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Buying Your First Home?

Posted in First Home

Here’s what you need to know!

Buying a home can be extremely overwhelming, especially when it’s your first home buying experience. If you’re in the market for a home, or know someone who is, don’t worry! We receive lots of questions about the home buying process (where to start, what the steps are, information needed, etc.), so we thought we’d go right to our mortgage experts to get you the answers you’re looking for.

I’m ready to start looking at homes; where do I even start?

  • First, get a free mortgage pre-approval! Getting a pre-approval will help you determine what you can afford so you have an idea of what to look for when you’re house hunting.
  • Next, find a licensed realtor. Your realtor will negotiate the sales price and prepare a purchase contract once you’ve found your home.

How much money do I need for a down payment?

You can finance your new home with CCU with as little as 3%* of the purchase price as a down payment. Don’t forget, you’ll also need to factor in additional fees that come with closing on the house such as the closing fees, appraisal fee, inspection fees (not required), title charges, and state or local taxes.

I found a home and my offer was accepted! Now what?

Time to start the mortgage process!

  • Once you have a signed purchase contract, forward the contract to your CCU mortgage originator. Our team will prepare and send your application documents to you.
  • Choose attorney representation. Your attorney will protect your interests and review all mortgage documents.
  • Hire a licensed home inspector (not required, but highly recommended!). Inspectors can help determine the quality of a home and help protect your investment.
  • Get a full appraisal of the property. CCU will order this once all documents are signed and received. The appraisal determines the value of the property.
  • Congratulations! You are ready to close on your new home! Your attorney will coordinate a closing date with the seller’s attorney. All that’s left to do is sign, collect the keys, and unpack.

How long can the mortgage process take? Typically this takes 45-60 days. However, there are certain factors that may impact whether this timeline is met, so be sure to follow each step carefully and make sure you are aware of what is needed from you.

I’m not quite ready to start – how can I get more information?

Taking time to do your research and figure out your finances is huge when you’re considering buying a home. We’re always here to answer questions about the home buying process along the way. For more information, check out the rest of our website, give us a call at 800-677-8506, email us, or stop by one of our branch locations.

*You should consult a tax advisor for information regarding the deductibility of interest and charges. Property insurance is required. An example of a monthly principal, interest, and private mortgage insurance payment for a 3% low down payment fi xed rate mortgage on $97,000.00 at 6.237% annual percentage rate for 360 months would be approximately $606.54. This payment does not include property taxes and homeowner/flood insurance. The interest rate for a 3% low down payment mortgage product can be .5% higher than a conventional 5% down payment mortgage. Private mortgage insurance and escrow for taxes and insurance are required with a down payment of less than 20%.