MSUFCU offers advice for those making home purchases or refinancing

If you are looking for a home, it is essential to be prepared before you start shopping. This includes knowing your credit score, obtaining a pre-approval letter from your mortgage lender, and finding a good real estate agent. Deidre Davis, Michigan State University Federal Credit Union Chief Marketing Officer, shared a few things to do before you start looking for your dream home.

You should save for a down payment. Not only do most lenders require one, but it will reduce the amount you need to borrow. Most lenders require a certain percentage of the purchase price as a down payment.

You should also save for other expenses, including moving costs or household items like rakes, trash cans, and cleaning supplies. You should also consider the additional costs for inspections and your current living conditions if you have to sell a house or end an apartment lease.

A good real estate agent and lender will want you to be equipped, informed, and comfortable, so ask any questions you have. You are paying for their expertise and advice, and having a deep understanding of buying a home is one of the smartest things you can do for yourself.

When you start looking for a home, don’t be surprised if you end up changing your mind about what you want. You may find that your criteria are incompatible with your budget or the neighborhoods you prefer. Be prepared to re-prioritize non-negotiable items or wait until you can afford what you want.

You should also keep in mind that a lot can be changed or corrected to meet your specific preferences. This includes paint color, light fixtures, carpet, landscaping, and other cosmetic changes. Don’t let such things get in the way of a big house.

A home inspection is very important! Even for a newer home, an inspection is important to find small items to fix or larger issues that could become deal breakers. Work with your real estate agent to determine what is realistic to ask the seller to fix. When there is a safety or structural problem, it is absolutely essential to negotiate with the seller to make repairs or leave.

MSUFCU offers a wide range of mortgage products, from first-time home buyers to conventional and adjustable rate mortgages. The Credit Union also offers home improvement loans and home equity lines for those who want to renovate or remodel. Members with existing mortgages can save money with a mortgage rate modification. With this program, members may be able to lower their rate and possibly shorten the term of their loan.

In addition, MSUFCU now offers mortgages in 12 states including Michigan including Arizona, Colorado, Florida, Georgia, Illinois, Indiana, North Carolina, Ohio, Pennsylvania , Virginia and Washington.

Members can apply for mortgages through the MSUFCU mobile app., or in one of our branches.

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About Teresa G. Wilson

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