Prepare now for the process of buying a house

By Hawaii Renovation Posted in: ImproveTips

For most of us, buying a home will be the biggest purchase of our lives. We’ll likely obtain a home loan during the process, so here are tips for getting one:

•Start saving for your down payment. It can range from 3 percent to 20 percent of the home price.

•Check your credit score. You can request a free copy of your credit report each year online at annualcreditreport. com. You can obtain your credit score with your credit report for a small fee.

•Prepare your financial documents. They include your last two pay stubs, most recent W-2, last two years of tax returns, bank statements, and brokerage statement, if applicable.

•Use a mortgage calculator. A mortgage calculator can show you how much home you can afford and how much your monthly mortgage payment would be. Use CU Network Service’s mortgage calculator online: cunetworkservices.mortgagewebcenter.com/Resources#mbotAnchor
•Track interest rates. This will contribute to your mortgage cost. Because interest rates are relatively low, now is the best time to buy a home.

•Get pre-qualified. Real estate agents often want you to be pre-qualified for a loan. The pre-qualification process requires information such as income, savings, and investments. The process will show how much you can borrow and what you can afford.

•Learn about different loan options. Loan options include fixed-rate loans and adjustable-rate loans. You should figure out which option best suits your needs.

•Maintain good credit.

Lenders often request your credit report again before they close your loan. Therefore, before it closes, pay your bills on time, don’t apply for new credit cards, and don’t take out any new car loans.

Work with CU Network Services (NMLS No. 375459), a full service mortgage company specializing in real estate loans, to find the right loan product to finance your home. With decades of experience, CU Network Services can help you become a home owner.

Call 529-4599 for a no-obligation appointment or stop by the office at 715 S. King St., Ste. 100. CU Network Services is an Equal Housing Lender.

CU NETWORK SERVICES
CONTACT 529-4599
ADDRESS 715 S. King St., Ste. 100, Honolulu
WEB cunetworkservices.com