Buying a home is one of the biggest decisions an individual or a family can make. Few purchases will be as big, and few will tie up as much money over as long a period of time. Therefore, it’s a good idea to think long and hard about what you’re looking for when you decide to pull the trigger on the purchase of a home.
Where Will You Get Your Mortgage?
Few people will be able to purchase a home with cash. Even fewer actually do. If you’ll be in need of a home loan to get into the home of your dreams, you’ll want to look for a lender that will put your interests first. This is where a credit union like Eastex can play a part in helping you achieve your goals. Credit unions have the best interests of their members in mind rather than the concerns of shareholders who have little concern over the financial health of their borrowers as long as they get paid. All that’s needed to join most credit unions is residence within the credit union’s service area.
What Is Your Credit Like?
Another consideration you’ll want to take into account is your current credit score. If you have a high score, you’ll be more likely to qualify for a mortgage that works for you. If you don’t it will likely be difficult to get a lender to give you money. Even if they do, you’ll be paying a high price for the privilege of borrowing the money. Should your credit be bad, it might pay off to take a year or two to try and improve it while saving up more for a down payment. You might save money in the long term.
Where Do You Want To Live?
Houses are usually cheaper in less desirable neighborhoods. If you’re looking to buy a home in a premium school district, you’ll need to have more income available. Also, you’ll have to find homes that are actually on the market in your desired location. It might be a good idea to cast a wide net and have multiple neighborhoods in mind so that you can get a solid home at a price you can afford.
What Will Meet Your Needs?
Because a home is likely the biggest purchase you’ll ever make, you’ll want to have a good idea of your needs before you even apply for a loan. Keep in mind that needs are not wants. Buying just enough house in an acceptable neighborhood can be a great way to build wealth over the long run. Too much house can lead to your family becoming house poor. This is a condition in which your house impresses people, but it takes too much of your monthly income. You’ll want a house that meets your needs while also fitting well into your budget.
Is The House Turnkey?
Once you’ve settled on a house, you’ll want to figure out if it’s a turnkey property. This means that you can move right in and feel at home with no major renovations. Otherwise, the cost of your home could wind up being much higher than what you’ve budgeted. It will definitely be higher than the sticker price on the realtor’s website. Any renovations and routine maintenance need to be figured into the overall cost of owning a home.
Now that you’ve learned about credit unions and how to access their benefits, we’d be more than happy to talk with you about the benefits you can achieve from membership with Eastex Credit Union. Contact us here or give us a call. We’d love to help you get into the home of your dreams.