The amount of money necessary to buy a house will vary. Generally, you will need cash for:- A deposit when you make an offer on the house.
- A down payment that is a percentage of the cost of the home and is due at settlement.
- Closing costs, which are expenses paid by the borrower in connection with the closing of the mortgage loan. Depending upon the specific loan, these expenses may include an application fee, origination fee, discount points, title insurance, attorney's fees, transfer taxes for purchase transactions, and pre-paid items such as tax and insurance payments.
West Bank is currently offering $500 off closing costs!* Speak with a lender today!
If you don’t have a lot of cash for a down payment, there are a number of programs that may be a good fit. An FHA loan is a great choice for first-time home buyers because it requires as little as 3.5% down. Some conventional loans are also available with as little as 3% down. VA or USDA loans offer financing up to 100% (0% down payment).
Our Mortgage Specialists can help you evaluate the different mortgage types available and the most appropriate based on how much cash you have available and a number of other factors.
* All credit subject to review and approval. Offer valid through 12/31/2024. Valid for Secondary Market Mortgages only. Not valid for portfolio, construction, or home equity loans. Loan must close by 12/31/2024 to receive $500 off closing costs.