This is it. This is the year. You’ve made the decision to buy a house. That’s a big step for you, both personally and financially. When starting the home-buying process, use this simple “to-do” list to ensure you have the knowledge and information necessary to experience a smooth journey to homeownership.
1. ESTABLISH YOUR BUDGET.
Determine how much home you can aff ord. Typically, you want your monthly housing payment to be a maximum of 30% of your monthly income. Also, don’t forget to factor in costs such as taxes and insurance.
2. CHECK YOUR CREDIT REPORT.
Visit www.annualcreditreport.com to get a free copy of your credit report. Go through it very carefully to ensure that everything in it is accurate.
3. GET PRE-APPROVED.
We can pre-approve your loan, which you can leverage when you make an off er on a home. For example, if the home you want to buy has multiple off ers and the other potential buyers are not pre-approved, your off er has a better chance of being accepted.
4. INTERVIEW A REALTOR®.
Your Realtor is your guide in the home-buying process. You’ll share financial details with them and trust them to find the house that fi ts your needs. Make sure the chemistry is right.
5. KNOW YOUR TERMS.
Most people think a 30-year mortgage is the only way to go, but there are other terms that may fi t your needs much better. Talk with our lending team about your options. Buying a house is one of the biggest investments you’ll make in life. It can certainly be intimidating, but we’re here to help. By choosing First Commonwealth for your mortgage loan, you can save money and gain peace of mind.
Call us at 610.821.2403 to schedule an appointment or get started on your application at firstcomcu.org/mortgages