Despite fluctuating interest rates and increasing home prices, the dream of home ownership is still alive because of various mortgage products that make homes affordable.
Kara Loftus, Vice President of Mortgage Lending at Mountain America Credit Union, joined us with how to prepare to buy a home in 2023.
Get pre-approved. Know what loan amount you qualify for and which mortgage option will best suit your needs. Having this information allows you to estimate your monthly mortgage payment to ensure it fits your budget and other financial goals.
Hire a realtor. Having someone in your corner who knows the industry and has the ability to negotiate on your behalf can help reduce the stress of homebuying and help you get the best value for your purchase.
Decide on your wants and needs. Understand what features and amenities you can and can't live without can help you find the best home for your price range.
Even if you're not planning to buy for more than 12 months, you can still act to make sure you qualify when the time is right for you.
Monitor your credit score. Your credit standing holds the key to unlocking a successful homebuying journey a better credit score can help you access lower interest rates. Take the opportunity to improve your credit score by reducing debt and automating payments to reduce the possibility of missing a payment.
Start saving. With the Mountain America Credit Union First-time Homebuyer program, you can buy a home with as little as a $1,000 down. However, opting for a slightly higher down payment may unlock more favorable terms. If your home purchase is planned for a year or so in the future, you can consider utilizing an add-on certificate like the growth certificate at Mountain America. It allows you to make regular deposits over time and earn a generally better rate than a traditional savings account, helping you grow your savings steadily.
Meet with a mortgage specialist. Connect with a mortgage specialist to gain valuable insights and guidance on the homebuying process, preparation, and available programs, even if you're not currently ready to make a purchase.
Visit macu.com/mortgage to learn more and schedule an appointment with a mortgage specialist.
