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.
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Lost? Contact us for a reliable guide through the home buying process.