Buying your first home is an exciting milestone in anyone's life! It can also be a little intimidating, especially if you're not sure what to expect. Get a head start on your home buying process with these important steps:
Estimate your home-buying budget
It's a good idea to spend no more than 25% of your gross monthly income on your total housing costs. Before going house hunting, use a mortgage calculator to get an idea of your home-buying budget.
Know your credit score
A good credit score is the building block for getting a mortgage. As you start thinking about buying a home, keep a close eye on your credit score. If it isn't quite where you'd like it to be, there are many steps you can take to improve your credit score. It might take some time to see significant results, but practicing good credit habits will help you get there!
Save for upfront costs
A down payment is the part of the home's purchase price you pay upfront. Depending on the type of mortgage loan, this amount could range from 3% to 20% of the home's sale price. Having enough saved for a down payment is a good sign you're ready for homeownership. While you're saving up for a down payment, remember that you may also want to have a little extra money set aside for moving costs, new furniture, repairs and any upgrades to make once you move in!
Ready to get started?
When you're ready to buy your first home, Wright-Patt Credit Union (WPCU) is here for you! Our friendly, knowledgeable Mortgage Loan Originators will help you evaluate and prepare your finances before you purchase your first home. We'll be there every step of the way to walk you through the home-buying process so you can achieve your dream of homeownership! Contact us today to get started.