Here to Guide You Home
Your first home purchase should feel exciting—not overwhelming. We take the time to walk through each step, answer your questions, and give you the tools to make informed decisions.
What Civista Does for You:
- Helps you explore low- and no-down payment loan programs
- Connects you with down payment assistance options that may reduce upfront costs
- Provides clear explanations of fixed vs. adjustable rates, escrow, and closing costs
- Keeps you updated every step of the way so there are no surprises
Get Your First-Time Homebuyer’s Guide
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Frequently Asked Questions
What’s the difference between a fixed rate and adjustable rate mortgage?
Fixed Rate Loans offer the stability of a fixed payment amount throughout the term of the loan. Fixed rates may be right for you if you plan to be in this home for a longer period of time or want to know the payment through the life of the loan.
Adjustable Rate Mortgages (ARMs) can change the interest rate of the loan up or down with market rates. The timing of the adjustment period is established at the time of the loan. Caps are placed on adjustments to protect borrowers from extreme changes. An ARM may be right for you if you are looking for a lower payment initially or plan to stay in the home for a shorter period of time.
How much will I need for a down payment?
The amount of money you’ll need to put down depends on the price of the home and mortgage program you choose. Some loan programs allow little to no down payment, however, other restrictions may apply or mortgage insurance may be required that will add to your monthly payment amount.
What is mortgage insurance?
Mortgage insurance helps homebuyers pay less for their down payment while protecting lenders from loss if a homeowner can’t repay the loan. With conventional mortgages this is called Private Mortgage Insurance or PMI and traditionally is required for loans with less than 20% down.
What are closing costs?
Closing costs are costs incurred with purchasing a home and are paid at the closing of the real estate transactions. These costs include items like loan origination fees to the bank, appraisal fees for assessing the value of the home, title policies and recording fees. Your lender will itemize and review closing costs with you so you know what to expect.
The bank will consider your income, how much debt you have, any assets you already own and your credit history when determining the amount you can afford. Contact our lending team for a free preapproval to know what price range you should consider when shopping for a home.
