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Home Ownership in the Digital Age

Technology is a powerful tool.  It can save time (via mobile payments) and money (comparison shopping has never been easier), and now it’s becoming a routine source of information, in the purchase or sale of a home.

 There’s certainly a wealth of information about the home-buying process to be found online. The Consumer Financial Protection Bureau and the Federal Deposit Insurance Corp. both have resources to help demystify the homebuying process. But having a working knowledge of the process, and available programs to assist first-time homebuyers, is a far cry from determining the right loan to meet a consumer’s unique financial needs and budget considerations.

 The personal finance website NerdWallet  found most consumers under 36 would prefer owning to renting, but postponed the purchase of a home because of real or perceived difficulties in affording it. That’s where a community bank like PriorityOne Bank comes in. Our expert lending staff can explain not only what you can afford and what to expect during the process, but other factors worth considering when determining the right time to buy a home.

 For those who are ready, there are several options to consider in addition to conventional loans, including mortgages insured by the Federal Housing Administration. FHA loans represent 21 percent of the overall mortgage loan market, with millennial homebuyers comprising 35 percent of its customers. This might be because FHA loans only require a 3.5 percent down payment and typically have higher loan-to-value ratios and lower credit score requirements than conventional loans, though buyers eventually have to refinance their loans if they want to avoid paying private mortgage insurance for the life of the loan.

In addition to offering in-house financing, PriorityOne Bank also has its own Mortgage Department. PriorityOne Mortgage is a division of PriorityOne Bank that was founded in 1999 when Sam Whitehead’s company The Mortgage Center was acquired by PriorityOne Bank. Today, PriorityOne Mortgage provides personalized, "made-from-scratch" style mortgage services throughout the state of Mississippi. 

If you’re not ready to purchase a home, PriorityOne can highlight resources to help you create a budget and set financial targets, so you’ll be well-informed and ready to take the plunge when the time is right. During National Homeownership Month, PriorityOne Bank wants to remind you that we’re here to serve as a resource for home buyers.

 For the individuals who are already home owners but are looking to make some improvements to their home without breaking the budget, PriorityOne also offers Home Equity Lines of Credit. Use the existing equity in your house to pay down high interest debt, remodel, or finally put in that swimming pool you’ve been dreaming of! Call on of our experienced local lenders today and have your home improvement project started just in time for fun in the sun and a 4th of July barbecue!