This Insights article was contributed by Bill Scott, Corning Credit Union Mortgage Specialist.
Homebuying is an exciting — yet complicated — process. Sometimes it is driven by unforeseen life-changing events like job relocation or a disaster requiring immediacy in locating a new home. Other times, buyers have a little more time to plan due to things like empty nesting, marriage, or an expanding family. This can be both good and bad, as planning in advance is a little less stressful, but it does open a can of worms when it comes to making decisions on when to buy.
Typically, homebuying heats up around springtime, slows down closer to the beginning of the school year, and tapers off prior to the holidays. Depending on weather and the economy it is not uncommon to see homebuying volumes stay strong throughout most of the year.
Of course, there are many more elements that determine when the right time to buy a home is than time of year.
Financing is an essential element in buying a new home. Homebuyers should reach out to a financial institution prior to or shortly after meeting with a real estate agent to discuss the purchase of a new home. We encourage homebuyers to begin conversations with a financial institution prior to signing a purchase contract. Meeting with a financial institution to see what financing options are available, along with the loan terms the homebuyer qualifies for, should be the first step in a smooth home buying process.
Interest rates are another important factor in purchasing a home. For example, interest rates can have an effect on the price of home individuals qualify for. The higher the interest rate, the larger the monthly payment will be. Financing the lowest amount possible for the shortest term at the lowest interest rate is always the best way to go.
Where to Start
Corning Credit Union (CCU) has a team of knowledgeable and experienced Mortgage Originators ready to review each homebuyer’s needs. We take the time to understand the individual requirements of our members and offer suggestions on the products and services that best fit their circumstances and timelines.
CCU is actively engaged in the community, which allows us to know what is happening in the market. We have established relationships with local real estate professionals, real estate appraisers and attorneys. We actively participate with the City of Wilmington’s Home Ownership Program, the Chamber of Commerce, Rotary, and Wilmington Downtown, Inc. to stay on top of important local issues as well as what’s going on in the local marketplace.
Finding the best homebuying options for our members is our top priority. We fully review our members’ current financial situation to determine all available loan options as well as the most favorable financing terms. We also understand our members are more than a number on an application and we engage them on a personal level to ensure we are meeting their needs and setting them up for the best possible financial outcome.
CCU understands buying a new home is a very exciting time and welcomes the opportunity to help our members with this important milestone. Ready to get started? Click here.
Federally insured by NCUA. Membership eligibility required. Corning Credit Union is an Equal Housing Lender. Approval for financing subject to lending guidelines and credit qualifications.
As a member-owned, not-for-profit, independent financial organization, Corning Credit Union exists solely to serve our members. This means that every dollar invested in CCU is returned back to our members through better rates and lower fees on our high-yield checking account, auto loans, mortgages, and more. For more information visit us at www.corningcu.org.
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