Preparing to Buy a Home

Many people consider buying a home to be a rewarding part of adulthood. How do you know if you are ready to take this step?

  • Have you saved for a down payment? Conventional mortgages may require as much as 20% of the purchase price as a down payment while VA, FHA, and other special mortgages may allow a lower down payment.
  • Additional expenses over your mortgage payment should be considered. Real estate taxes and homeowners insurance, and possibly private mortgage insurance will add to your monthly homeownership expenses.
  • Do you have an emergency fund for unanticipated expenses?

If you are ready to learn how much you can afford to buy and to become pre-qualified, contact one of OFAC Visual Credit Union’s mortgage professionals.

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