What is a mortgage, and why do I need one?

You’re ready to take the plunge and make a big investment in your future; you're buying a house. Chances are that you are going to need a mortgage to help you with that purchase. A mortgage, the loan to finance the purchase of your home, is probably the largest debt that you will take on. At Your Credit Union, we understand how making a big purchase will impact your finances. We take the time to learn about your financial goals so we can tailor a plan that will work for you today, through to the end of your term.

Choosing Your Credit Union.

Your Credit Union knows that no two households’ financial needs are the same. That’s why we are dedicated to providing you with the most effective financial service and wise financial guidance for you.

Top 3 things you need to know about buying your home.

1. Pre-qualification vs Pre-approval.
   Getting a mortgage pre-qualification is a useful estimate of how much you can afford; however, a pre-approval is much more beneficial. A pre-approval means that the lender has verified your documentation, and has actually approved you for a specific loan amount. Having your pre-approval letter doesn’t only help you narrow down your price range, it also lets home sellers know that you are a serious prospect.
   
2. Buy the house you can afford now, and later.
   Our mortgage specialists will help you make sure you’re not overstretched when buying your house. This is important to pay for the necessities of life, as well as your lifestyle. But we also know that circumstances can change: children, new cars, school, and interest rates. Don’t worry, our experts will work with you now and then to ensure you have room in your budget.
   
3. Work with experienced professionals.
   Your Credit Union professionals can provide you with practical advice to ensure your finances are on track when buying your home. But don’t just stop there. Before making your purchase, hire a licensed home inspector to identify potential issues with the house you are looking to buy. In addition, ensure that you have a lawyer with positive referrals that you can trust to help avoid any legal surprises.