Top 5 Tips for Navigating Your 1st Home Purchase
Buying a home is a huge financial decision. Whether you’re a first-time buyer or a seasoned pro, Pacific NW Ironworkers Credit Union can help you navigate the ins and outs of the mortgage process.
If you’re just starting to think about buying a home or are already looking, these five tips will help you along your home buying journey.
It’s not required on all types of mortgage loans but having a 20% down payment is an excellent idea so you can start building equity on your home right away. Having a 20% down payment will also save you money as PMI (private mortgage insurance) will not be required.
Getting approved for a mortgage largely depends upon your credit score. Before you apply for a loan, try to reduce any large balances you have on credit cards and loans, pay more than the minimum every month on your credit cards, and pay your bills on time. Your credit score will improve, and this demonstrates your ability to handle credit responsibly. If you need help with improving your score, give us a call and we’ll work with you to develop a plan to boost your score before you apply for a mortgage.
There are many types of loans available – each having advantages and disadvantages. Fixed rate and adjustable rate mortgages are only two of the many different loans available for home buying. Know your options so you can choose the best one for your needs.
When buying a home, a mortgage isn’t the only cost you should consider. Homeowners have to pay insurance, property taxes, HOA (homeowners association) fees, and more. Be sure you have all extra costs built into your budget.
If you have questions about how a mortgage can fit into your monthly budget, what different loan options are available to you or what the home buying process looks like, we can help! Pacific NW Ironworkers Credit Union representatives and our mortgage partners at Consolidated Federal Credit Union are here to help you navigate the process.
When you’re ready to start, give our mortgage specialist Kathrine White a call at 877-769-4766. She can provide a free loan review or get you a free loan pre-approval before starting your search.
