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Bank of Cleveland offers advice on ownership

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There are many paths to owning a home, and Bank of Cleveland is ready to help its clients navigate the inside and outside of the home loan process safely.

It is important that people choose the housing option that best suits their current lifestyle and financial situation. For many consumers, buying a home is the biggest purchase they can ever make. Homebuyers should spend time talking to their banker so that they can find a mortgage suitable for their financial situation.

Start with an assessment of your financial health. Find out how much money you have for a down payment. Advances are typically 0 to 20 percent of the house price. Make sure you save enough for an emergency fund. It is a good idea to have three to six months of living expenses to cover unexpected costs.

Take into account all your current and anticipated financial obligations such as car payment and insurance, credit card debt and student loans. Make sure you can make all payments in addition to the cost of your new home.

Your credit score is important. A high credit score indicates strong creditworthiness. Homebuyers can expect to have their credit history reviewed. A low credit score can prevent you from qualifying for the home you want or a low interest rate on your mortgage loan. If your credit score is low, Bank of Cleveland can help you develop a plan to take steps to increase your score.

A budget is always a good idea. Find the average cost of utilities in your area, the gas, electricity, water and cable factor. Find out if you will have to pay for parking or waste collection. If you plan to buy a house, take into account property taxes, mortgage insurance and possibly an owner’s membership fee.

Generally, the more time you plan to live in a place, the more sense it makes to shop. Over time, you can build equity in your home.

Don’t let the process overwhelm you. While the mortgage industry sometimes has its own jargon, Bank of Cleveland mortgage lenders are experts in the home loan field and can guide you through the process, making it as simple and smooth as possible.

The Bank of Cleveland Home Loan Center is located on 93 North Ocoee Street and has 10,000 square feet dedicated to helping people who work hard in the community purchase their dream home.

Whether you are a first-time buyer or an experienced and well-paid debtor, Bank of Cleveland can guide you on the road to getting a home loan.

To apply for a home loan online, visit www.bankofcleveland.com or call one of the Bank of Cleveland home loan experts, Tammy Self, Traci Hamilton, Joe Collins or Breanna Isham.

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