buying a home
You are buying a home. (Deep breath.) We’re ready to give you a hand with useful advice, calculators, and other links. So when you’re ready to get started, all you have to do is visit your local Norway branch and meet with one of our friendly experts, or apply for a mortgage online!
With the exception of Maine State Housing Loans, our loans are serviced right here at Norway Savings – that means we’ll do all the things we can, big and small, to make sure you’re a happy homebuyer.
check out our home buying tips
how much can you afford?
Factors such as your income, credit rating, monthly expenses, and other variables, all contribute to how much house you can afford. Take them into account to find your bottom line, and once you do — stick to it. To determine what your monthly payment might be, use our handy mortgage calculator.
Be sure to check Maine home-buying programs, too, if you need help with your down payment or closing costs.
line up a great mortgage
At Norway, we’re proud of our rates and service. But we’re even more proud of doing right by our customers. Our advice? It’s best to work with a lender you know and trust.
find a good real estate agent
Shop around and select a real estate agent you like and trust with a Graduate REALTORS® Institute accreditation and full-time commitment to the job. This is a big decision and you want to work with someone who has your best interests in mind.
make a wish list
What do you want in a home? Write it down—location, proximity to schools or public transportation, older or newer home, style of home, size of lot, number of bedrooms and bathrooms, or special features such as multiple heating sources or patio, etc.
Then download HUD’s home-shopping checklist, and take it with you to record details as you compare homes.
search high and low
Surprise yourself. Look at a variety of homes in a variety of areas. Take your time. Trust your gut feelings. Get to know neighborhoods, and talk with the neighbors. Resist pressure. Consider building a new home – there are several manufactured housing and stick-built sources nearby that will build your custom-built dream home. To save even more, remember to look at fixer-uppers (if you’re handy with tools or know someone who is) and mobile homes, too.
make an offer
Found a home you like that meets your needs and budget? Discuss the purchase offer and negotiation process with your real estate agent. Study the purchase contract before signing it—don’t hesitate to cross out things you don’t like or to show it to your attorney for advice.
get a home inspection
Make your purchase offer contingent on the results of a professional home inspection. This will help you avoid buying a house that needs major repairs. Download 10 questions to ask a home inspector. (Really, ask these questions.) Make sure they pay attention to the big stuff—structure, roof, foundation, HVAC system, wood rot. A bathroom fan is not a big deal.
sign and go
Get homeowner’s insurance (it’s required by lenders)… then you’re ready to “go to closing” and start enjoying your new home. Congratulations!