Making the move from renter to homeowner is a major life milestone.
Kim Moore, Director Mortgage Sales with Mountain America Credit Union, has advice to make the transition smoother.
If you are looking to buy a home Kim suggests starting the process well in advance. It's not something you want to rush because it's not only a big financial decision, it's an emotional one too.
First, identify what you want out of your home. Is there a particular area you want to live in? Do you want a downtown or suburban lifestyle?
How many rooms or square feet do you need? What are your must-have features vs. your nice-to-haves?
After you have the list of things you're looking for in a home, Kim suggests learning about the different mortgage options that may be available to you including loan programs specifically for first-time homebuyers.
The next thing to do is determine how much house you can afford. You can find mortgage calculators online, including at macu.com, to see what your principal and interest payment would be based on purchase price and interest rate.
Remember there are other costs to consider, such as homeowners insurance, property taxes and potentially mortgage insurance depending on the loan.
Look at that overall loan payment and ask yourself whether you will feel comfortable making it every month.
Kim gave a great idea to make sure you're ready for this financial commitment. Calculate the difference between what you're currently paying in rent and what your total mortgage payment would be.
Start saving that difference in a specific savings account every month. If you can comfortably save this amount each month, you'll know if you can make the mortgage payment. If you can't, you'll want to consider a more affordable home.
You should also get a preapproval before looking at homes to be sure you will qualify to purchase a home before putting in an offer.
There are also other costs you'll need to plan on, depending on the type of loan you choose and the details you work out with the seller.
Typically you'll have at least closing costs and an appraisal fee.
If you apply for a new purchase or construction loan with Mountain America before July 31, 2026 and close by the end of August, Mountain America will cover that appraisal fee.
Where can I get information if I'm ready to learn more?
You can visit a Mountain America branch or schedule an appointment at macu.com to meet with a mortgage expert.
They can guide you through every step of the homebuying process, whether you're ready to buy now or just starting to explore your options.
Loans on approved credit
Equal Housing Lender
NMLS ID 462815
Membership required—based on eligibility
Free appraisal on new purchases and construction loans only. Not available on refinance loans. Cannot be combined with other offers. Limit one per household. Offer valid on applications received between 4/1/26 and 7/31/26 for loans that close no later than 8/31/26. Limited-time offer. Offer can change or be withdrawn at any time
