Author: Tom Floyd, VP Real Estate Lending, Member One Federal Credit Union
Three months into 2018 and the outlook for home purchases in our market looks positive. Rates are higher than last year, but historically they remain very low. The housing market is a bit tight on supply, which means it may take longer for potential homebuyers to find their perfect fit, and when they do, buyers have to make a quick decision due to competition for the best houses.
In a competitive market like ours, it’s important to have all your mortgage ducks in a row before you begin shopping for homes. The best way to do this is to speak with a home loan expert. We can help you determine how much home you can comfortably afford before you begin your search. My team can help you determine the minimum down payment you should bring to closing and estimate your ideal monthly payment. With a steady job and decent credit, I’m confident there is a loan program that could be right for you. In fact, Member One has all the programs you need to purchase or refinance, including low and no down payment options.
The process is simple and free. We assess your credit and perform a full mortgage prequalification evaluation. Member One can even get you approved for your loan before you buy a house. This option gives you the security of knowing your loan is approved by underwriting experts, making you more appealing to sellers.
Our members enjoy the comfort of knowing what to expect with our face-to-face service and detailed explanations of the home loan process. Additionally, Member One has online tools that can help. Our goal is to make sure your transition into a new home is a joyful experience with no unpleasant surprises, and the first step is always education. The mortgage guide below will help you get familiar with the home loan process and the options available to you.