Start your path to home 
ownership

OpenSky reports to all three major credit bureaus.  By making on time monthly payments to your OpenSky credit card, you may see an increase your credit score.

Keeping your Debt-to-Income (DTI) ratio low is crucial when applying for a mortgage for several reasons. A low DTI demonstrates to lenders that you are financially ready to buy a home, making you a lower-risk borrower and often qualifies you for better interest rates. Lenders typically prefer a DTI below 45%, as it shows that you have enough income to cover your existing debts and manage a new mortgage payment. Lower DTI also means you'll have more disposable income, enhancing your ability to meet monthly mortgage obligations and unexpected expenses.  Speak to one of our loan officers if you need help understanding your DTI.

Getting a mortgage requires some money up front in the form of a down payment on your home. That’s typically from 3% of the purchase price to 10-20%, depending on the type of loan.

Start saving by cutting expenses and creating a budget to help you reach your goal. If money is an issue, check out loans with small down payments such as government loan programs to find options that fit your needs. Speak to one of our mortgage loan officers, they may be able to help you find a down payment assistance program that works for you.

Your maximum monthly housing expenses should typically be no more than 28% of your gross (before taxes) monthly income and your maximum total monthly debt payments should be no more than 36% of your gross monthly income.  Use these formulas to calculate each:

Maximum Monthly Housing Expense = (Gross Monthly Income) x 0.28

Maximum Total Monthly Debt Payments = (Gross Monthly Income) x 0.36

Once you have calculated these amounts, you can subtract your existing monthly debt payments from the “Maximum Total Monthly Debt Payments” to find the maximum amount you can put towards your housing expenses.

Speak to one of our loan officers about determining how much house you can afford.

Limiting large purchases before applying for a mortgage is a wise financial strategy.  Large purchases can potentially increase your DTI (Debt-To-Income) and lower your credit score, both of which are assessed by your lender could impact your ability to qualify for a mortgage or secure a favorable interest rate. It’s advised to postpone major expenses until after your mortgage is approved to ensure a smoother and more affordable home-buying process.

Speak to one of our loan officers if you have any questions or concerns regarding a potential large purchase.