Tips & Advice

Four Proven Tips to Affording Your First Mortgage

If you're considering buying your first home, you've probably heard a lot of advice from multiple people (whether or not you asked for it). So how do you know what tips to trust? To help you get the best deal on your mortgage, here are five pointers that have been proven to help buyers purchase their first home:

1. Boost your creditworthiness
Whether or not you're approved for a mortgage depends largely on your credit profile. Before you apply, reduce large balances and pay more than the minimum every month on credit cards. You'll likely improve your credit score and demonstrate that you handle credit responsibly.

2. Know your loans
A fixed-rate mortgage might be ideal if you plan to grow your family or stay in one house for 30 years. However, buyers who opt for an adjustable-rate mortgage (ARM) will often pay less in the beginning of the loan, and may want the flexibility to move within the next 10 years. Know your options and choose the best one for your future.

3. Get professional guidance
If you want to buy but aren't sure how a monthly mortgage payment will fit into your budget, certified financial counselors can help. They'll break down your budget to make sure you're purchase-ready. You might also check out Apple Federal Credit Union's quick and simple overview of the buying process.

4. Remember the other costs
Of course, a mortgage isn't the only cost you have to consider. Homeowners have to pay insurance, property taxes, HOA fees and more. Make sure you're prepared for the total price of homeownership.

If you still feel overwhelmed by the home buying process, contact us. Apple Federal Credit Union has Licensed Mortgage Loan Originators ready to help with all of your home financing needs. Our representatives will get to know you, help you discover the best mortgage option for your lifestyle and guide you through the entire buying process from pre-approval to closing.

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