For most people, the start of the year is a time of New Year’s resolutions and reflecting on what the future holds. Many individuals also take this opportunity to begin planning out the year’s significant events. For those interested in purchasing a house, January 21 – which is “Own Your Own Home Day” – is an excellent opportunity to begin the planning process.
Own Your Own Home Day celebrates home ownership and offers those who are interested a chance to learn more about purchasing a home. Purdue Federal offers a variety of loans and other products to assist the Region’s aspiring homeowners along their home-buying journey.
Kristine Clark, mortgage loan specialist at Purdue Federal, says that January is an optimal time to begin the home-purchase process for several reasons.
“This is the best time of year to start preparing to buy a home,” Clark said. “Starting the process at the beginning of the year gives aspiring homebuyers enough time to interview mortgage lenders and real estate agents before the spring buying season, which is quickly approaching. It’s also an ideal time to begin the house-searching process because credit report issues can be discovered and resolved early on. I want people to know they can reach out to me and my colleagues at Purdue Federal to get a plan together and ask any questions they might have. We are here to support home ownership among our members, whatever their financial needs or stage in life.”
Clark says that the more perspectives aspiring homebuyers take into consideration, the better. She recommends consulting multiple sources to help people learn what they should be paying attention to during the home purchase process. Purdue Federal and all of their mortgage lenders are happy to help answer questions.
According to Clark, many aspiring homebuyers are under the impression that one must make a 20% down payment on a house. In fact, one can put down as little as 5% or, if their situation allows, even 3%. Clark says that there is another aspect of home buying that people are unclear on.
“People are often confused by the difference between an appraisal and a home inspection,” Clark said. “The mortgage lender orders an appraisal to determine if the house’s quality and condition justifies its price tag. While an appraisal might catch some glaring issues, a home inspection is much more in-depth. The home inspector will go through the house’s nooks and crannies and can tell homebuyers when certain features and appliances might need to be replaced. They can also show the homebuyer where things like the main water shut-off valve is located. That information will be useful in the event of emergencies like a kitchen faucet malfunction. Home inspections are optional, but they can greatly benefit both first-time and experienced homebuyers.”
Clark encourages homeowners to learn about the different ways they can benefit from the valuable investment that is their house.
“Homeowners should be proud of the investment they’ve made and take full advantage of it,” Clark said. “The values of local homes have increased significantly within the past few years. Purdue Federal offers home equity lines of credit, so we can help homeowners tap into their home equity if they want to do some home improvements or pay for their kids’ college. They don’t have to wait until they sell their house to benefit from its value. Whether our members are looking to secure a fixed home equity loan or even refinance their home, Purdue Federal is here to help and support them.”
Clark stresses that Purdue Federal’s commitment to quality service enables it to offer its members– homeowners and non-homeowners alike – with effective support.
“When I first started working at Purdue Federal, I was truly blown away by everything about it,” Clark said. “The organization’s team, processes, and spirit all just felt right. They take full ownership of everything they do. Purdue Federal is the leading lender in Tippecanoe County and it has earned an incredible reputation for excellent member service there. It’s brought that first-class service to Northwest Indiana, and I couldn't be more thrilled to be a part of that.”
For more information about products and services offered by Purdue Federal, please visit purduefed.com.
