This article is sponsored content produced by JPMorgan Chase & Co. and presented by Montana Free Press.
Homeownership remains a key investment for numerous Americans. Montana, experiencing rapid growth, shows a 3.2% rise in home prices from last year, as noted by Zillow. Yet, hurdles like understanding the homebuying process and gathering funds for a down payment persist. Exploring financial resources and options is crucial to overcoming these barriers.
Kevin Christopher, Divisional Director for Chase Home Lending’s Central Division, highlights five critical aspects when buying a home in Montana:
Prepare and prioritize financial readiness over rates.
The ideal time to purchase a home is when you’re financially prepared. Focus less on economic fluctuations and more on your financial status, including debt, credit score, and savings.
Explore down payment options.
Your initial home investment reduces your loan amount. It’s a misconception that 20% is necessary; options are available for as low as 3%. If less than 20% is paid, private mortgage insurance may apply. Consult a Home Lending Advisor to see what suits you.
Compare loan types.
Choosing the right home loan is essential. Common options include:
- Conventional loans require higher credit scores and are provided by private lenders.
- FHA loans offer lower down payments and cater to those with lower credit scores. These loans come with mandatory mortgage insurance.
- VA loans are available for service members, veterans, and surviving spouses, often with no down payment needed. Chase VA Loan users get a $2000 closing cost benefit.
- Banks may offer other loans, like Chase’s DreaMaker, with flexible credit terms and a 3% down payment.
Utilize financial tools.
Explore resources to aid your home purchase. Chase offers a homebuyer grant of up to $5,000 in eligible Montana areas, supporting low- to moderate-income communities. The grant can stack with other programs to lower interest rates or reduce costs. Check eligibility and discover tools like the Homebuyer Assistance Finder on Chase MyHome.
Chase also provides a Closing Guarantee assuring an on-time closing within three weeks for eligible customers, otherwise offering $5,000.
Get educated.
While buying a home is significant, maintaining it is equally vital. Educate yourself on homebuying and ownership through resources like Chase’s Beginner to Buyer podcast and Homebuyer Education Center.
Homeownership is not just about having a place to live; it’s a strong pathway to personal and generational wealth.
For informational purposes only: Strategies may not suit everyone and aren’t specific advice. Information is deemed reliable, but JPMorgan Chase & Co. doesn’t guarantee its accuracy. They aren’t responsible for third-party content.
Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC. Equal Opportunity Lender.
© 2024 JPMorgan Chase & Co.
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