Understanding the Home Buying Process
What are the steps to getting a mortgage? We've got the answers.
If you are getting ready to buy your first home, you should make sure you understand the home buying and mortgage process. Freddie Mac has some great information on the timeline you can expect when buying a home and getting a mortgage.
Understand what you can afford.
Before you start, make sure you are financially ready to buy a home. You can use our Mortgage Qualifier Calculator for a quick snapshot of what you can afford now and in the future.
Find your team.
Freddie Mac suggests putting together a team to help you through the process. Most people work closely with real estate agents, but did you know that your housing counselor and lender are just as important? Ask us about our home ownership counseling and mortgage lending options today.
Get pre-approved.
We work with you to figure out how much you can borrow and what mortgage loan works best for your situation. Call us today or apply online to get started!
Learn about your down payment options.
We have a wide range of resources available to make sure you get down payment assistance if you qualify. You can use this down payment assistance resource tool for preliminary research, and we can help you with the rest!
Choose your loan.
Let us help you decide the loan terms that work for you: fixed-rate or adjustable rate, 15 or 30 year, and other variables. You can explore our Mortgage Resource Center for some FAQs, but the best way to get the most information is to speak with one of our mortgage pros. We're here to help!
Find your home.
Your real estate agent can help you filter through homes for sale that work for you. Having a professional on your team who can show you homes in your price range, in the right location, and with the right features is valuable.
Make an offer.
Your real estate agent will help you determine a competitive offer price and communicate with the seller on your behalf. Your mortgage pre-approval letter will give them guidelines as to what you can afford. Having a professional at this step is crucial in ensuring you get the best deal on your dream home.
Close on your home.
This is the exciting part! There will be a great deal of paperwork, but it will all be worth it when the seller or their agent hands over the keys to your new home!
If you think you're ready to buy a home, call our mortgage team and we'll help you start the process.
Each individual’s financial situation is unique and readers are encouraged to contact the Credit Union when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.