First Federal Bank Blog

Before making the decision to buy a home, it's important to plan for all the costs you’ll be responsible for. While you're busy saving for the down payment, don't forget you’ll want to prep for closing costs too.

Here’s some helpful information on what those costs are and how much you should budget for them.

If you want to buy a home, you should know your credit score is a critical piece of the puzzle when it comes to qualifying for a mortgage. Lenders review your credit to see if you typically make payments on time, pay back debts, and more. Your credit score can also help determine your mortgage rate. An article from US Bank explains:

Buyingyour first home is a big, exciting step and a major milestone that has the power to improve your life. As a first-time homebuyer, it's adreamyou can make come true, but there are some hurdles you'll need to overcome in today’s housing market – specifically the limited supply ofhomes for saleand ongoingaffordabilitychallenges.

The Down Payment Assistance is a second mortgage subsidy to assist borrowers who may be struggling with down payment obligations. The subsidy offers up to $7,500 to cover 100% of down payment and closing costs. Furthermore, eligible active duty and retired military personnel, reserves, law enforcement officers, corrections officers, and educators...

When it comes to saving money, improving your home’s energy efficiency can be a great way to rack up savings with minimal effort and plenty of benefits. Many energy-saving tips also cut your carbon footprint while also improving the comfort and value of your home. Here’s a look at a few strategies to help you save:Heat pumpsWhen you’re dealing...

As the tax season approaches, many Americans eagerly anticipate receiving their tax refunds. For homeowners, a tax refund can be an excellent opportunity to put the money to good use, particularly in relation to their mortgage. Here are some smart ways to make the most of your tax refund if you have a mortgage:

With the arrival of a year-end bonus or tax refund, many people are faced with the question of what to do with this sudden influx of money. Do they save it, invest it, pay off debt, or treat themselves to something special? In order to make the most of this windfall, it's important to approach it with a strategic mindset.The first option is to use...

While the prospect of finding a new home may be exhilarating, the mortgage process can prove to be a daunting task for many individuals. However, equipping yourself with the necessary knowledge of the required steps can greatly facilitate the process. After receiving an accepted offer on your desired property, it is vital to be aware of the...

Few decisions are as significant as buying a home. It’s a milestone that many aspire to achieve, but the path to homeownership can be paved with financial challenges, particularly for those still grappling with student loans. Here are the factors you should consider when deciding to buy a home while managing student debt:Pros of buying a home...

If buying or selling a home is your goal for 2024, it’s important to understand today’s housing market, know your why, and work with a First Federal Bank Loan Officer to bring your homeownership vision for the new year into focus.