Your CU has your back. We can help you minimize anxiety by being prepared.
Buying a house is an exciting time for you. A little scary, as well, but your allies at Sun Federal CU have your back. We can help you minimize anxiety by being prepared.
If you haven’t already, call a loan officer at (800) 786-0945 and have a conversation about your questions and your goals. Here are some of the things you might talk about:
Go to annualcreditreport.com and get your credit report from all three of the reporting agencies; you get one free report a year from each.
Here’s how much difference your credit score makes, if you qualify: On a $150,000 30-year fixed-rate (3.85% annual percentage rate) mortgage, with an excellent score of 760 or higher, your monthly payment would be $703 and you’d pay $103,033 in total interest. But a credit score of 620 would cost $846 a month (5.4% APR) and rack up $154,407 in total interest payments.
When you talk with a Sun Federal CU lender about applying for a home loan, you’ll need several other records:
Your income and its stability, how much you have for a down payment, and your existing debt level are all elements that come into play. Maybe you have heard the 28/36 guideline. This means:
These are guidelines. Think in terms of what house payment you can handle and still have money for savings, education, childcare, vacations, entertainment, and other priorities.
You’ll have to come up with as much as 20% down on a conventional home loan—or $30,000 on a $150,000 house. Here again, a Sun Federal CU loan officer can help you learn about options you’re eligible for that can bring the numbers within reach.
In addition to a down payment, be prepared for these expenses, which you can’t roll into your mortgage:
You can expect to shell out for paint, window coverings, appliances, and other basics to make your new place move-in ready. Here again, your Sun Federal CU loan officer can help you calculate what you need and how much you want to keep on hand for the inevitable expenses that arise after you buy a house.
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