Home Sweet Home


Dupaco R.W. Hoefer Foundation first-time homebuyer grant program

Home Sweet Home

Buying a house is exciting, expensive, and exhausting. This will likely be the most money you'll ever spend in a single transaction. So how do you know when you're ready to buy? Turn to Dupaco: the financial home you own.

Let us help you assess your readiness for home ownership – are you six months or two years away from buying a home. Our Mortgage Makeover will help you prepare financially for home ownership and provide you the guidelines to secure the best financing to buy your first home.

Where do you stand in the home buying process?

Step 1: Review your finances  

  • Begin by determining how much you can afford.
  • Strengthen your credit.  
  • Analyze your current expenses and budget.
  • Do you have savings available for a down payment? Saving for a down payment

On average the home buying process takes 45 days.

When you're considering buying a home, the amount of your down payment plays an important role. 

A down payment is a percentage of your home's purchase price that you pay up front when you close your home loan. Not only will it affect how much you'll need to borrow, it can also influence whether your lender will require you to pay for private mortgage insurance (PMI). This typically happens if you put down less than 20% of the home's purchase price. Also, because your down payment represents your investment in the home, your lender will often offer you a lower rate if you can make a higher down payment.

How much of a down payment do you need?

That depends on the purchase price of your home and your loan program. Different loan programs require different percentages, usually ranging from 3% to 20%. Most people finance the majority of their home with a mortgage. Knowing how much you should save for a down payment can be challenging, but there can be several benefits to waiting until you have 20% or more including reduced mortgage payments, lower interest rate, and no mortgage insurance fees (PMI).

Step 2: Get pre-approved 
Pre-approval for a loan lets you know how much you can borrow based on your income and existing debt. It also lets sellers know you are a serious buyer and you can comfortably make an offer knowing you won't have to rush to secure financing.
Step 3: Shop for your home
Almost 80% of all home searches today begin on the Internet, but you should also find a good real estate agent to represent you in the search and negotiation process.
Step 4: Submit an offer

Most importantly: Make sure you have locked down your financing before you submit an offer. Then, look at comparable property when you make your bid. What did other homes in the neighborhood start off as ("asking price"), and what did they sell at? Also add how much you can expect to pay in closing costs.

During the home buying process do not open any new lines of credit without consulting with your mortgage lender

Step 5: Home inspections

Make sure final acceptance is predicated on suitable home and radon inspections.

Step 6: Mortgage commitment

The loan commitment shows that the lender agrees to provide a loan to you, provided certain conditions are met.

Step 7: Final walk through
Verify that all items you have contracted to buy are there, and items you have not contracted to buy have been removed and that the house has not been damaged in the process.

Step 8: Closing

Welcome home! Check out our guide to make moving easier! READ MORE

Ready to apply for your mortgage loan?

Completing our online application takes about 20 minutes, or, you can save and return to the application later.

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How Much House Can You Afford?   Homebuyer do's and dont's    
What's an Escrow Account?    Homebuyer budget worksheet    
Saving Program Helps Couple Attain a Home         
Is it time to refinance your mortgage?         
Keep homeownership costs in check by avoiding PMI