Whether you are living in an apartment day-dreaming of a yard or a homeowner that has out-grown their space. You might be finding yourself settling in your current surroundings because you don’t want to deal with the hassle of applying for a mortgage.
We understand that the home buying experience is such an exciting time until you have to sit down and crunch the numbers. There are so many ways to prepare yourself for the home buying experience that it can be difficult to know where to start. Below we go through 4 core items that you need to understand before you have a conversation with your mortgage lender.
It is very tempting to utilize an online loan service for convenience or going with the first estimate you get from a bank just to get the process over with. The important thing to remember is patience. Take the time to find the best credit union that is going to give you a fair rate. Find a lender that you can trust and that will make all the difference as you go forward in the buying process.
An important rule of thumb for your loan is never borrow more than 1.75% of your household income. Just because you are approved for a higher amount doesn’t mean you should spend that. Break down your budget and cost of living and evaluate what you can truly afford. Don’t get stuck buying a house you truly can’t afford.
Unfortunately right now the average American has $38,000 in personal debt. The more revolving debt and higher balances you have on loans and credit cards, the lower your credit score goes. Which can impact your approval rating for your mortgage. Work on a financial plan to get back on track to stop acquiring debt and start paying it off.
Having a good support system is important when it comes to home buying. Having someone who has experience in the home buying industry is even more important. Find a lawyer or a realtor that you can trust who will walk you through the preparations of your mortgage application. (Bonus if you find a credit union you can trust as well).
Going through the mortgage loan process can be one of the worst parts of home buying. That’s why at Firefighters Credit Union we make sure to make it as easy as possible for you. Our skilled mortgage lenders, Matt and Troy are here to answer your questions, make you feel comfortable, offer advice, and help you get the home of your dreams. If you are ready to take the next step, call Firefighters Credit Union first.
Out of concern for the health and safety of members and employees we are closing our lobbies. Please use our drive thru facilities for your transactions. Loan applications will be accepted by telephone or can be done online. Loan closings and membership applications will be by appointment only.
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