OnPath Credit Union

What to Do Before Using a First-Time Home Buyer Mortgage

Buying your first home marks the start of a new chapter in your life. It is an exciting experience that ushers you into a life as an independent adult. But before you dash to the nearest lender to apply for a first-time home buyer mortgage, you have to do some research. It is a crucial step you must take to make smart decisions about your upcoming real estate purchase.

Consider Your Finances

By evaluating your financial health, you can prepare for the costs of buying and maintaining a home. Auditing your finances involves reviewing your expenses, savings, and credit score. This step will help you identify and prepare for any potential bumps in your home-buying experience.

Choose a Home That Suits Your Needs

It’s easy to imagine yourself living happily in a lavish mansion. However, it is important to consider how much it would cost to buy one. More often than not, a bigger home comes at a higher price. And for this reason, it is important to evaluate your finances before deciding whether you’re ready to buy a large home or settle for a smaller one that still meets your needs.

Have a Professional Inspect Your Prospective Home

Since a home is a huge investment, it’s essential to make sure you are getting your money’s worth. Hire a property inspector to evaluate the current condition of the house you are purchasing. If there are issues such as water and mold damage, you may have to reconsider and choose a different property.

Take Advantage of Exclusive Perks

People who are buying a home for the first time are given exclusive access to a wide range of benefits. These perks include tax breaks, state program assistance, and federally backed loans.

Get a Mortgage That’s Right for You

OnPath Federal Credit Union offers a wide range of financing options tailored to the needs of first-time home buyers. Our team will guide you throughout the process from mortgage application to approval. For more information about what we do, get in touch with us today.