Three Tips For First Time Home Buyers

So you’ve decided to go for it. You’re ready to take the plunge into home-ownership! But before you start searching for the perfect home, here are a couple of things to get you started:

1.      Crunch Your Numbers - No one knows the ins and outs of your financial situation like you do.  So start paying more attention to what you are paying for and bringing in each month.  Are all of those expenses things you plan on keeping when you make the big purchase of a house?  Do you expect your income to stay about the same?  Make a budget given those numbers so that you have a grasp on what mortgage payment you would be comfortable with.  Having that knowledge in your back pocket when you come chat with your local credit union about getting pre-approved for a mortgage will make the process much easier.

2.      Debt To Income – Your debt to income ratio, among other factors, contributes to the mortgage pre-approval process.  What does this even mean?  Well, it’s simple.  Grab a piece of paper and write down all of your debt.  This would be credit cards, student loans, car payment…basically anything you are required to make a minimum payment on.  Then add up what all of those minimum payments equal.  That is your debt.  Your income is easy – just write down what you bring home in a given month.  The debt divided by the income gives you your debt to income.  But if math isn’t your thing – just bring all those numbers you wrote down into your local credit union and we can do the work for you and let you know exactly what your debt to income is. 

3.      Down Payments – The amount of down payment that you put down is dependent on your financial situation and how much you have stocked away in that trusty savings account over the years.  It is in your best interest to have at least some money down when you do decide to apply for a mortgage, but how much that is depends on you and the price of the house you have your eye on.  When you come in to your local credit union to get pre-approved for a mortgage, we can give you the nitty gritty on your unique situation and what that would mean for a monthly mortgage payment.

You may have noticed a trend in all three of those tips – talk to your local credit union!  Credit unions, like Honor CU, have mortgage experts just waiting to help you and get you into the best financial position for your unique situation in life! 

Don’t forget to follow Honor on Twitter @honorcu!  Tweet us and let us know what you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!

To listen to 97.5 Y-Country’s Wild Bill and Honor’s Kaylee Williams talk about buying your first home, listen to the Mason Jar Monday episode below.

 

 

Three Tips To Make Buying A House Less Stressful

Did you know that the months of April through June are the peak seasons for home sales?  We’re right in the middle of this upswing.  As the weather continues to warm up, so is the real estate market.  If you are thinking of making a home purchase yourself, here are three tips to make this huge decision a little less stressful:

1. Get Pre-Approved first!  Before you start shopping and falling in love with different houses at different price points, figure out what your financial situation will allow.  Honor is having mortgage checkups at each of our branch locations, making it easy for you to get all the solid advice you will need to make the best decision for your family.  One of our real estate specialists can help you get the home buying process started on the right track.
2. Make a priority list!  Once you are pre-approved and know what purchase price and monthly payment you are aiming for, sit down and make a priority list.  Once you approach a realtor, being able to provide them with a list of must haves and a couple wish items will make your search and their job a lot easier!
3. Get a good realtor!  You’ve been pre-approved and you have your priority list, now you need someone to help you find it!  A good realtor can make this process a smooth one, from the searching for a house to the placing of an offer and the closing process.  Ask around for recommendations from family, friends, and even your local credit union! 

If you want to schedule your mortgage financial check up and start the pre-approval process today, give us a call at 800.442.2800! And don't forget to follow Honor Credit Union on twitter @honorcu and let us know using #askhonorcu!

Listen to the full Mason Jar Monday episode about making your home-buying experience easier below!

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