This Year’s Top Mortgage Tips
Buying a home will likely be among your most significant financial investments, so it’s important to do plenty of research beforehand. Before you start browsing real estate listings, visit a credit union to discuss getting preapproved. Once your credit union preapproves you for a mortgage, you’ll know exactly how much home you can afford. While you’re at your credit union, take some time to investigate your home loan options. Consider whether a fixed-rate mortgage or adjustable-rate mortgage might be better suited to your needs. For example, if you intend on living in your home for a long time, a fixed-rate, 30-year loan might be better than an adjustable-rate mortgage.
Another important consideration is your savings account. Credit union representatives strongly advise against draining your savings account for your down payment and closing costs. It’s important to have at least three to six months of living expenses left in your savings account, just in case of unexpected emergencies.
When you’re ready to become a homeowner , GCS Credit Union is here to help. Call (618) 797-7993 and ask us about our competitive home mortgage loans in O’Fallon and our online checking accounts.