Buying a Home
If you're like most people, buying a home is the single largest purchase — and financial commitment — you'll ever make.
But Norway Savings can help -- with useful advice, calculators, and other links right here on our website. Then when you're ready to get started, visit your local Norway branch and meet with one of our friendly experts...or apply for a mortgage online! With all of our loans serviced right here at Norway Savings, we'll do everything we can to make sure you're a happy home buyer!
First, figure out how much you can afford.
Depending on your income, credit rating, monthly expenses, and other variables, you can find out how much you can afford. Take these factors into account to find your bottom line — and stick to it. To determine what your monthly payment might be, use our handy mortgage calculator.
Be sure to check Maine home-buying programs, too, if you need help with your down payment or closing costs..
Line up a great mortgage
At Norway, we're proud of our rates and service. But we're even more proud of doing right by our customers. So our advice? Check around before taking out a mortgage. Do your homework -- compare costs and interest rates, and get the best deal from a lender you trust.
Get a good real estate agent
Shop around -- and select a real estate agent you like and trust, with at least two years of experience, Graduate REALTORS® Institute accreditation, and full-time commitment to the job. For a list of trusted realtors and other home-buying resources with which Norway Savings has experience, click The Real Estate Connection.
Make a wish list
What do you want in a home? Write it down -- location, proximity to schools or public transportation, older or newer home, style of home, size of lot, number of bedrooms and bathrooms, special features such as air-conditioning or patio, etc.
Then download HUD's home-shopping checklist, and take it with you to record details as you compare homes.
Search high and low
Surprise yourself. Look at a variety of homes in a variety of areas. Take your time. Trust your gut feelings. Get to know neighborhoods, and talk with the neighbors. Resist pressure. Consider building a new home. To save even more, remember to look at fixer-uppers (if you're handy with tools), manufactured homes, and mobile homes.
Make an offer
Found a home you like that meets your needs and budget? Discuss the purchase offer and negotiation process with your real estate agent. Study the purchase contract before signing it -- don't hesitate to cross out things you don't like or to show it to your attorney for advice.
Get a home inspection
Make your purchase offer contingent on the results of a professional home inspection. This will help you avoid buying a house that needs major repairs. Download 10 questions to ask a home inspector.
Sign -- and go!
Get homeowner's insurance (it's required by lenders). Remember to shop around for the best rates. Then you're ready to "go to closing" -- and start enjoying your new home. Congratulations!