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Buying Your First Home?

Posted in First Home
Updated October 15, 2018 7:31 PM
First Home

Here’s what you need to know!

Buying a home can be extremely overwhelming, especially when it’s your first home buying experience. If you’re in the market for a home, or know someone who is, don’t worry! We receive lots of questions about the home buying process (where to start, what the steps are, information needed, etc.), so we thought we’d go right to our mortgage experts to get you the answers you’re looking for.

I’m ready to start looking at homes; where do I even start?

  • First, get a free mortgage pre-approval! Getting a pre-approval will help you determine what you can afford so you have an idea of what to look for when you’re house hunting.
  • Next, find a licensed realtor. Your realtor will negotiate the sales price and prepare a purchase contract once you’ve found your home.

How much money do I need for a down payment?

You can finance your new home with CCU with as little as 3%* of the purchase price as a down payment. Don’t forget, you’ll also need to factor in additional fees that come with closing on the house such as the closing fees, appraisal fee, inspection fees (not required), title charges, and state or local taxes.

I found a home and my offer was accepted! Now what?

Time to start the mortgage process!

  • Once you have a signed purchase contract, forward the contract to your CCU mortgage originator. Our team will prepare and send your application documents to you.
  • Choose attorney representation. Your attorney will protect your interests and review all mortgage documents.
  • Hire a licensed home inspector (not required, but highly recommended!). Inspectors can help determine the quality of a home and help protect your investment.
  • Get a full appraisal of the property. CCU will order this once all documents are signed and received. The appraisal determines the value of the property.
  • Congratulations! You are ready to close on your new home! Your attorney will coordinate a closing date with the seller’s attorney. All that’s left to do is sign, collect the keys, and unpack.

I’m not quite ready to start – how can I get more information?

Taking time to do your research and figure out your finances is huge when you’re considering buying a home. We’re always here to answer questions about the home buying process along the way. For more information, check out the rest of our website, give us a call at 800-677-8506, email us, or stop by one of our branch locations.

*You should consult a tax advisor for information regarding the deductibility of interest and charges. Property insurance is required. An example of a monthly principal, interest, and private mortgage insurance payment for a 3% low down payment fi xed rate mortgage on $97,000.00 at 6.237% annual percentage rate for 360 months would be approximately $606.54. This payment does not include property taxes and homeowner/flood insurance. The interest rate for a 3% low down payment mortgage product can be .5% higher than a conventional 5% down payment mortgage. Private mortgage insurance and escrow for taxes and insurance are required with a down payment of less than 20%.


Helpful Holiday Shopping Tips

Posted in Tips
Updated November 19, 2018 1:50 PM
Shopping Tips

  1. Look for ways to save money when you are holiday shopping. Many retailers have coupons available for additional savings. Think about using your CCU Visa Signature® Rewards+ credit card1 and earn points on the purchases you are planning on making anyway. Pay off your balance at the end of the month to avoid paying interest! Don’t have a CCU credit card? Learn about our credit card options here.
  2. Do not go into stores unprepared and fall into the trap of impulse buying. Write down a plan of action in each store you visit so you don’t end up buying extra items.
  3. Try to make your holiday purchases throughout the year so you don’t have to put a strain on your budget during the holidays. You may want to consider a CCU Holiday Club Account and save throughout the year.
  4. Take a quick look at the interest rate you are paying on your auto loan financed at another financial institution. By refinancing your auto loan with us, you may be able to obtain a better interest rate which will save you money and you will not have to make a loan payment for 3 months2 giving you money in your pocket in time for the holidays!
  5. Shop local if you can, but if you cannot find what you are looking for and need to go online, there are some things you should think about.
    - Make sure you know the total price – including shipping and handling – before you make your purchase.
    - Check online coupon sites for additional savings with online retailers.
    - If you are making purchases for out-of-town people, consider shipping directly to them.
    - Don’t wait until the last minute to shop online.
  6. Set a budget! Take the money you have remaining after paying monthly bills and assign a dollar amount to each person you plan to buy for. This will help you avoid overspending. Interested in a debt-free way to add some extra cash to your holiday budget? Consider taking advantage of CCU’s Skip-a-Payment on select loans3. Just a $25 processing fee is all it takes to skip your auto or personal loan payment for one month.

1 Membership eligibility required. All accounts verified through ChexSystems. Approval for financing is subject to lending guidelines and credit qualifications. The rate you receive is determined by your credit history. Rewards available on Visa Signature Rewards+ and Visa® Platinum Rewards cards only. Rewards not applicable to Visa Traditional card. Points are not earned for cash advances, traveler’s check purchases and balance transfers, unauthorized charges, finance charges, or fees (such as a late fee or ATM fee). This list is subject to change. Points can be redeemed for cash based on our redemption schedule. 2 Approval for financing is subject to lending guidelines and credit qualifications. Must be a refinance from another institution. The rate you receive is based on your credit history, model year, and term. An example of a monthly payment for a fixed-rate auto loan of $10,000 at 2.24% Annual Percentage Rate for 36 months would be approximately $288. You may select your payment date on any day of the month. However, interest begins to accrue at the date the loan is opened. Offer excludes Visa, personal, student, and home equity loans. Some restrictions apply. Cannot be combined with any other offer. 3 Membership eligibility required. Other restrictions may apply. Skip-a-Payment requests are based on approval criteria established by CCU. Limit of one skipped payment per eligible loan on a 12-month rolling calendar basis. All CCU loans must be current for requests to be approved and processed. Acceptance of this offer will extend the term and interest of the loan and finance charges will continue to accrue. GAP or Mechanical Repair Coverage will not be extended with Skip-a-Payment. This service is subject to change without notice. Examples of non-eligible loans include: Visa, student loans, home equity, mortgage loans, construction loans, business loans, and auto leases.