House Hunting? Steps to take before you begin.

[ 0 ] October 4, 2012 |

When choosing a new mortgage to buy a home, get the best loan for your personal situation.  Here are a few steps to take before beginning your home shopping:

Get your free copy of your credit report at https://www.annualcreditreport.com , and notify the credit bureaus of any errors in the credit report you receive.

  • Before shopping for your home, get pre-approved so you know the maximum mortgage you can obtain, and read the conditions carefully!  Your pre-approval should be contingent on appraisal of the home.
  • Look at your options for fixed rate or adjustable rate mortgage (ARM) to see which is best for you.  If you plan to stay in this home less than seven years, an adjustable rate mortgage can save you interest expense.  Should interest rates rise, a fixed rate mortgage protects you because your payment cannot increase.
  • When comparing mortgages offered obtain the APR (annual percentage rate) which includes any loan fee.
  • Make sure you know what the closing costs will be for the type of loan you choose. Some loans have very high closing costs.

For more information about our home loans please give our dedicated team a call at 800.676.2541 or check out our lending tab on our homepage at https://www.iaacu.org/lending

 Watch for our next blog on ‘Pre Approval versus Pre Qualification’!

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Category: Homes & Loans

About the Author ()

Hello! I have been with IAACU since August of 2011. I am a Member Development Rep. You might have talked to me a few times on the phone or through e-mail.

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