Your Guide to Buying a Home
Learn what to expect when purchasing a your first home.
Financial Milestones
Select a financial milestone below to explore related services, calculators, videos, articles, and additional resources.
The Home Buying Process
Buying a house involves several key steps, starting with financial preparation. Ensure your credit score is strong (typically 620-660 or higher), create a realistic budget keeping housing expenses within 28% of your gross income, and save diligently for a down payment (usually 3-5% minimum), closing costs (2-5% of the purchase price), and potential repairs. When applying for a mortgage, gather necessary documents and compare lenders within a 14-day window to minimize credit impact. Pre-approval, usually valid for 60-90 days, demonstrates your seriousness as a buyer.
Once financially prepared, focus on finding your ideal home by considering location, size, and condition. Utilize online resources and real estate agents to browse listings and attend open houses. Make a competitive offer based on market conditions, and be prepared to negotiate terms. After acceptance, schedule a home inspection and appraisal. Finally, complete the closing process by signing paperwork and paying closing costs to finalize your purchase.
Take the Next Step.
Check out our offerings to help you take the next step in your investing.
Common Questions
Since everyone's situation is unique, we can't give you an exact number, but we can give you an estimate! Try our mortgage payment calculator. It's a great tool for building out a future budget that includes a mortgage payment. Try it out for yourself!
It's important to know what you can afford before looking for a home. Our home affordability calculator gives you a good starting point. Try it out here
It depends on the type of mortgage you want and the price of the home. Some lenders, like UMCU, allow you to only put down 3.00%*. Conventional loans ideally have a 20% down payment. Whether you've already been saving for a home or are just starting out, our Impact of Saving More calculator will help you determine the number you need to reach your goal. Give it a try here
We’re Here for You At Every Milestone.
Disclaimer
*Offer of 3.00% down is available for conventional fixed-rate mortgages on single family homes. 97% maximum loan-to-value. Maximum loan amount $766,550. Loan subject to credit approval, normal credit standards apply. Additional limitations, terms and conditions apply and are subject to change without notice. Property insurance required. Flood insurance may be required. Contact UMCU for more information about credit costs and terms. NLMS #712343