Kentucky First Time Home Buyer Questions and Answers
Frequently Asked Questions for Kentucky Homebuyers
Home Loans – General Information
What should I consider when deciding to buy a home?
This decision is based on your financial situation and lifestyle choices. From a lifestyle standpoint, consider whether or not you want to commit to living at the same address for several years. Compare the cost of renting to the after-tax cost of owning to determine whether it makes financial sense for you to buy. Use our Should I Rent or Buy? calculator for a quick comparison of scenarios, including possible rent increases and potential price appreciation of a home. These may help your decision-making.
Is there a way to determine how much house I can afford?
You can use the Affordability Calculator to get a quick estimate of how much you can spend for a house. Use your estimated down payment and monthly mortgage payment to get a ‘ballpark’ idea of how much you can borrow. Results from our Monthly Payment Calculator are based on your loan’s terms, property taxes, and insurance premiums.
Do I have to wait until I’ve found a property to apply for a loan?
No! We not only support the idea, but strongly encourage it. By getting approved now, you will know exactly what you qualify for before you begin shopping. Realtors and sellers will know you are a serious buyer because your financing is already arranged. This may be an advantage when making an offer. We take into account your current inco