Mark DeGenova, AVP/Residential Loan Officer

Mark DeGenova, AVP/Residential Loan Officer

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Buying your own place can be exciting and frightening at the same time. Crest Savings Bank suggests you consider the following when purchasing your own home.

1.      How much money do you have saved up?

Start with an evaluation of your financial health. Figure out how much money you have for a down payment. Down payments are typically 5 to 20 percent of the purchase price. Also, be sure to have three to six months of living expenses in your savings to cover the unexpected.

2.      What is your credit score?

A higher credit score indicates a strong creditworthiness. Homebuyers can expect to have their credit history examined. Delinquent credit may keep you from qualifying for a mortgage. If your credit score is low, you may want to delay buying a home and reach out to a loan officer for help on how to your credit, or visit

3.      Have you factored in all the costs?

Create a hypothetical budget. Find the average cost of utilities in your area and factor in gas, electric, water, sewer, and cable. Then, include real estate taxes and homeowner's insurance. Additional costs may consist of mortgage insurance, flood insurance, or association fees. Don’t forget the cost of basic upkeep, like yard maintenance.

4.      How much debt do you have?

Consider all of your current and expected financial obligations like your car payment, credit card debt, and student loans. Ensure you will be able to make all the payments in addition to the cost of your new home. Aim to keep total mortgage payments, plus taxes and insurance, to less than 36 percent of your gross monthly income. Recent regulatory changes limit the total debt to gross income (DTI) ratio on most loans to 43 percent.

5.      How long will you stay?

Over time, you can build equity in your home. Carefully consider your current life and work situation and think about how long you want to stay in your new home.

 For more information, visit or call our Residential Lenders at (609) 522-5011.

Crest Savings Bank has locations in Wildwood, North Wildwood, Wildwood Crest, North Cape May, Cape May, Sea Isle City, and Villas. Call (609) 522-5091, or visit for more information.