What's holding you back from buying your first home? College loans? Mom's home cooking?
Or does owning a home simply feel out of reach?
S&T Bank is here to debunk common misconceptions that may be holding you back from opening the door to the next stage of your life and purchasing your first home.
This process is too complicated
Our mortgage bankers understand that the home buying process can be overwhelming. Why? Because they've been through it themselves. The S&T mortgage banking team will educate you on the home buying process and guide you in the right direction, from pre-approval to closing day.
When you find the right lender, you'll know. With their expert advice and guidance, you will have a firm understanding of your financing options so that you have the confidence to select what best fits your needs.
Just like your home, S&T Bank makes sure the home buying process is tailored to you, by offering both online and mobile applications so that you can apply whenever and however you want.
"Buying a home is a monumental step in someone's life," says Joanne Duggan, Executive Vice President of Retail Mortgage Lending at S&T Bank. "That is why our lenders make themselves easily accessible and available every step of the way, whether that's through email, over the phone, or in-person."
I can't afford a down payment
There are options out there to help. S&T Bank supports all of your firsts. Especially buying your first home. Don't automatically rule yourself out of a respectable home loan because it's your first time. In fact, rule yourself in.
"First-time homebuyers have the tendency to believe that tens of thousands of dollars are needed for a down payment, when realistically, there are solutions specifically made with them in mind," says Duggan.
Options like the FHA loans and the Home Ready program loan offer low down payments, low closing costs, and feasible credit qualifications, making homeownership affordable and within reach.
Renting is more affordable
Not quite. Don't let the fear and misconception of buying a home keep you from recognizing the rising cost of rent.
"When looking at the average monthly cost of rent in an urban city like Pittsburgh, around $1,146, and throughout the state of Pennsylvania, around $860, it is likely that a monthly mortgage payment will cost less or around the same as the cost of monthly rent," says Duggan.
It's important to do your research, understand the market and know your financing options before making assumptions when it comes to buying versus renting. In the end, making the move out of your parent's basement and into your own home could be less intimidating and costly than you think.
With S&T Bank, first-time home buying is made understandable and affordable so that you can focus on building your future, building-up equity and starting the next chapter of your life.