Whether you’re in the market for a condo, a townhouse or a single family home, understanding the basics of buying a home can help save you time and money.
Let’s Get the Ball Rolling
Getting a strong start in the home buying process is crucial. Answering these 4 questions will get you moving in the right direction.
- How much home can I buy? One of the easiest places to go to answer this question is our mortgage payment calculator. It will give you a general idea where your best price range is and will help hone your options. Also feel free to call or email us to set up a conversation with one of our mortgage loan officers. They’ll get you started on the right foot as well.
- Should I pre-qualify? Prequalifying for a loan simply means that you work with a mortgage lender to start gathering your financial information for a mortgage. In a few simple steps you can get prequalified for a mortgage, so when you are ready to buy a lot of the paperwork already has been done. It’s also a great help in negotiating a price with the seller since they know you already qualify for financing and you’re serious about buying. Here’s step-by-step guide to our prequalifying process.
- What should I look for in a realtor? If this is your first home purchase, we recommend looking for a realtor who can act as a buyer’s representative, or an Accredited Buyer’s Representative (ABR). Realtors who list as a buyer’s rep or earn an ABR are in your corner when it comes to negotiating with the seller’s agent. These realtors work for you and your interests.
- Which financing option is best? The last piece in preparing to buy a new home is figuring out how you want to finance it. There are fixed rate and variable rate mortgages which offer different advantages and disadvantages, depending on what your short-term and long-term financial goals are. You can spend a lot of time online researching options, or you can talk with experienced, local experts like our loan officers at CWCCU to help you through this process.
If you found this information helpful, you may also want to check out these articles:
Tips for First Time Home Buyers
Improving Your Credit for a Mortgage
How to Choose the Right Mortgage Lender
How Much Mortgage Can You Really Afford?
Lost? Contact us for a reliable guide through the home buying process.