As you triple-check the numbers one last time, your spouse is eagerly scrolling through homes online – imagining how you’ll decorate each room and the memories you’ll create together. Realizing you’re ready to become a homeowner is an exciting moment.
As you prepare to buy your first home, it’s likely that you have already spent significant time researching the home-buying process. Fiscally you’re ready. You have money set aside for the down payment and closing costs. You’re pre-approved for your mortgage.
Picture this — you're in the market for a new home, and you quickly find one that is perfect. It has all the features you’ve been dreaming about and seems to be in your price range. So, you put in an offer.
Deciding to buy a new home can be very exciting – especially if it’s your first home. Most often, the first question you ask yourself is, “How much can I afford to spend?” While that’s a great question, the answer isn’t always clear-cut when it comes to home loans.
Your home is more than just a house. It’s where you create memories with friends and family. It’s a reflection of you and your personality. It’s a financial investment. And, since the pandemic started, it’s a place where you spend a lot of time!
Many of our credit union members ask us whether they should get renter’s insurance, and rightly so. That’s because if you're renting a home or an apartment, it's important you obtain renter’s insurance to help protect your belongings.
Recently, you may have noticed increased chatter about refinancing your mortgage or buying a new home. But what is all the hype about, and why now? As the COVID-19 pandemic continues and variants unfold, both current homeowners and prospective buyers are benefiting from some of the lowest mortgage rates in our country’s history.
If you’re a homeowner, you’ve probably thought about refinancing your mortgage at some point. After all, home loans are long-term, usually ranging from 10 to 30 years. A great deal can happen in that time, including interest rates dropping, your home value increases, the introduction of new loan types, among other market changes.
One thing many first-time homebuyers are somewhat blindsided by is PMI (Private Mortgage Insurance). You may see it mentioned in some real estate advertisements, but not fully understand what it means.
A HELOC stands for Home Equity Line of Credit. This line of credit loan is based on the equity you have built-in your home. In other words, it’s the difference between what your home is worth and what you have left to pay.
