How Michaela and Patrick Made Their Home Buying Dreams Come True

Like many young couples, Michaela and Patrick didn’t think home buying was in the cards for them; they thought it was a dream for later in life. It wasn’t until Michaela was browsing for fun on Zillow and stumbled on their dream home that they really thought more. Their first step was to reach out to an Arbor loan specialist to see what their buying power actually was. That is when they learned it was possible, and easier than they thought!

The first thing the loan specialist looked at was their income and credit score to determine what their mortgage rate would be, and how much home they could afford. This let them know what their basic budget would be. They also looked at any possible downpayment assistance options they might have available to them to further reduce the cost. “One of the main things the loan specialist helped us with was understanding that while the mortgage was more than our rent, it would go towards home equity, vs. rent that doesn’t really go towards anything. We were also pleasantly surprised by how much the monthly payment actually was. Once it was spread out over 30 years, it was lower than we thought it would be,” says Michaela. “It was also such a relief to learn how little PMI would affect our monthly payment. Prior to our conversation with the specialist, we were told you needed 20%, or it would be a huge barrier. So, learning that our PMI would be less than $25 a month and we didn’t need 20% saved was a huge relief,” adds Patrick.

“We decided that it was not only possible but was so worth it for us. Once we made that decision, that’s when the process really began. We put in our loan application, and our specialist was with us every step of the way, from answering application questions to approval, all the way to closing. As first-time buyers, we had so many questions, and she was incredibly patient and explained everything so well to mitigate any first-time buyer jitters. Our loan specialist even helped us estimate property taxes and other costs that we might not have considered without their help. Not only that, but she and our realtor, Roger, worked so well together that we really didn’t need to do much.”

Michaela and Patrick are now happy in their dream home and are enjoying working on DIY projects to fully make it their own. Their two cats also love having more space and being able to see all the nature in the backyard. Michaela jokes, “They were skeptical of the stairs at first, but now their favorite thing is to push toys down and chase after them. Having the space and not sharing a wall with neighbors has been great for us, and especially the cats’ mental health. And even now, after closing, the Arbor team is great at answering any questions that pop up, like with escrow or anything else.”

Are you ready to explore your mortgage options? We have so many resources to help you make the best decision for your family. Download our extensive first-time homebuyer book for a deep dive into everything you need to know, or utilize our mortgage calculator to get an estimate of what your monthly payment could be.

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*Loans subject to credit and underwriting approval. Membership required. The depicted borrower is a member and employee.