3 Things to Do before Buying Your First Home
Becoming a homeowner for the first time can be exciting but a bit intimidating if you’re not entirely sure of the process or things you should have in order before closing. There are plenty of items to consider, so it is best to consult with experts who know the stress that can accompany home buying. At White River Credit Union, our Enumclaw mortgage and home equity specialists are here to help you from the beginning of the process to the end.
To make buying your first home a bit less complicated, here are three things to do before you begin the process.
Check Your Credit Score
One of the most important aspects of the home buying process is your credit score. It is one of the key factors that will determine if your home loan application is approved, what your interest rate will be, and what the terms of the mortgage loan will look like. If you aren’t already aware of what your score is, now is the time to find out!
When you receive your credit report, check it carefully. If there are any errors, you will want to dispute them so that your score is not being dragged down. Also, look for opportunities to improve your score by paying off large portions of any outstanding debt you may have accumulated. While applying for a mortgage loan, be sure not to open any new credit card accounts or apply for another loan such as one for a vehicle.
Identify Your Priorities
Buying a home is not simply a consideration of the mortgage and the payments you will make each month. There are many other factors to consider when deciding where you want to live and what will make you and your family happy. It is important to remember that there are many fees that accompany your purchase as well as additional costs from things like insurance, repairs, association fees, property taxes, and more. You should have enough money set aside to cover not only your mortgage down payment but also some of these expenses.
You will also want to make sure that you are searching for the home of your dreams but also the surrounding areas. What is most important to your family? Living close to schools for the kids, shopping centers for grocery runs, and parks for family outings should all be under consideration during your search.
Call Your Credit Union
At White River Credit Union, we understand how important it is to have the home you’ve always wanted for you and your family. If you are a first time home buyer, our mortgage loan experts can guide you through the process and make sure you have considered all of your options both in your home and within the terms of the mortgage. We offer 20 and 30 year loans so that you can get your dream home without breaking the bank.
And after you’ve lived in your home, we can give you information about using the home equity you’ve built up for a home improvement project, debt consolidation, or other major expense. Our Enumclaw home equity specialists understand every aspect of your financial situation and are here to help.
Contact White River Credit Union to find out how we can help you get your dream home today!
Photo by Scott Webb on Unsplash
