Whether you’re ready to move or dreaming about your first house, finding a home loan that's right for you should be easy. And with Oregon Community Credit Union’s new mortgage loan price match guarantee, you know you’ll be getting the best deal. But there are often many different loan programs to choose from, as well as a myriad of ways to structure the loan in terms of the amount, term, payment, rate, closing costs, etc. The list of options may seem endless…which is why it's important to seek advice from an experienced lender who has your best interest at heart.
The first step in determining which program is right for you is to ask yourself the important questions listed below. These questions can also help you confirm that you've chosen the right lender, because they should be asking you the same questions:
- How long do you anticipate living in your new home?
- Do you expect any changes over the next few years, such as expanding your family or having children go off to college or even move away?
- Do you expect any changes in income due to promotions, relocations, retirement, inheritance, or pensions?
- How much could you comfortably use as a down payment? Often, the available loan types are determined by down payment amount; the more you put down, the more options become available.
- Do you have some financial “wiggle-room”? While buying a move requires an up-front budget, there are still many expenses that will come into play after the move. Things like curtains, yard equipment and furniture can add up quickly and catch you off-guard if you haven’t prepared for them.
The reason these questions are so important is that different loan programs will offer specific benefits that will appeal to borrowers at different stages of life. What one homeowner might find desirable might cause sweaty palms and shortness of breath for another!
Before you start looking around, be sure you determine exactly how much your mortgage payment will be over the period of time you anticipate having the loan in place. Start by determining how high of a monthly payment you would be comfortable with, and make sure to include your monthly property taxes and home owners insurance. Once you have this amount, our Mortgage Officers will work with you to determine the appropriate price range for your home search. This way, you can be confident you are looking at homes you can afford while staying within your comfort zone.
When shopping for a home loan, evaluate your choices carefully and consider how they will fit in with your long-term financial plan. OCCU offers members frequent, free mortgage seminars and one-on-one financial planning with our local mortgage experts, so you’ll have someone with you every step of the way. Plus, our price match guarantee states we’ll beat anyone’s mortgage loan interest rates or closing costs or pay you $250,* so you can rest easy knowing you’re with the right lender. So give us a call or apply online today – that new home is what’s next for you!