Factors to Consider Before Obtaining a Mortgage

Many individuals consider purchasing a home to be one of the biggest and most important investments they make over the course of their lifetime—but if you’re like the rest of us, chances are you’ll need to obtain a home loan in order to purchase the house of your dreams.  Make sure you know which factors to take into consideration before applying for a mortgage with your O’Fallon credit union by reading over this article.

Calculation

Credit Rating
Your credit rating has a direct impact on the monthly payment and interest rates for any prospective loan product, including mortgages. This means that you’ll want to take some time to clean up your credit score if necessary before applying with your credit union. You can start by requesting a copy from all three major credit bureaus so that you can assess the information for errors, and pay off some of your higher debts.

Loan Options
Once you’ve gone over your credit score, it’s time to shop around and research your options. The GCS Credit Union in Illinois makes it easy for you to search for the best mortgage rates online, and even emails you regarding any rate changes when you sign up for our Rate Watch program.

Pre-Approval
One of the most important things to consider when it comes to a mortgage is the pre-approval process. Getting pre-approved for a loan is a great way to obtain better interest rates, make yourself a more attractive candidate to sellers, and even expedite the mortgage application process once you have found the right home.

For more information on current mortgage rates, monthly payment amounts, or to apply for a mortgage, contact the  GCS Credit Union  in O’Fallon today at (618) 797-7993. Our credit union also offers auto financing products, debit cards, checking accounts, and more! Contact us today via phone or through our website to get started! 

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