Buying a home can be an exhilarating experience but for the first-time homebuyer the process can be confusing and very overwhelming. Luckily, there are some easy steps and tips you can follow to make your dream of owning a home easier and an enjoyable experience!
1. NEVER underestimate your ability to become a homeowner.
Because most people do not know what it takes to qualify for a mortgage they do not even inquire about homeownership. Getting educated on both the mortgage application as well as the home buying process will help give you a better understating of how things like credit scores and yearly income play into the success of becoming a homeowner.
2. Know the Requirements.
There are many requirements that are involved with the process of obtaining a mortgage. First, take a deep breath and take one step at a time (maybe glance at step #4). The mortgage application process is lengthy and will look at things like employment history, credit scores and additional assets. But, remember Step 1., don’t count yourself out…trust the process and let your mortgage officer help guide you through it.
3. Understand ALL of the expenses.
Beyond the monthly mortgage payment, homeownership will bring with it things like; property taxes, homeowners insurance, possibly private mortgage insurance and a Homeowners Association fee depending upon where you choose to live. Taking all expenses into consideration will affect the overall payment and what you can budget for the home.
4. Have Patience.
It is important to know that the process can take anywhere between 30-90 days to close, even after receiving all the necessary documents, not after having the first conversation with a mortgage officer. The key is to keep a realistic outlook on the experience and know that bumps might come up on this road, and that is part of this exhilarating experience. The Mortgage Officers here at Premier Credit Union are ready to take this journey with you, side by side. If YOU are ready to start experiencing homeownership, give us a call today to Make Life Better!
In Des Moines contact Sheila Strand at SheilaS@PremierCU.org, in Ames contact Brooke Hermann at BrookeH@PremierLA.org and in West Des Moines contact Blaik Woelhof at BlaikW@PremierLA.org. You can also call (515) 282-1611 for more information.