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First Comes Love, Then Comes Mortgage

Jaszmine Davis Jaszmine Davis First Comes Love, Then Comes Mortgage
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Your guide to making the next big commitment

You’ve probably learned by now that adulting is full of responsibilities and commitments; from jobs to relationships, the list goes on. If you’re at a place in your adult life where you want to stop paying rent and start building equity, you may be asking yourself: Where do I start? Buying a home is one of the biggest commitments you will make in your life and understanding the mortgage process is no easy task. Take these three steps in order to make sense of it all before making the mortgage commitment. 

1. Know your score. You need to make sure you are financially fit before securing a home loan. Make sure that your credit score is in check and that you are not drowning in debt. Remember, your credit score is one of the leading factors in determining what type of loan you qualify for, so don’t ignore it! According to Zillow, you can generally expect a good mortgage interest rate with a score of 720-760. While you still have options if your credit score falls below this range, in most cases, the higher your score the better your rate will be.

2. Gather your documents. The key to a quick and painless mortgage process is to be as ready as possible. Having the paperwork you need eliminates much of the back and forth when applying for a home loan. If you’re serious about making the mortgage commitment, be prepared to provide one month of pay stubs, two to three months of bank statements, and two years of tax returns and W2’s. Lenders will use these documents to determine what rate you qualify for and how much home you can afford.

3. Research your options. There are so many different home loan options that it might be hard to know which one is right for you. Your lender will help you determine the best loan for your needs, but here are some common loan types to consider: 

  • FHA: Federal Housing Administration insured loans are a common choice for first-time homebuyers. They are designed for borrowers with low-to-moderate income and require lower minimum down payments and lower credit scores than most conventional loans.
  • USDA: If you’re looking for a home in rural areas, the U.S. Department of Agriculture offers a single-family guaranteed loan program that offers up to 100% financing. Borrowers must meet income guidelines but do not need a down payment.
  • VA: This is a perfect loan for those in the military or who have certain military connections. A VA loan does not require a down payment, has lower rates than conventional loans, and has limited closing costs, among other benefits. 

We know that understanding mortgages can be confusing and stressful. For more information on how we can make the mortgage process easier for you, visit telhio.org.

This is a mutli-part sponsored series presented with paid support by Telhio Credit Union.

Telhio Credit Union is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield, Delaware, Licking, Madison, Pickaway, Union, Hamilton, Warren, Butler and Preble counties. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers nine branching offices throughout Central and Southwestern Ohio and nearly 4,000 shared branching locations nationwide. Federally insured by NCUA. Equal Housing Lender. NMLS #251831

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