If you dream of owning your own home someday, the first step is to secure
a home mortgage loan. GCS Credit Union is the dedicated, knowledgeable
partner you need to guide you through the process. And if you already have a
home mortgage loan in O’Fallon, we can help you refinance and secure more competitive rates and customized
terms that work for you. To help first-time homebuyers get off on the
right foot, here are some tips that will save you time, money, and stress
when navigating the mortgage process.
One of the best things you can do when buying a home is to get preapproved
for a home mortgage loan
before you make an offer on a house. Not only do sellers often prefer buyers who
are preapproved, but
preapproval can also help you close faster so you can lock in the price and complete
the transaction before someone else comes in and outbids you.
Maintain Your Credit Profile
In the months leading to your home purchase, try to avoid changing your
credit profile too much. Don’t close or open any new credit cards
and try to keep the balances on your cards within a range that won’t
affect your debt-to-income ratio, a key factor in determining mortgage rates.
Deposit “Gifts” Early
If a family member is helping you with some or all of your down payment,
try to deposit the gift into your checking or savings account at least
two months before you apply for a mortgage. Otherwise, the gift-giver
will need to visit your credit union and sign a letter stating that the
money is a gift and no a loan.
Not only does GCS Credit Union offer competitively low rates for home purchase,
refinance, and construction, but we also provide our members with professional
loan advisors and other helpful resources and financial planning tools.
Call us at (618) 797-7993 to find the branch location nearest you or to
schedule an appointment with one of our home mortgage loan advisors.