Technology is a powerful tool.  It can save time (via mobile payments) and money (comparison shopping has never been easier), and now it’s becoming a routine source of information in the purchase or sale of a home. 

More than 50 percent of buyers from all generations frequently used the Internet to search for their home, but that figure jumps to 99 percent for buyers 37 years and younger, according to the National Association of Realtors’ 2018 Home Buyer and Seller Generation Trends report. That’s worth noting because millennials (age 18 to 37) represent the largest share of homebuyers (34 percent), and two-thirds are first-time homebuyers. 

The personal finance website NerdWallet  found most consumers under 36 would prefer owning to renting, but postponed the purchase of a home because of real or perceived difficulties in affording it. That’s where a community bank like First Community Bank and Trust comes in. Our expert lending staff can explain not only what you can afford and what to expect during the process, but other factors worth considering when determining the right time to buy a home.

For those who are ready, there are several options to consider in addition to conventional loans, including mortgages insured by the Federal Housing Administration. FHA loans represent 21 percent of the overall mortgage loan market, with millennial homebuyers comprising 35 percent of its customers. This might be because FHA loans only require a 3.5 percent down payment and typically have higher loan-to-value ratios and lower credit score requirements than conventional loans, though buyers eventually have to refinance their loans if they want to avoid paying private mortgage insurance for the life of the loan.

In addition to available federal homeownership and home-buying assistance programs, there are numerous programs sponsored by state and local governments as well as other organizations that our lenders can recommend during our one-on-one to make homeownership more affordable. 

Not only does First Community Bank and Trust make home-buying easier by offering professional assistance and a variety of loan options, but we also offer a quick and easy mobile mortgage application that you can complete right from your smart phone. Cutting-edge, user-friendly products like  First eMortgage Mobile are bringing the mortgage loan application process into the digital age. 

If you’re not ready to purchase a home, First Community Bank and Trust can highlight resources to help you create a budget and set financial targets so you’ll be well-informed and ready to take the plunge when the time is right. 

This spring, First Community bank and Trust wants to remind you that we’re here to serve as a resource for home buyers. 

If you’re ready to start the process or even if you just want to get some questions answered, call Nicole Squier at (708) 946-2246.

Member FDIC • An Equal Housing Lender

*All offers of credit are subject to credit approval.

About First Community Bank and Trust

First Community Bank and Trust is a privately-owned bank. Established in 1916 First Community Bank and Trust has been serving Beecher, IL, Peotone, IL and the surrounding communities for over 100 years. Our commitment to providing the best banking products and services is matched only by our outstanding customer service. We offer traditional community banking services, including mortgage, consumer, and commercial lending, as well as state of the art electronic banking services.