Buying Your First Home?
Our licensed loan originators are here to listen, learn about your specific situation, and guide you through the home-buying process from start to finish, with as little stress as possible.
Buying your first home is an exciting endeavor, but the process of looking for the right house and applying for a mortgage loan can be intimidating — there are so many factors to consider! At River City, we want your first home purchase to be a great experience, so we are here to help in any way possible. We’ll answer all types of questions, big or small, while helping you navigate the process seamlessly.
How much can I afford to borrow?
Your income, credit history, employment history, and the size of your down payment are all factors that can affect the amount you can borrow for your new home loan.
Borrowers often have the ability to borrow a lot more than they are actually comfortable with borrowing. With our pre-approval, your River City loan originator can help you figure out the most you can get as well as what’s within your comfort range.
What will I need to pay upfront?
River City does not charge application fees. The only loan-related charge you pay up front is the cost of an appraisal. This usually ranges from $300 to $500.
What will my down payment and closing costs be?
The minimum down payment can vary depending on the type of loan program.
Down Payment Minimum Requirements:
- VA 0%
- FHA 3.5%
- USDA 0%
- Conventional 3%
Final closing costs typically range depending on your state, purchase price, and loan program. These can range from 1 to 4 percent of the loan amount. Sometimes the seller will even pay these costs for you. Closing costs can include:
- Discount points, if applicable
- Attorney’s fees
- Inspections and surveys
- Title insurance and title search
- Recording cost and transfer tax
What goes into my monthly payment?
The typical monthly mortgage payment will include your principal and interest payment, property taxes, homeowner insurance, and mortgage insurance (if applicable).
All of these items will be factored into your pre-approval.