Get The House You Always Wanted
Get the pet (and house) you always wanted
By Apple Federal Credit Union
Posted on February 12, 2018
Are you currently suffering from annoying restrictions enforced by your apartment lease?
If you're sick of white walls, no garage space for your weekend hobby and you really want a pet, it might be time to vacate the rental and buy a house. Make things like guest restrictions, limited parking, ignored repair requests, tiny spaces and inadequate storage a thing of the past.
Take a stand. Live under your terms, in your home. No landlord to tell you what's allowed.
Sounds great, right? But, how do you get started?
By choosing the right lender, connecting to real estate experts and understanding the buying process the choice to buy a home becomes a little less frightening and a whole lot easier than you might think.
Not all lenders are the same: Credit Union vs. Bank
Commercial banks aren't the only financial institutions that originate mortgages. Credit unions are another option.
Credit unions and other non-profit lenders, offer lower rates because unlike banks, they do not have shareholders to pay. Plus, credit unions often offer local underwriting, which means you'll receive an approval quickly and the company that collects your mortgage payments is less likely to change several times over the life of your loan. You'll have one long-term contact for payments and questions about your loan.
Credit union representatives typically take a more personal approach to lending. They are more concerned with getting to know you so they can help you discover the best mortgage option for your lifestyle. At your typical credit union, loan experts sit down with potential homebuyers and explain the entire buying process from pre-approval to closing. Plus, if their member didn't qualify for a loan, they provide guidance on what to do over the next 6-12 months to improve their chances for a loan.
At a Credit Union, you are not just another loan, you are a valued member.
Shop with a Professional Real Estate Agent.
Working with a real estate agent will save you time and frustration. These professionals are wired into expansive databases of inventory and can hone in on the location of your choice. Be sure to contact your local Credit Union first, many help connect you with trusted agents who are experienced, vetted and, in some cases, offer cash reward incentives.
Get pre-approved to beat the competition
The housing market is fickle. When you find the perfect house, you'd better be ready place your offer. In a competitive market you'll get a lot more respect if you come prepared with a mortgage pre-approval letter.
A pre-approved loan means that a lender has reviewed your mortgage application, credit, and other paperwork and has approved you for a loan of a specific amount. This helps guide your home search, since you know what loan amount you are approved for and you should be able to negotiate and close with the seller quickly.
You don't ALWAYS need a down payment
Don't dismiss your dreams of homeownership because of down payment worries. How much a person truly needs for a down payment depends on their situation and loan qualifications. Credit unions are a great resource for special programs that offer the opportunity to make low or even no down payments.
What are today's mortgage rates?
Mortgage rates are still at historic lows, but in many parts of the country, housing prices are starting to rise. Get the best property and loan by comparing several offers from competing lenders so that you and your beloved furry companion will have a place to call home.
When you’re ready to buy, let Apple FCU help you!
Apple Federal Credit Union has Licensed Mortgage professionals ready to guide you through the entire buying process from pre-approval to closing and insurance coverage. And because Apple FCU has local mortgage representatives, you’ll receive an approval quickly.
Even more home buying advice is available with Apple FCU’s no cost, no-obligation HomeAdvantage® program. This FREE, comprehensive real estate website will help you find the home of your dreams, sell your existing home, research the market, connect with a top local agent, and save money at closing!
You don’t have to work for a school system to get a mortgage!
Open your Apple FCU account online, in about 10 minutes, or visit any of our 21 branches. Account opening is available to anyone who lives or works in Fairfax County, Winchester/Frederick County, or Prince William County (including Manassas City, Manassas Park). Membership is also available for immediate family or household members. Membership at Apple is also open to the employees of participating businesses throughout Northern Virginia, including Loudoun and Stafford Counties.