Removing The Confusion From Real Estate

When you are thinking about buying your first house, or selling the one you live in now and moving, you may not know exactly where to start.  Real estate loans can be confusing and intimidating if you don’t know where to start.  Well, fear no more, because Honor Credit Union’s Assistant Real Estate Manager, Kim, was the guest speaker on Mason Jar Monday this week.  Here are a couple of her quick tips to clear the air on the world of real estate:

• Many of you may have heard about regulation changes regarding getting qualified for a mortgage.  Basically, the regulation that took effect January 10^th, 2014 simply required lenders, like Honor, to verify that members looking at a mortgage have the ability to repay the loan.  While this regulation has been updated, Honor has always been diligent with this, so not too much changed for us.

• One of the big mysteries that seem to surround mortgages for many people is the down-payment needed.  We know this is vague, but it truly depends on your situation.  Typically, you can purchase a home for as little as 5% down. One of the great things about credit unions like Honor, though, is we will look at your unique situation when underwriting your loan application.  Because Honor offers a full range of real estate products, we have multiple options for our members.  There is no black and white in our underwriting process.  We look at the whole picture of every member’s situation to find the best options for them and their financial success. 

• The best thing you can do when you have questions about real estate is ask!  Whether you are looking for a new construction loan, a refinance loan, a vacant land loan, an investment property, or a home equity loan, know that there are options for you and your situation.  Getting a real estate loan doesn't have to be scary or confusing when you are dealing with the right people!  Our team of experienced professionals will hold your hand throughout your loan process and be there to answer any questions you might have.

You can listen to the full Mason Jar Monday episode on real estate below.  The real estate market is improving, and people are looking to buy and sell again.  If you are one of those people, get pre-approved and talk to someone that can give you the information and advice you need to clear up the confusion from the process.  At Honor, you can get pre-approved on our website, over the phone, or in any branch location typically in less than 24 hours!

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