As a first-time homebuyer, you may be feeling overwhelmed by the entire home buying process. There's a lot of information out there about how to buy a home, and you deserve a knowledgeable partner to help you every step of the way. We've highlighted the key information you need to get started and when you're ready, our mortgage experts are here to assist you with the pre-approval process. After you’re approved, they’ll continue to be your resource for all of your questions and will provide you with information about our special mortgage relationship pricing, the closing process, and more. 

Getting Started

Ready to start looking at homes? Before you do, consider getting a mortgage pre-approval first. Getting a pre-approval will help you and your real estate agent determine what you can afford so you have an idea of what to look for when you’re house hunting. Our pre-approvals last for up to six months, which is 2x longer than our competitors. 

Next, find a licensed real estate agent. This is the person who will help make your house hunting easier and find you the home you’re looking for. They know how to negotiate the sales price and prepare a purchase contract once you’ve found your home.

Do I Need a Down Payment?

Yes, but although many people believe you need to put 20% down to buy a home, you can actually finance your new home with CCU with as little as 3%* of the purchase price as a down payment. But don’t forget, you’ll also need to factor in additional fees that come with closing on the house such as the closing fees, appraisal fee, optional inspection fees, title charges, and state or local taxes. We will be able to provide more information to you once you have found your home and are ready to begin the closing process.

What to Do After You Find Your Home

It’s recommended (not required but it could save you money in the long-run) to hire a licensed home inspector. They will help you determine the quality of a home and help protect your investment. Ask for recommendations from friends, family, and colleagues to find someone who is trustworthy and thorough in their inspection.

Once you find your home, your inspection is complete (if you choose to get one), and your offer has been accepted, it’s time to start your mortgage process. After you have a signed purchase contract, forward it to your CCU mortgage originator. Our team will prepare and send your application documents to you and also take care of ordering a full appraisal of the property (this determines the value of the property) once all documents are signed and received. Finally, you’ll choose an attorney to represent you and review all mortgage documents and coordinate a closing date with the seller’s attorney.
 
Once these steps are complete, congratulations! You are ready to close on your new home! All that’s left to do is sign, collect the keys, and unpack. 

Not Quite Ready to Start? No worries!

It’s important to take time to do your research and figure out your finances when you’re considering buying a home. For more information, check out the rest of our website, give us a call at 800-677-8506, email us, or stop by one of our branch locations. 

Ready to Get Started?

Apply for your pre-approval with CCU today! And be sure to check out our special mortgage relationship pricing to help you save money on your home.

          

*You should consult a tax advisor for information regarding the deductibility of interest and charges. Property insurance is required. An example of a monthly principal, interest, and private mortgage insurance payment for a 3% low down payment fixed rate mortgage on $97,000.00 at 6.237% annual percentage rate for 360 months would be approximately $606.54. This payment does not include property taxes and homeowner/flood insurance. The interest rate for a 3% low down payment mortgage product can be .5% higher than a conventional 5% down payment mortgage. Private mortgage insurance and escrow for taxes and insurance are required with a down payment of less than 20%.