Your Guide to Homewnership.
It’s True. We’re here to help.
We know that buying a home can be one of the most exciting – and stressful – moments of your life. At TruStone Home Mortgage, we’ve got you covered. From helping you buy your first home to building and beyond, you can count on us for local, expert advice and a stress-free borrowing experience start to finish.
With TruStone Home Mortgage we guide you every step of the way and make the path to homeownership surprisingly simple. It’s true.
Mortgage 101
Everyone’s situation is unique. Work with your TruStone Mortgage Expert to determine which loan type is best for you.
Conventional Loan
This is the most common loan type and typically has the best interest rates. The minimum down payment on a conventional loan is 3%. This loan is not guaranteed or insured by the government, meaning that it is backed and serviced by private mortgage lenders such as banks, credit unions, and other financial institutions.
Veteran Affairs Loans (VA)
These loans are available to veterans, service members, and surviving spouses. They are also guaranteed by the US office of Veterans Affairs, offer lower interest rates, and little to no down payment.
Federal Housing Authority (FHA)
This loan type is designed to help first time home buyers but requires homes to meet inspection standards and for borrowers to meet credit score requirements. FHA Loans are guaranteed and insured by the government and are often more lenient than conventional loans.
For all loans, there will be an interest rate attached. There are two types.
Fixed Rate Interest rates do not change for the life of the loan.
Adjustable Rate Also known as Variable Rate. The interest rate adjusts over time and is based on market conditions.
Debt to Income Calculation
Salary/Wages
Social Security
Miltary Pay
Pension/Retirement Income
Bank and Investment
Interest
Alimony
Rental Income
Unemployment
Food Stamps
Royalties
Business Income
Other
Other
Recreational
Vehicle/Boat Payments
Bank /Credit Union /Loan Payments
Utilities
Internet /Cell Phone
Other Credit Loans or Accounts
Your Monthly Mortgage Payment
Principle: The amount you borrowed and have to pay back.
Interest: Cost of borrowing money as a percent of each payment.
Taxes: The property assessments collected by your local government.
Homeowners Insurance: The cost to insure your home, property and personal belongings.
Mortgage Insurance: Protects the lender if you fall behind on payments. Applicable if there is less than a 20% down payment.
Home Owners Association Dues: Applicable depending on property type.
New Home Wishlist
Use this checklist to help determine what elements are most important to you as you embark on your homebuying journey.
Home Type
Must Haves
# of Bedrooms
# of Bathrooms Other Location
School District
Property Taxes
HOA Fees
Local Crime Rates
Transportation
Busy Street
Exterior Features
Yard
Garage (Attached or Detached)
# of Garage Stalls
Hot Tub, Spa, Swimming Pool
Outdoor Sports Area
Siding (Vinyl, Wood, Stucco or Stone)
Interior Features
Family Room
Formal Dining Room
Mudroom
Office
Furnished Basement
Bonus Room/Storage Room
