5 Ways to Prepare to Buy Your First Home

Set yourself up for homebuying success with these steps

A couple imagines the layout of their first home after learning loan tips from UW Credit Union

You’ve been watching the market with one eye shut, while writing those rent checks with a sigh. But affording a home is possible, even in this market and with your budget. Here is some prep work you can do before you go all in on buying a house.

Get a credit consultation

When it’s time to buy a home, the stronger your credit score is, the better.

If you’re wondering about the status of your credit score and what you can do to improve yours, we can help! Members can access their credit score and full credit report for free in Web Branch.

You can also sign up for a free credit consultation with one of our financial specialists who will take the time to review your situation and suggest ways to improve your financial future. Consultations are confidential and come with zero obligation or judgement. Schedule an appointment today.

Talk to a Mortgage Loan Officer (MLO)

You may think it’s too early to get in touch with an MLO, but it’s not. Our team of friendly, experienced MLOs can help you prepare for your homebuying journey so you’re ready to pounce when your dream home is listed.

In these consultation sessions, your MLO will take a look at your overall financial picture and recommend strategies to improve your standing. They’ll also provide info on different homebuying options and programs you may be eligible for.

Take a seminar

UW Credit Union regularly offers free educational seminars for first-time homebuyers. These sessions, led by our own team of experts and offered both online and in-person, cover the homebuying experience from home search to closing.

Bank on budgeting

In today’s competitive market, having a solid down payment can make a big difference when putting in an offer on a home. Before you dive into your home search, spend some time refining your budget. Where can you cut back to save more for your down payment? You may want to set up automatic transfers into your savings to build a down payment without thinking about it.

Find ways to make it affordable

Some financial institutions offer deals when you get a mortgage from them. At UW Credit Union, first-time homebuyers can save up to $1,250* on closing costs. That means more of your hard-earned money stays in your pocket.

Buying your first home can seem overwhelming, but it’s a great way to build wealth over time and improve your financial well-being. In our 90+ years as a financial institution, we’ve seen a variety of market conditions and we’re always ready to develop a homebuying plan that works best for you.

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