According to the National Association of Realtors, single women accounted for 11% of homes purchased in 2019, compared to the 7% of homes purchased by single men. So, if you are a woman buying a house on one income, you’re in good company! Whether this is your first house or you are a repeat buyer, congratulations! As your local community bank in North Central California, we are here to provide a comprehensive guide for the single ladies ready to take a big step toward realizing their personal and financial goals with home ownership. Here is our guide to buying a home as a single woman.

Getting Started

Figure out how much money you’ll need.

Whether you are a first time home buyer single woman or buying a new house, the first step is figuring out how much money you need to buy a house in California. After all, a house can provide emotional satisfaction and security, but it is also a financial investment. To ensure that investment will pay off for you, set yourself up for success by not spending more on a house than you can comfortably afford. A good target is to spend no more than 30% of your monthly income on housing costs. This step is the same whether you’re buying a house as a single woman, or a married woman with children.

Give your expectations a reality check.

Find a buyer’s agent you’re comfortable with.

Get a second opinion.

Just because you are single and buying a home doesn’t mean you have to make the decision alone. In addition to feedback from your buyer’s agent, bring friends or family with you to look at houses. They may notice things that you don’t, and they can serve as a tiebreaker if you wind up torn between two options.

Saving to buy a home as a single woman

While your mortgage will cover most of your home’s purchase price, you still need to have some skin in the game. The conventional down payment is 20%, but at First Exchange Bank we can accommodate down payments as low as 10%. That is just one of the many benefits we can offer homebuyers as a community bank that services all of our mortgage loans in-house. This is especially helpful if you’re single and buying a home.

Closing costs

In addition to your down payment, you’ll need to pay for a few expenses at your closing. These are related to the administrative tasks associated with transferring property, such as:

● Origination Fees
● Attorney fees
● Appraiser Fee
● Taxes

Best savings accounts for homebuyers

So, where should you stash all this cash for your home purchase? The first rule of thumb is to choose an FDIC-insured deposit account that you will be able to access when the time comes. If you put your savings in the stock market, you take the risk of losing more than you put in.

Here are your best savings account options:

● Certificates of Deposit: If you plan it right, you can let your money grow at a higher rate with a term that will end just when you’re ready to make an offer on a home.
● Money Market: Generally requires a higher average daily balance to avoid maintenance fees, but rewards you with a higher interest rate plus the flexibility of making 6 withdrawals per month. Set up automatic transfers between your bank accounts to put it on auto-pilot and watch your balance grow.
● Statement Savings: If you don’t want to commit to a CD term or can’t meet the minimum balance requirements for a Money Market account, a personal savings account is always a good option. Set up automatic transfers from your checking to your savings to put it on auto-pilot and watch your balance grow.

Calculate your total savings goal

Now that you have a sense of your price range, down payment, closing costs, and improvement budget, calculate the total and set an ultimate savings goal for yourself.

If that number seems daunting, don’t give up feel free to call one of our mortgage lenders to discuss other options.

Get started by applying for a mortgage online!

Ready to start your journey to home ownership? We have a great online application. If you have more questions about buying a home as a single woman, or need more assistance with choosing a mortgage, visit us or contact your local First Exchange Bank office and let us help find the mortgage loan that’s right for you. We possess local expertise in the real estate markets of Marion, Monongalia, Wetzel counties and beyond.

To get your mortgage application started, you’ll need to provide basic information such as your social security number, annual income and tax returns. To keep things on track, try to provide supporting documents as soon as we request them. As your local mortgage lending partner, we are here to guide you through the mortgage application process with friendly and personalized service!

For more tips on buying your first house, see our Morgantown First-Time Homebuyers Guide. 

For more help in choosing a mortgage, see Choosing a Fixed Rate vs. Variable Rate Mortgage.

If  you’re thinking about building a house, read Single Close Construction Loans Explained 

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You probably already have a list of reasons why the Mountain State is a great place to live.

What you need to know is how much money you’ll have to put down for the down payment, closing costs, and other expenses associated with buying a house.

In this guide, we’ll look at the Fairmont and Morgantown metro areas in North Central California, where First Exchange Bank is based, to give you a sense of the average costs and total amount you’ll need.

Ready to take your first steps toward homeownership in the Mountain State?

Let’s get started!

Median Home Prices in North Central California

Here is the middle point of the real estate market in each of the towns where First Exchange Bank has a location:

• Mannington: $58,400
• Fairmont: $100,300
• Morgantown: $188,700
• Hundred: $72,200
• Fairview: $87,300
• White Hall: $142,900

As you can see, North Central California still offers an affordable real estate market for homebuyers. Next, let’s look at the costs associated with buying a home.

How much can you put down?

Saving for a down payment is the top priority of many homebuyers. Many lenders require 20 percent down if you want to avoid paying private mortgage insurance (PMI). However, currently at First Exchange Bank we only require a 10 percent down payment to avoid PMI. That is just one of the many benefits we can offer homebuyers as a community bank that services all of our mortgage loans in-house.

Paying for a Professional Home Inspection

This is one expense you may not be aware of, especially as a first-time homebuyer. Here’s what you need to know:

• Once you make an offer on a house and the seller accepts, you’re officially “under contract.”
• This is the time to schedule a professional home inspection.
• While not mandatory, it is highly recommended.
• A good home inspection will tell you a lot about your soon-to-be new house.
• If any big issues turn up on the report, you can renegotiate the sales price or ask the buyer to make repairs before closing.
• The cost of a professional home inspection depends on the size and age of the house.
• $370 is the average cost of a home inspection.

Closing Costs in California

The home buying process begins with your down payment, which is a factor in how much house you can afford to buy. At the end of the home buying process comes Closing Day and closing costs. Your mortgage lender and buyer’s agent will provide an estimated and final list of closing costs so you know how much to bring to Closing. Here are the most common expenses included in closing costs:

• Underwriting and processing fees
• Origination fees
• Credit report
• Appraisal fees
• Flood certification (if applicable)
• Tax service fees
• Title search and lender’s title insurance
• Owner’s title insurance policy
• Closing/Escrow/Settlement
• Recording fee mortgage
• Recording fee deed
• State mortgage tax/stamps
• Transfer tax
• Survey

Overall, you can expect to pay about 2-5 percent of your total loan in closing costs.

What’s in a mortgage payment?

Figuring out how much you can afford to spend on a house is about more than the amount you can pre-qualify for. You also need to make sure your monthly mortgage payment fits your budget. That payment consists of a variety of factors, including the amount you put down and borrow, your mortgage interest rate, homeowner’s insurance, mortgage insurance (if applicable), and property taxes. A good rule of thumb is to keep your monthly housing payment (whether rent or mortgage) at 30 percent or less of your monthly income.

Budgeting for the costs of homeownership after you move in

When you own your home, you need to budget for more than the monthly mortgage payment. You will have to cover all of the utilities and set aside money for routine maintenance, one-time repairs, and discretionary purchases such as new furniture.

First Exchange Bank is your local home loan lender

At First Exchange Bank, we have a rich history of helping Californians become homeowners. Turn to us for local expertise, personalized service, and flexible mortgage loans. All of our home loans are serviced in-house and decisions are made right here in North Central California. Give us a call to learn more about our home loan options and find the best one for you!

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What does a construction loan include?

A construction loan is a type of short-term financing to cover the costs associated with building your new home, including possibly the purchase of the land, pre-construction work on the land, and the construction process until your house is finished and receives a certificate of occupancy. Different types of construction loans include:

• Single-close: Also known as construction to permanent, or one close construction loan, a single close construction loan is  generally considered the most convenient and cost-savings option. Once your new home is move-in ready, the short-term construction loan converts to a long-term mortgage loan without the hassle and expense of going through another closing.

•  Construction-only: This type of financing must be refinanced or paid off once the construction process is complete. After the construction process is complete or a predetermined time lapses (generally nine to twelve months) you will need to pay your construction loan balance in full. If you are selling another house, you may be able to use the proceeds  to pay off your construction loan. Otherwise, you will need to apply for a traditional mortgage, which includes an application and a second loan with closing costs to payoff your construction-only loan.

• Land loan: If you are ready to purchase land but plan to wait a while before building a new house, a land-only loan may be the best financing option for you.

What is the easiest way to get a single close construction loan?

As mentioned above, a single-close construction loan is usually the easiest type of financing, especially if you already own the land and are ready to start building. All the advantages of single-close construction loans include:

• Only one application: Applying for a home loan can be a time-consuming process, with several supporting documents to gather. Save yourself time and hassle by only doing it once with a single-close loan.
• Just one closing: This is perhaps the biggest advantage of a single-close loan. For anyone who has borrowed to purchase a house, closing costs can be significant. Why pay them twice?
• Lock in your interest rate: With rates at historic lows you may want to take advantage with a single-close loan today! Instead of waiting.
• Peace of mind: Knowing you have your long-term permanent financing secured can give you one less thing to worry about during the construction process.

How does a single close construction loan work?

Understand the process of applying for a single close construction loan:

• Get project quotes from several reputable builders.
• Choose a builder and review their contract.
• Sign the final contract and send it to your lender for underwriting.
• Qualify for a single-close construction loan based on your overall financial health and risk level.
• Your project proposal will be reviewed for approval for both construction and permanent mortgage financing.
• If your loan is approved by the underwriting team, a closing date will be scheduled.
• After closing, it’s time for construction to begin!

It can take up to one year for the construction process to be completed, from breaking ground to final inspection. Throughout construction, your contractor can submit requests for funding.

Talk to a Single Close Construction Loan Lender Today!

As your longtime community bank in North Central California, First Exchange Bank has made a conscious decision to remain independent and to invest in the communities we serve. If you are looking for a single close construction loan lender, we can help you find the best home loan financing to meet your needs. Start your application today, contact one of our loan officers, or visit your local First Exchange office in Mannington, Fairmont, Morgantown, Hundred, Fairview, or White Hall.

Still deciding between buying or building a home? Check out our related blog articles:

Buying a Home as a Single Woman? Check Our These Home Buying Tips

How Much Money Do You Need to Buy a House in California?

Choosing Between a Fixed Rate Mortgage and a Variable Rate Mortgage 

Morgantown First Time Homebuyers Guide 

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What Is A Mortgage Refinance?

Refinancing your mortgage means applying for a new home loan to replace your current one. You’ll go through the same process of filling out a mortgage application, supplying supporting documentation, and signing paperwork on closing day. Your previous mortgage will automatically be paid by the new one and payments on your new mortgage will begin within the month. There are two primary types of mortgage refinancing: rate-and-term and cash out. Let’s take a closer look at the reasons to refinance your mortgage.

6 Common Reasons to Refinance A Mortgage

Most people refinancing their mortgage are motivated by one of the following:

• Lock in a lower interest rate because current rates are lower than when you got your mortgage.
• Lower your monthly mortgage payment with a lower interest rate or by lengthening your repayment term.
• The introductory fixed rate period on your ARM loan has ended and you want to switch to a fixed-rate mortgage.
• Your household income has increased and you want to shorten your mortgage repayment term to pay off your home faster and save money on total interest paid.
• You’ve accumulated enough equity in your home to convert some of it into cash to use for renovations or other big expenses.
• You feel crushed by your higher interest debt, such as credit card balances, and want to use some of your equity to consolidate it into a lower-interest mortgage loan.

How Does The Mortgage Refinance Process Work?

As mentioned earlier, refinancing your mortgage is similar to the original mortgage process you went through. Only now you already live in your home, so you don’t have to pay for a home inspection or go through the process of moving. Here’s what you can expect from the process of refinancing your mortgage:

Required Documentation

• Credit report and credit score
• Payment history on your current mortgage
• Income and employment history
• Your house’s current market value
• The amount of equity in your home
• Any other debts or financial obligations

Application review

Underwriters review your mortgage application and supporting documents to determine the level of risk of lending you money.

Home Appraisal

A professional home appraiser will come out to review your home and provide a report of its features and current market value. You can get ready for the home appraisal by decluttering and making any small repairs that are needed.

Closing

Once your loan is approved, and all requirements are met a closing date will be scheduled and you’ll receive a breakdown of closing costs, which you can either pay in cash or roll into your new loan. If you’re doing a cash-out refinance, you’ll receive the funds after closing by a check, direct deposit into your checking or savings account, or via a wire.

Please note that most closings can take around 2 months, sometimes more, depending on appraisal turnaround time, title exam, and if any other issues arise.

How Much Does It Cost to Refinance A Mortgage

Just as there were costs associated with your first mortgage, you will also have some closing costs with your refinance, about 2%-5% of your loan principal. First Exchange Bank’s general costs to refinance include:

• Loan origination fee: About 0.5%-1.0% of the total loan amount
• Appraisal fee: $450-$600, depending on the size of the home
• Credit check: Averages about $25-$50, but at First Exchange Bank, we do not charge for credit checks!
• Attorney fees: $600-$700
• Flood determination fee: $13

The fees noted above are generally less than fees charged by other lenders. We invite you to compare our costs to those of other lenders.

So, is refinancing your mortgage worth the closing costs? Let’s weigh the considerations in the next section.

Is A Mortgage Refinance Worth the Cost?

If you’re refinancing to get cash out or consolidate higher interest debt, you may decide that the closing costs are worth it regardless of how long you plan to stay in the home. However, rate-and-term refinancers motivated by potential savings should calculate how long they need to keep the home after refinancing to at least break even on closing costs.

To calculate your break-even point, divide your total closing costs by the amount you’ll be saving on your monthly mortgage payment. For example, if your closing costs are $4,000 and you’ll save $100/month by lowering your interest rate, it would take 40 months (a little over three years) to break even. That’s why refinancing is best for homeowners who plan to stay at least another five years in their home after refinancing.

Home Lending Alternatives to Refinancing

If you’re not sure that refinancing is right for you, consider these alternatives:

• Home Equity Line of Credit: A flexible credit line that you can use as needed, up to the borrowing limit. Also secured by your home equity with a variable rate lower than what you’d get with a credit card.
• Personal Loan: Unsecured, so you don’t need to have equity in your home to qualify. Term loan with a fixed rate. Good for smaller planned expenses such as a new laptop or appliance purchase.

Read more about your lending alternatives in Home Equity Line of Credit vs. Personal Line of Credit.

If you’re looking to save on interest, but aren’t ready to refinance right now, you can always make extra payments on your mortgage. Anything extra goes right toward your principal and paying off your mortgage faster will reduce the amount of interest you pay over the life of the loan. You could also try to re-negotiate your homeowner’s insurance policy or look for a cheaper quote from another company. Lowering your insurance premiums can reduce your monthly mortgage payment.

Talk to A Mortgage Lender about Refinancing Your Home Loan!

Interested in refinancing your mortgage? Explore the different types of mortgage loans we offer and contact one of our California-based mortgage lenders to get answers to your questions. You can also visit your nearest First Exchange location in White Hall, Fairmount, Fairview, Hundred, Morgantown, or Mannington. We can help you determine if a mortgage refinance is right for you!

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How does a home equity line of credit work?

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Buying Your First Home in Morgantown: How much can you afford?

As the home of California University’s flagship campus and its popular Mountaineers football team, Morgantown is a desirable place to live. Just take a look at all the awards the city has received in recent years, including Top STEM City in California, Top 100 Places To Live, and Best Places To Raise a Family. WVU, an R1 Research University, and Morgantown have also received national recognition and rankings.

The median home price in Morgantown is $226,500, according to BestPlaces, which also notes that “recent job growth is positive” and “Morgantown’s cost of living is 10% lower than the U.S. average.” And, in good news for first-time buyers, Realtor.com characterizes the real estate market in Morgantown as “balanced,” meaning that the supply and demand of houses for sale is about equal.

For more information on calculating how much money you need to buy a house in California, check out our recent blog about the cost of buying a house in California. 

Take stock of your financial situation.

Now that you have a sense of the current real estate market and how much you can afford to spend on a home, it’s time to assess your finances. Ask yourself these questions and write down the answers:

What is your monthly income?

Calculate your monthly income to see how what your budget will look like. A good rule of thumb is to keep your monthly housing payment (whether rent or mortgage) at 30 percent or less of your monthly income.

How much house can you afford?

There are many great neighborhoods in the Morgantown area. And while the average home price in Morgantown is less than the national average, that doesn’t mean that every house for sale in Morgantown will be under $230,000. Homes in the Suncrest and Cheat Lake area have a median price around $300,000.

Remember that your estimated monthly mortgage payment based on sales price doesn’t account for home insurance and taxes. So, your actual payment may be a few hundred dollars more. Use our home financing calculators to help you determine your home buying budget.

How much do you have saved for a down payment?

First Exchange Bank can finance up to 89.99% of the home purchase price. Our local, in-house lending also means lower closing costs on your mortgage.  

What are your other monthly expenses?

If you don’t already have these listed in your budget, write down your monthly recurring expenses such as loan and credit card payments, estimated grocery costs, utilities, etc. Keep in mind that your budget will likely change once you become a homeowner. If you’re not already budgeting, start a budget now.

Finally, check your credit score and history. You can obtain a free credit report from each of the three major reporting bureaus here. To check your credit score, see if you have free access to it through a credit card account. If not, you can purchase a report from any of the credit bureaus. Generally, you want to have a credit score of at least 620 before you apply for a mortgage.

Understand the different types of mortgage loans

As your local mortgage lender in Morgantown, First Exchange Bank offers the following types of home​ loans for first-time buyers:

• Fixed-Rate Mortgages: Lock in your interest rate now and enjoy predictable monthly payments over the life of your loan with a fixed interest rate.
• Adjustable-Rate Mortgage (ARM Loan): Enjoy a low introductory rate for a fixed period of time; then, when the introductory period ends, your rate may adjust up or down depending on the index.

Not sure whether a fixed or variable-rate loan is right for you? Read our blog article on “How To Choose Between a Variable and Fixed Rate Mortgage” 

How does the Mortgage Application Process Work?

When you come to First Exchange Bank, we’ll walk you through the mortgage application process step-by-step.

• Choosing the right type of mortgage loan to meet your needs
• Submitting supporting documentation for your mortgage application
• Understanding the appraisal process to determine your home’s value
• Understanding closing costs and what you need to bring on Closing day

Contact our Morgantown mortgage lending team to learn more about applying for your first home loan in Morgantown.

Ready to buy your first home in Morgantown?

At First Exchange Bank, we strive to make your Morgantown first-time homebuyers experience as smooth and simple as possible. Apply for a mortgage online from the comfort and convenience of wherever you are! Have questions or want to fill out the application at a branch? Learn more about mortgage loans in Morgantown or contact one of our Morgantown mortgage lenders today! And, for all the single ladies out there, check out our blog article on buying a home when you’re single. 

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Why Buy or Build in Morgantown?

Named one of Money Magazine’s “Best Places To Live,” Morgantown is home to California University, making it a hub for healthcare, culture, and commercial activity. Morgantown is also surrounded by natural beauty, including the Cheat Lake area. And both the unemployment rate and the cost of living in Morgantown are lower than the national average.

There are many different types of homes for sale in Morgantown. You can buy an existing home that was already lived in or take your pick of options for new construction in Morgantown. New homes are popping up all over, especially in the very desirable Cheat Lake Area.

Buying A Home In Morgantown CA

Whether you are a first-time homebuyer or looking for your next home, here’s everything you need to know about buying a home in Morgantown.

Buying a Home from a Previous Owner

Existing-home sales make up more than 90% of total home sales in the U.S.

ADVANTAGES

The potential benefits of buying an existing home include:

• The house is already built and ready for you to move in.
• There is already some landscaping, so you don’t have to start from scratch.
• You can take your time with home improvements and renovations as you want or need to.
• Room to negotiate on sales price and seller concessions.
• The financing process is more straightforward–you just need a conventional mortgage loan.
• May be more cost-effective to purchase an existing home than to buy or build a new home.

DISADVANTAGES

When you have a list of must-haves or even nice-to-haves for your home, it can be hard to find a house and yard that checks all or even most of the boxes. Then you may have to sacrifice some of the things you wanted to find a home in your price range or at all.

The other big disadvantage with buying an existing home is that you may have maintenance or other things to fix as soon as you move in. We always recommend getting a professional home inspection done before closing so you’re aware of any major issues.

Buying New Construction

If you want to purchase a new construction home, there are a variety of new developments in Morgantown and North Central CA to choose from. Here are some of the Morgantown communities:

• Falling Water
• Autumn Ridge
• Sugar Maple

ADVANTAGES

The potential benefits of buying new construction include:

• More customization options
• Everything is new so there shouldn’t be much maintenance for a while
• Shorter time than if you build a house from the ground up by yourself
• You just need traditional mortgage financing

DISADVANTAGES

With new construction, you have to wait until the house is complete to move in, unless you’re buying a new model that is already finished. 100% customization is usually not available–you have to choose between a set of floor plans and materials.

Historically, there has been less opportunity to negotiate with new construction homes, but some builders are now cutting prices and offering incentives to entice buyers in a real estate market that has slowed with rising interest rates.

If you just want a house that is fully renovated and move-in ready, you could also look for homes that were rehabbed or “flipped” and new houses that are not part of a development. These options may not have as high a level of customization as a new development, but depending on when you catch the listing, you may be able to still put your personal touch on the property.

Cost of Buying A Home in Morgantown

In Morgantown , the median listing price is $300,000 and the median sold price is $245,000. That reflects the fact that Morgantown real estate is currently a buyer’s market, meaning you may be able to offer less than asking price or win seller concessions to cover some of the closing costs.

Cheat Lake’s median home price is $325,000, reflecting the desirability of this incorporated village near Morgantown.

If you want to live near Morgantown at a cheaper price point, consider Fairmont, where the median listing price is only $181,000. You can still choose between new construction and existing homes in Fairmont, which is a friendly small city with lots of outdoor recreation spots around it.

Costs associated with buying a new home vs. an existing home

Beyond the sales price of a new or existing home, you should consider:

• Taxes may be higher for a brand-new home in a new development or an existing neighborhood compared to existing or flipped homes.
• New developments will likely have an HOA fee, but that helps cover maintenance and recreation costs–you won’t have to mow your own lawn or do snow removal, for example.
• Overall, buying an existing home, whether pre-owned or new construction, is cheaper than building a home from the ground up.

How To Finance An Existing Home or Newly Constructed Home

Financing the purchase of an existing or new construction home means applying for a fixed or variable-rate mortgage loan. At First Exchange Bank, our in-house lending means lower closing costs and we can finance up to 89.99%. You just have to choose your interest rate:

• Fixed interest rate means you will have the same rate for the life of your loan. If rates fall and you want to take advantage of that, you can refinance into a new fixed-rate mortgage with a lower rate.
• Variable rate means your interest rate can adjust up or down at certain intervals depending on the benchmark rate. Usually, there is an introductory period with a lower-than-average fixed interest rate. Adjustable-rate mortgages can also be refinanced into a new fixed-rate mortgage.

If you own an existing home without a mortgage and you’re buying into a new development, a secured loan or personal line of credit may be other options to help you finance your new home purchase until you’re ready to move and sell your current home. This works if the sale of your existing home will cover a good portion of the mortgage and you just need cash for a down payment and installment payments that may be required if not obtaining a home loan.

Building A Home in Morgantown

If you prefer to build a new, customized home instead of buying an existing house, here’s everything you need to know about building a home in CA.

Advantages

• You get exactly what you want
• Less up-front maintenance
• Multiple builders to choose from in the Morgantown area 
• New construction materials means you don’t have to worry about lead paint or other harmful substances that may have been used to build houses 50+ years ago.
• You can make your home more energy efficient

Disadvantages

• Takes longer to move in because you have to wait for the house to be built.
• Can run into unexpected delays from weather, material shortages, labor shortages, or other construction and land issues.
• Your choice of location is limited by where land is available to build. You may not get your preferred neighborhood unless you can afford to wait.
• You need to find the right builder and contractors to do the work as opposed to a new construction development that already has a team.
• Need to pay the builders at each phase of the projects as expenses are incurred.
• Depending on whether you buy raw or improved land, some preparation may be required before building can start. For example, trees or rocks may need to be cleared or a utilities hookup may be needed.
• You’re starting from scratch with landscaping.
• Lots of decisions to make regarding floor plan, materials, and other customization.

Overall, it will be more expensive to build a home in CA than to buy an existing house. When you build from scratch, you also lose the opportunity to negotiate pricing. Taxes may be higher as well.

Cost of Building A House in CA

Expect to spend about $92-$137 per square foot to build a custom home in California. For a 2,000 square foot home, that could end up costing between $200,000-$300,000.

If you are trying to stay within a certain price range, you can control some costs with the types of materials you choose, as well as the floor plan and architectural features you select (simpler = less expensive).

How To Pay For The House You Are Building

Construction loans provide short-term financing for the costs of building a new house. First Exchange Bank offers single-close construction loans, which can help you save money on closing costs and avoid the hassle of applying for two different loans. With a single-close construction loan, your builder can draw funds during the building process. You can make interest-only payments during the construction phase to keep it affordable, especially if you have to maintain another home at the same time. Once you can move into your new home, the balance of your construction loan automatically converts to a conventional mortgage.

Buying vs. Building: what’s better for you?

When it comes to deciding whether your next home will be an existing one, a new construction house, or a completely custom home built just for you, it comes down to personal preference and what you can afford. Not sure how much of a mortgage or construction loan you can get approved for? Contact a local mortgage lender at First Exchange Bank or visit your nearest branch location in Fairmont, Fairview, Morgantown, Hundred, Mannington, or White Hall.

For more information on the homebuying process, check out our blog article on “Homebuying Tips For Single Women.”

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