Greg Kroll (NMLS # 472689) of North Shore Bank
North Shore Bank's "You Can" series is about you.
Your hopes. Your plans. Your slice of the American Dream. And we understand that the goals you set don’t have to match anyone else’s. This is your life to live. Let us help you live it. Remember: No matter where you’re starting out, you CAN move forward and achieve your financial goals. Our team is here to help you at every step along the way!
Who are you, and what is your role? How long have you been with North Shore Bank?
My name is Greg Kroll (NMLS # 472689), and I am a Senior Mortgage Lender at North Shore Bank. I’ve been with the bank for over ten years.
In what situations might someone actually want to wait to buy a home?
There can be many reasons why someone may want to wait to buy a new home. Usually the reason is financial, such as saving up more for a down payment which may allow them to purchase at a higher price or repairing credit issues if they exist.
If someone is ready to buy a home, before starting their search, what are the first steps they should take to get started?
The first step in the process is to get a solid preapproval from a lender. At North Shore Bank, we take a close look at the customer’s income, assets and credit to determine the best course of action based on their financial situation. Customers can be assured with a preapproval that they will not have to worry about affordability and the realtor can be assured the customer was preapproved properly.
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What’s the difference between prequalification and preapproval?
A prequalification is a glancing overview of a customer’s financial situation. It does not go deep in terms of verifying income, assets and credit. A preapproval is a more thorough look into a customer’s income, assets and credit. There are times where we may take a particular preapproval to the next step by having our underwriting team review to make sure we are offering the very best preapproval we can offer to a customer.
How much does someone need to save for a down payment?
There is a misconception out there that 20% down is required to purchase a home and that is not true. While 20% gets someone away from having to pay private mortgage insurance monthly, it is not required. In fact, there are other loan options a customer may consider, if they qualify, that would allow them to put down as little as 3 to 3.5%.
What are some tips to consider when saving for a down payment?
The customer should save as much as they can because that will allow them to purchase at a higher price point and perhaps allow the customer to avoid private mortgage insurance. The customer must keep in mind there are costs involved in every transaction that must be accounted for as well. Create a savings plan and treat the amount you plan to put away monthly towards savings as a bill that must be paid.
What types of resources are available for first-time homeowners?
WHEDA is a state-run program that will allow a customer, if they qualify, to put down as little as 3 to 3.5%. In addition to that, there are various grant programs that exist that a customer may qualify for. At North Shore Bank, we also have several other first time homebuyer products that can help.
What options are available for someone who wants to buy a new home before selling their current home?
North Shore Bank offers a product that can allow someone to buy or build a new home before selling their current home. This lets them make an offer on a new home without a home sale contingency or sign a contract with a builder. One nice feature of this is that they do not have to move twice as sometimes is the case with both of these scenarios.
If you have more specific questions related to the homebuying process, I’d like to invite you to our You Can Happy Hour Meetup. Join us for a special tasting experience from a local brewery, during which our North Shore Bank team will be available to answer all of your financial questions!
Come chat with us in a casual setting and we’ll help you start your search off right. No pressure, no sales presentation. North Shore Bank is The Bank of You – and we want to help however we can.
You Can...
Become a homeowner and create wealth for yourself, and our team at North Shore Bank is here to help!
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