Getting the Most Out of Your Home Mortgage Loan
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.