Kelly Engstrom
Real Estate Officer | NMLS# 1149392
kelly.engstrom@border.bank
701-526-1133

Are you looking to purchase a home? With the current economy a lot of prospective homeowners are feeling stressed about rates. Although rates are currently higher than previous years, real estate is still a great investment for many, but there are some factors you may want to consider and talk through with your mortgage lender.

1. Write out your monthly budget and really consider what you are willing to spend each month on housing. Your monthly housing payment will not include items such as the utility bills, your cell phone bill, or groceries.

2. Talk to your mortgage lender about your credit score rating and what you can do to increase it. What loan product you are qualified for could have a direct reflection on what your mortgage payment is each month.

3. Consider how much you have saved up for a down payment. Do you want to put all that money down on your home or would it be best to pay off some high interest credit cards first? Will you still have a savings left over for any expected costs that may come up now that you own a home?

4. Think long-term. How long do you plan to live in this home and what is the break-even point for you? A simple rent versus buy calculator can help you determine if it will make sense for you at this time.

5. Finding a home comes down to needs versus wants. Make your list of must haves so your real estate agent can help direct you to the best potential homes. Talk to your realtor about your list to make sure expectations are realistic.

Ultimately, we would love to still get you into a home, but also want to make sure we do so in the best financially secure way possible. Take the time to have this discussion with your mortgage lender so we can help you make the tough decisions. And remember, our Mortgage team of friendly and experienced officers is here to help, and only one click away.