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Buying a home can be overwhelming. Don't let the whirlwind of distractions prevent you from letting your dreams become reality. In this video, Michael shares five tips home buyers need to know, especially if this is your first time buying a house.
1) Get Pre-approved
Many buyers just start the process to soon, before they know what they can afford. It’s so easy to go online and look at home listings, but if you don’t know how much you’re actually approved for it’s kind of like going to the grocery store without knowing how much money is in your checking account. Get your pre-approval first, then start shopping for houses. It only take a few minutes to apply online, in a branch or over the phone.
2) Use a Credit Union
Credit unions are not-for-profit, which often means lower rates and fees on your home loan. Plus, credit unions offer all the same loan products as other financial institutions. At PNWFCU, you can get a conventional or jumbo loan, a low down payment HomeReady™, FHA, VA or USDA loan, or a construction or land loan to build your dream home.
3) Understand All Costs
Buyers often think they just need to save a down payment to buy a home, but there are other costs to keep in mind. Additional costs include but are not limited to taxes, insurance, title fees, appraisal fees, home inspection fees and more. Talk with us to review your budget and learn about all of your closing costs so there are no surprises in the buying process.
4) Use a Real Estate Agent
Usually getting a buyer’s agent doesn’t cost you anything as the fees are most often covered by the seller. While you can use the listing agent, you may want to have an agent whose responsibility is to you and not also to the seller. This could be the biggest purchase you make in your life. Let us know if you need help finding an agent to represent you.
5) Protect Your Credit
Many borrowers are tempted to finance new appliances and furniture while shopping for a home. Just don’t do it. Don’t make any new credit purchases while applying for your mortgage. Your loan approval is based on your total monthly payments. If you start making new credit purchases before your home loan closes, it could mean the difference between getting your loan or getting a denial. Just wait until your loan closes before you make new credit purchases.