Three Things to Consider Before Buying a Home

Making sure you and your family are prepared for a significant commitment involves considering all the potential impacts a large purchase can have on your life. 

Know what you can afford 

While searching for your dream home, it’s a good idea to understand what you can afford first. Take into account that your current expenses – items such as groceries or utilities – may now be increased by a monthly mortgage payment. Consider different budget scenarios to account for potential life changes in the future. Figuring out how much you can afford while still living within your means is key.  

Start saving now 

Even if buying a home isn’t in your immediate future, if you think you’ll ever want to become a homeowner, start saving as soon as possible. There are many costs that go into buying a home beyond the purchase price. And even with a mortgage loan, you may need to pay a percentage as a down payment on the home. Having some savings built up for this purpose will take some pressure off of you when you’re finally ready to take the plunge. 

Have the right people in your corner 

Although it’s essential to have a good realtor to guide you through the homebuying process, it’s equally imperative to find a Mortgage Loan Originator that you trust. The mortgage loan process takes time and can sometimes be overwhelming, so you’ll want to find an experienced officer who can answer your questions and be with you step by step from application to closing. 

At Hawaii State FCU, our team is always available to answer your questions. Stop by a branch, visit www.HawaiiStateFCU.com, or contact us at (808) 587-2700.