Home Buyer Tools & Resources
So you’re ready to buy a new home- that’s so exciting! Whether this is your first home or you’re a home buying veteran, we understand how overwhelming the process can be. Buying a home is a huge investment and can be a long process from start to finish.
IFCU has put together a helpful Home and Resource page for you new homeowners out there who may have some questions about the process, struggling to figure out your finances, or simply want to learn more about owning vs. renting.
Once you’ve decided to take the leap into homeownership, you’ll learn there’s a whole new vocabulary you’ll need to learn. We thought we’d just break down the basics for you.
- Mortgage: This is the monthly payment for your property that you agree on in order to pay back your home loan from a bank or some other lending source.
- Home Equity: This is the difference between the market value of your property and the outstanding balance of your home loan. Home equity can be used for loans and other lines of credit.
Helpful tips to consider when buying a home:
- Check your credit history: Make sure that all information is correct. The better the credit report is the easier it is to get approved. And, in most cases, the interest rate you pay is tied directly to your credit score.
- Consider your budget: Take the time to identify your expenses. Then, set a range for home prices you would consider affordable based on your financial situation.
- Be cautious about changing employment before or during the process of obtaining a home.
Other Helpful Resources:
GreenPath is a non-profit that partners with you to help meet your financial goals. You can receive assistance with:
- Personal and family budgeting
- Understanding your credit report and how to improve your score
- Money management
- Debt repayment
- Avoiding bankruptcy, foreclosure and repossession
Online Mortgage Calculator