Buy a Home
Whether you are a first-time buyer or are looking to upgrade or downsize, the decision to buy a home is an important one. How much can you afford? Are you better off renting? What are today's mortgage rates? Amboy Bank can help you answer these questions and more. And if you do decide to buy that home, our home loan experts can guide you every step of the way.
Have Questions? Amboy Can Help!
Whether you buy a home or rent one depends on a number of factors. You should consider: how long you intend to stay in the home, the difference in rent versus a mortgage payment, expected home value appreciation versus expected rent increases, and the potential for tax deductions.
Amboy Bank can help you work through the numbers and find a mortgage for you! You can explore various scenarios by using our calculator. Or, explore our mortgage options or get the process started right away!
Your ability to obtain a loan for a new home purchase is based on a number of factors. Lenders typically make lending decisions based on three key ratios: (1) Loan-to-value ratio (LTV), which represents the ratio of the loan amount to the value of the home. Lenders ideally want to see an 80% LTV, meaning a 20% down payment is preferred, though Amboy has a Helping Hand program to assist buyers who have a lower down payment; (2) Housing Ratio, which represents the percentage of your total income that goes towards housing expenses; and (3) Debt-to-Income Ratio, which represents your total debt payments, plus housing expenses as a percentage of your total income.
Amboy Bank can help you work through the numbers and find a mortgage for you! You can explore various scenarios by using our calculator. Or, explore our mortgage options or get the process started right away!
Amboy Bank’s ½ Pay Mortgage® allows you to pay your mortgage biweekly, which shaves off years of payments, allowing you to build equity faster and save thousands in interest. With a conventional mortgage, you make one payment every month. But with our 1/2 Pay Mortgage®, you make one half of that payment every two weeks. That’s the equivalent of one extra payment every year, and the savings add up!
Use our calculator below to estimate how much you can save over the life of your loan. Then explore our 1/2 Pay Mortgage® mortgage options or get the process started right away!
Your ability to qualify for a mortgage depends on the cost of the home you want to purchase, and your household’s perceived ability to make timely mortgage payments. Amboy looks at a variety of factors when reviewing a loan request, and we don’t only judge you based on your credit score.
It’s a good idea to prequalify yourself for a mortgage, so you have an idea of the type of home you can look for. You can prequalify online or over the phone by calling 800-942-6269. We’ll also answer any other questions you have about the home buying process!
Explore Amboy Solutions
We offer a number of home loan solutions to help make your dream home a reality. Take a look at some of our unique advantages and most popular loans below.
Because we don't sell our loans, we can provide the following unique benefits.
- Modify your rate at any time with just a phone call. No need for costly and time consuming refinancing if rates go down.
- We service your loan for the life of the loan, so you'll always know where to find us if you need to speak to someone.
- Always speak to a non-commissioned, local home loans expert.
Our tailored home loan options are designed to fit your lifestyle and goals. Your perfect home starts with a loan that's perfectly matched to you. We offer:
- Home loans to help you build equity
- Home loans to help you save money on interest
- Home loans exclusively for first-time homebuyers