to get preapproved for a home loan, he said.
“Getting preapproved is going to offer several advantages – one being you will know exactly how much you can spend, and it gives you a leg up over buyers,” he said. “In today’s competitive real estate market, it’s going to be a huge benefit.”
Karengi said buying a home is an important decision and plays a large role in building equity and generational wealth.
“It’s out of reach for a lot of people, but if you sit down with a loan officer, we will give you a game plan,” he said. “We work hard to make sure home ownership is accessible to all. Even if you’re not ready right now, we will build a plan for you so you’re ready down the road.”
Karengi advises those interested in buying a home to contact a loan specialist at any of Midwest BankCentre’s 17 St. Louis-are locations. For more information, go to myhomeloanstl.com.