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Homeownership has long been a reliable and valuable investment for many Americans. Montana has been experiencing significant growth, with home prices up 3.2% compared to last year, according to. However, a lack of understanding about the homebuying process and coming up with the upfront cash needed for a down payment and closing costs are among the barriers many Americans still face on their journey to homeownership. That’s why it’s important to consider your options and seek out resources to help navigate the homebuying process. 

Here, Kevin Christopher, Divisional Director for Chase Home Lending’s Central Division, shares five important things to consider before purchasing a home in Montana:

Come prepared and don’t stress about rates.

The best time to buy a home is when you’re financially ready. Worry less about the current economic environment and more about your own preparedness for homeownership, including fully knowing and understanding your financial situation, debt level, credit score, savings and investment positions. 

Understand your down payment options.

A down payment is what you pay upfront toward the cost of your new home; it’s the difference between your mortgage amount and your purchase price. The more you can put down, the less you’ll be borrowing from a lender. However, it is a myth that you must put down 20% of the purchase price—low down payment loan options are available—in some cases, as low as 3%. Keep in mind that if you put less than 20% down, you may be required to pay private mortgage insurance. Make sure to speak to a Home Lending Advisor to understand the options that may work for you. 

Evaluate loan types and shop around.

There are many different types of home loans available, and having an experienced mortgage professional  on your side can help you make the right decision for you. Here are the most common types of loans:

• A conventional loan typically calls for a higher credit score to qualify and can be accessed through private lenders, including banks, credit unions, and mortgage companies. 
• An FHA loan is backed by the federal government. These loans can help potential buyers with lower credit scores who wish to keep their down payment costs low. Buyers using an FHA loan are required to pay monthly mortgage insurance premiums (MIP), regardless of the down payment amount. MIP payments and duration are determined by how much of the down payment a buyer is able to put down on the purchase.
• A VA loan is a mortgage the U.S. Department of Veterans Affairs offers to servicemembers, veterans and surviving spouses. VA loans can have favorable terms, including no down payment. Active-duty service members and veterans who choose Chase for their VA Loan will receive a $2000 Chase VA Purchase Closing Cost Benefit.
• Your financial institution may also offer additional loan options.  An example is mortgage, which has flexible credit guidelines and requires as little as 3% down.

Use tools to help.

It’s important to look into the financial resources available to help you purchase a home. Chase offers a of up to $5,000 to buyers purchasing homes in eligible areas, including eligible areas in Montana. These grants are offered in low- to moderate-income communities and neighborhoods that are designated by the U.S. Census as majority-Black, Hispanic and/or Latino. The grant can be used to lower the interest rate and/or reduce closing costs or down payment and can be stacked with additional homebuyer assistance programs. You can check grant eligibility online through Chase’s digital ecosystem where you can discover resources like and also discover other financial assistance tools that may help customers during their homebuying journey. 

For added confidence during the closing process, Chase also offers a, which promises an on-time closing for eligible customers in as soon as three weeks, or the customer will receive $5,000 if they qualify. 

Get educated.

Buying a home can be the achievement of a lifetime, but being able to sustain homeownership over time is equally, if not even more, important. For the best chances of success, homebuyers should not only get educated about the buying process, but also understand the ins and outs of homeownership after the home is purchased. Chase’s podcast and its offers tips and first-hand experiences on homebuying, selling, and ownership.

Homeownership offers many benefits beyond just a place to live—it’s a time-tested way to start building personal and generational wealth. That’s why it’s never too early to start working toward your dreams of homeownership. After all, it’s an investment in your future.

For informational/educational purposes only: Views and strategies described may not be appropriate for everyone and are not intended as specific advice/recommendation for any individual. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. JPMorgan Chase & Co. and its affiliates are not responsible for, and do not provide or endorse third party products, services, or other content.

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