Spring has sprung and so has your dreams of owning your own home. Before you start scrolling through Zillow, get your finances in order and be prepared to make an offer with confidence by following our 5 Home Buying Prep Tips.
1. Save for a Down Payment
Gone are the days of needing a 20% down payment, but you do still need access to cash for closing costs and a minimum down payment. On average, closing costs are 2-5% of the purchase price and at USC Credit Union, borrowers can qualify with as little as a 3% down payment.
Download our FREE Home Buying e-Book for more details on costs to be prepared for.
2. Check Your Credit Score
When you submit an application for a mortgage, your credit score will help determine your interest rate and approved loan amount. Take the time to clean up your credit report by checking for errors and finding ways to boost your score. This could help save you thousands on interest. Check out our tips.
3. Attend a Home Buyer Workshop
To learn more about the home buying process, attend a FREE Home Buyer’s Workshop. Get your questions answered and define your home buying goals with a USCCU Mortgage Loan Expert. Find a workshop near you.
4. Determine What You Can Afford
Avoid getting in over your head by determining what you can afford before you start shopping. Use our free calculator to calculate your estimated payment and closings costs.
5. Contact a Credit Union, USCCU!
Have questions about the home buying process or ready to get pre-approved? Contact USC Credit Union’s Mortgage Team today!