Buying your first home doesn't have to be a terrifying experience. Today, many Americans are hesitant to enter the home-buying arena, even though they'd like to become homeowners and see the value of buying over renting. They think they aren't making enough money to foot a monthly mortgage.
But this is where CCCU offers an advantage over other mortgage lenders. At CCCU, we work with members to customize loan options that fit their budget and their lifestyle, even when times are tough. So, that home you've been dreaming of could be more achievable than you think!
We've put together a short list of dos and don'ts to help you get approved for a home loan. Whenever you're ready to take the plunge, let this checklist be your guide:
1. Do: Check on the status of your credit.
Do this as early as possible in the planning process, as much as a year in advance if you think there could be negative items impacting your credit score. This will give you time to pay off any neglected debts and have them cleared from your report.
2. Don't: Immediately begin buying furniture and accessories once your loan is approved.
The powers that be will be checking and re-checking your bank statements and credit card limits throughout the process, so be responsible in your spending during this time.
3. Do: Have your down payment ready.
Back before the housing market crashed, it was easier to secure a home loan with little or no down payment, but things have changed. Although some first-time home buyer programs offer payment options requiring little money down, up your chances of getting a home loan today by planning to put down at least 10 percent of the cost of the home.
4. Don't: Quit your job.
It's important to show how responsible you are when you're applying for a home loan. Lenders want to see a strong, reliable work history coupled with responsible spending before they're ready to help you get approved for a home loan. So stay put in your job during the application and closing process.
5. Do: Have your budget in mind.
This means you need to know exactly how much you can afford to spend each month on mortgage payments. A good rule of thumb is to keep your house payment below 25 percent of your whole income, says MoneyUnderThirty.com.
How to Apply for a Mortgage
Approximately 26 percent of today's home buyers are first-timers, and there's no reason why you can't be a part of that happy statistic. Our Mortgage Loan Officers are friendly, fast, and knowledgeable. We want to put you in the home of your dreams with as little hassle as possible, and we do that by simplifying the whole experience. You'll enjoy our easy application process and personalized service as you move forward to this next stage of life.
CCCU is here to help find a mortgage solution to fit your needs. Apply online or visit any of our branch locations, contact our mortgage team, or give us a call at 503.963.6666.