Determining When It's Time to Buy a Home and How to Get a Credit Union Mortgage Loan
Are you feeling like now is the right time to stop renting and purchase your own home? Knowing when it’s the right time to buy a home is different for every individual, couple and family. For most people, they usually believe the time is right when they desire more space, convenient commutes and areas that cater to their changing lifestyles. What some potential homebuyers forget to consider when approaching a credit union mortgage specialist, however, is purchasing a home involves much more than simply saving for a down payment.
At Clark County Credit Union, we want to help all of our members finance the home of their dreams when the time is right. This list of common expenses associated with the purchase of a home will help you identify whether or not you can currently afford the financial responsibilities of owning property.
It’s typically recommended by credit union mortgage lenders that you save for a down payment of at least 20% of the overall cost of the home but there are other loans that require as low as 3.5% down.
Closing costs are groups of fees you’ll pay when the home sale is finalized. Each transaction is unique, however, many common closing cost fees include mortgage application fees, inspection fees, appraisal fees, property taxes, broker fees, transfer taxes, notary fees, and credit report fees. While some of these can be negotiated with the seller, the buyer traditionally pays many of them.
Home Warranty Fees
A home warranty is a separate policy from a homeowner’s insurance policy. Although this warranty is optional, you may consider purchasing one to protect the appliances and amenities in your home.
Additional Rental Fees
Even after you’ve paid your last apartment rental check, you may still owe the rental company money in the form of repair or cleaning fees. Be sure to ask your property manager to do a walk-through with you before you are released from the lease so you can tend to problematic areas.
Moving from house to house, even in the same city, can be expensive. Research average moving rates in your area and factor this expense into your home buying budget.
The first thing homeowners do after buying a home is either repair it or remodel it. Depending on the age and state of the home you buy, you’ll need to budget for the repair or remodeling projects that you want to accomplish right away.
When homebuyers move into a new space, many want to adorn it with new furniture and décor. Although you may assume that you’ll keep your current furnishings, issues with space, functionality and aesthetics may convince you to purchase new elements for the home — all of which you’ll need to budget for.
If you’re moving into a community with an HOA, you must be prepared to not only pay fees up-front, but also continue paying them on time throughout the rest of the year.
Unfortunately, emergencies do occur when you least expect it. From leaky roofs to broken hot water tanks, you’ll want to save for these emergency expenses prior to purchasing and moving into your new home.
Get Financing with a Credit Union Mortgage Loan
Are you unsure if you’re in the right financial position to purchase a home? We can help. Visit Clark County Credit Union, or call 702-228-2228 today, and speak with one of our financial experts about a credit union mortgage loan.