LITTLE VALLEY - With the summer real estate season upon us, many Americans are considering purchasing a home over the next few months. The total mortgage originations market is estimated to be around $1 trillion in 2014. With that in mind, CCB (Cattaraugus County Bank), the Independent Community Bankers of America (ICBA) and the nation's more than 6,500 other community banks are on-hand to help homebuyers navigate the mortgage process.
"Buying a home is likely the biggest purchase most people will make, and CCB is an excellent resource to help guide homebuyers through the process," said Mike Wimer, CCB president. "There are new mortgage rules and regulations in place. We know these rules and regulations and we are available to help potential homebuyers by providing accurate and relevant information. Like many community bankers across the country, we can help our neighbors in our local communities find a mortgage that fits their financial needs, budget and lifestyle."
The following are eight suggestions for prospective first-time homebuyers:
Know your monthly income and budget, including how much you spend on rent, utilities, entertainment, clothing, food and transportation.
Discuss your finances with your community bank before you begin looking for a home. It is important to stay within your means when purchasing a house.
Gather and organize paperwork and documents. Items you should have readily available include paycheck stubs, W2 forms, tax returns and bank and investment statements for the last two years.
Check your credit report so you are aware of what your credit history and current score is before applying for a loan. Credit reporting agencies must give you one free report annually.
Maxing out credit cards or falling behind on other loan payments could create issues when applying for a mortgage. Keep tabs on your spending habits before applying for a mortgage, and don't go on a spending spree afterward either.
Work with us - your community banker - to figure out how much you can borrow and which mortgage product is right for you. Your local community banker at CCB can explain available mortgage options - including rate adjustments, fees and other loan features - so you are prepared for the loan closing and not surprised down the road.
Learn what current mortgage rates are. We can help you understand how that translates into monthly mortgage payments.
Check with us for special first-time-homebuyer loan options.
"CCB's lenders work with both our customers (existing and future) and help give advice on finding mortgages that homebuyers can afford," said Wimer. "There are many steps to ensure the home-buying process goes smoothly, and we want to help with this. We can help homebuyers determine the most affordable mortgage options, and are available to provide additional financial guidance if needed."
CCB is an FDIC-insured, New York state-chartered independent, community bank. From Jan. 2, 1902, CCB has established an unprecedented record of fiscal integrity and sound financial growth, which now totals $190 million in assets. CCB maintains convenient ATMs and more information can be found on the web at www.ccblv.com. CCB is an equal housing lender. CCB's main office is located in Little Valley, with seven branch offices.
The Independent Community Bankers of America, the nation's voice for more than 6,500 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit www.icba.org.