Banks and credit unions in the area are seeing an uptick in spoofed calls pretending to be financial institutions. If you think you may be a victim, please hang up and call your financial institution back directly.
First-Time Homebuyer
Buying a home can feel overwhelming. That’s why choosing Park Bank as a guide for your first home loan has so much value.
As a first-time homebuyer, why should you choose Park Bank?
Our team has helped countless individuals purchase their first or subsequent homes. We believe that the advantages for first-time homebuyers are currently more significant than ever before. Low-rate benefits and down payment assistance programs may be available to first-time homebuyers, making it simpler and more economical to realize your dream of homeownership. However, navigating the housing market requires a customized loan strategy like those provided by our experienced mortgage advisors.
Our Current Rates and Terms*
How can our first-time homebuyer’s program help you?
Buying your first home is exciting but can quickly become overwhelming. Our resources help first-time homebuyers realize their dreams from the first questions about home buying basics to a successful home shopping experience all the way to that day you close and collect the keys to your new home.
How can our first-time homebuyer’s program help you?
Buying your first home is exciting but can quickly become overwhelming. Our resources help first-time homebuyers realize their dreams from the first questions about home buying basics to a successful home shopping experience all the way to that day you close and collect the keys to your new home.
First-Time Homebuyer FAQs
A: A pre-approval is a request for a loan to buy or build a home that is a comprehensive, underwritten review of the creditworthiness (income, assets, debts, and credit) of your application. Based on this information, Park Bank issues a written commitment to you that is valid for a designated period of time.
A: Affording a down payment can be challenging for first-time homebuyers. The amount you need for a down payment on a house can vary depending on several factors, such as the price of the house, the type of mortgage you are seeking, and your credit score.
A: Any time you have less than a 20% down payment, you will pay what’s called Mortgage Insurance. This is separate from your house/fire/flood insurance, and it’s a premium you pay for providing a smaller down payment. Mortgage Insurance, (MI), or PMI (private mortgage insurance), is tiered based on down payment percentage and the borrower’s credit score.
A: Shopping for rates can be a challenging aspect for borrowers to comprehend. Your loan and credit profile can affect the rate you may qualify for. To ensure you get the best rate possible, our mortgage advisors recommend the following approach:
*Rates and fees are subject to change without notice. Loans are subject to credit approval and property. First-time homebuyers are defined as not having had ownership in the previous three years. Income limits may apply.
Loan terms and conditions may vary based on the loan product and program. Adequate property insurance is required. If collateral is in a Special Flood Hazard Area, adequate flood insurance is required.
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