Home Buying Tips

Blond woman sitting in her new house with a cup of coffee.

Spring home buying season is almost here. If you’re thinking about buying a home for the first time, but don’t know where to start- you’re in luck! We have some tips to help you get started and save you money!

First things first, you’ll want to check your credit score to make sure there are no errors and you’re in the position to get an affordable rate on a mortgage loan. Also, you will want to look at your budget to make sure you’ve got enough saved and you’re comfortable making this big financial step. If you feel you’re ready to make the move, follow these steps below to get started on the road to homeownership:

  1. Find the right mortgage lender. You don’t have to commit with the first mortgage lender that you meet with. Don’t be afraid to shop around for one that fits your needs.
    – TIP- DuPage Credit Union offers free consultations with no pressure and no obligation. Give us 10 minutes of your time, and we’ll give you $10.
  2. Apply for a mortgage loan. A Residential Lending Specialist will be assigned to you to assist you with all your questions and needs during the process.
    – TIP- Other lenders may charge an application fee to apply. At DuPage Credit Union, there is no application fee until you lock your rate!
  3. Determine the type of loan you need. Discuss your goals with your lender to determine the best type of loan and term for you.
    – TIP- At DuPage Credit Union we believe this is very important. Based on your unique needs, your non-commissioned Residential Lending Specialist will explain your options and help determine the best type of loan and term for you.
  4. Obtain a pre-approval. A pre-approval is a formal verification of all your information. You will be issued a pre-approval letter which will serve as verification to the home sellers that you qualify for financing.
  5. Find your home. There are many real estate agents and home search tools to choose from. Look for ones that offer services to help save you time and money.
    – TIP- DuPage Credit Union offers services such as Preferred Realtor Network and the Preferred Realtor Rebate which offers money back at closing – up to $500!
  6. Make an offer. Once you’ve found your home and your offer has been accepted, your Residential Lending Specialist will work with you to ensure everything is in order.
  7. Close on your loan. Your Residential Lending Specialist will prepare you for a successful closing to finalize your purchase.
  8. Move-in. The last and final step after closing on your loan will of course be to move into your new home and make it your very own!

If you have questions and would like more information about the home buying and financing process, sign up for a free home loan consultation or our First-Time Home Financing Seminar on March 10th! Plus when you attend the seminar and close on a mortgage by 3/10/2017, we’ll credit your paid mortgage application fee at closing- that’s a savings of $295!  Have other tips on buying a house for the first time? Share them below!

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