First-time homebuyers need Mission Fed

November 28, 2014 | Vince Nowicki

First-time homebuyers need Mission Fed

Renter to homeowner in five steps

first time home buyers need a Mission Fed mortgage loan

When you start thinking about buying your first home, chances are you’re getting a lot of unsolicited advice from family, friends and coworkers. There’s a lot to consider before taking the plunge into home ownership, and there’s plenty of information available. You are about to find out why you NEED Mission Fed.

Let’s talk about how to buy a house.

The first step in the home buying process is to get a feel for what home prices and inventory look like in the area where you want to live. Websites like Zillow, Redfin and Trulia are excellent places to start. Keep in mind that the data on these free sites is not in sync with the Multiple Listing System that Realtors® use. The house that looks perfect on the Trulia app may already be in contract.

The second step is to try and figure out how much home you can afford. There are many websites available to help you make this calculation. I recommend visiting our Calculators page and using all the links under “Home Calculators.” However, there is no better solution to this problem than a quick discussion with one of Mission Fed’s Home Loan experts. That leads us to the third step…

The third step is to get prequalified for a Mission Fed Home Loan. Start by putting together your income documentation, like recent paycheck stubs, W2s and tax returns, and a recent asset statement. Once you have this information in hand, you can call or visit a home loan expert at any one of our 27 branch locations. We will walk you through the prequalification process and help you structure a mortgage loan and down payment combination that works for you. You don’t even need to have a specific property in mind! Qualified applicants can walk away from this meeting with a loan approval and a more precise idea of what their budget is going to look like after they buy a home.

For the fourth step, you are going to be talking to Realtors®. This is a good time to be quizzing them about inventory in the areas you like, which direction prices are moving, how many homes they have in your price range, etc. You have to be comfortable with the Realtor® you select. Make sure he or she knows the area well and is a good personality fit for you. You’re going to be spending quality time together through the shopping and buying process, so make sure that the Realtor® you select is a good partner.

The last step—step five—is here! Let’s say you found a home, worked with your Realtor®, made an offer that the seller accepts and got the loan and down payment combination you wanted. This is the part of the home buying process that moves the quickest. Once an offer is accepted, you typically have 30 to 45 days to get to the closing table. Relax—you’re in the expert hands of Mission Fed’s Real Estate Team. We will work with your Realtor®, the seller’s realtor, a home appraiser, home inspector, title and escrow people to make sure your first home buying experience is pleasant—and that you’re kept in the loop the entire time.

The path to homeownership is certainly challenging, especially when you’re buying your first home. However, I think you’ll agree that the rewards are worth the effort. Fortunately, there are many experienced people willing and able to lend you a hand along the way (friends, family and coworkers included). Good luck and enjoy the journey!

References to any specific commercial products, processes, or services, or the use of any trade, firm, or corporation name in this article by Mission Federal Credit Union is for the information and convenience of its readers and does not constitute endorsement, control or warranty by Mission Federal Credit Union. This article contains links for websites that Mission Fed does not control. Mission Fed is not responsible and does not assume liability for the operations, content, links, privacy or security policies of third party websites.

Picture of Vince Nowicki

Vince Nowicki

Vince Nowicki is 1st VP, Real Estate Operations & Servicing at Mission Federal Credit Union. He has over 20 years of experience in the mortgage industry, including numerous aspects of the business from loan origination, both retail and wholesale, to secondary marketing and bulk loan acquisitions.

More Blog Posts

What do you think about the cost of housing in San Diego?

Happy family in a home purchased with a Mission Fed loan.

Since the Great Recession, home values and rental rates have increased dramatically, impacting...

Since the Great Recession, home values and rental rates have increased dramatically, impacting affordability. With many publications showing the cost of housing in San Diego remaining between 40%-50% of net income for many households, it doesn’t appear we have...

The truth about Mission Fed Moments

Collage of Mission Fed moments

Mission Fed Moments come in all shapes and sizes, and we’d like to think they are the reason...

Mission Fed Moments come in all shapes and sizes, and we’d like to think they are the reason members stay with us and an important factor in why new members come over to see what’s different about Mission Fed. Mission Fed Moments can be life...

Full-Service Banking

Photo of a man inside a Mission Fed branch at the teller window.

Credit Unions offer many of the same accounts as the big banks, but with lower rates and dedicated...

Credit Unions offer many of the same accounts as the big banks, but with lower rates and dedicated customer service. Visit any of our branches throughout San Diego County or apply for a Checking account or Auto or Home Loan online. Whatever you’re banking...

Let's talk about calculations

Photo of a couple using Mission Fed online calculators.

Almost all of the decisions you make require calculations. Let Mission Fed help you reach your next...

At Mission Fed, we can’t help with all of life’s calculations, but we can definitely assist you in finding the right product for your next milestone, like your new car or larger home. Almost all of the decisions you make require calculations. Let Mission...

Branch/ATM Locator

Search for Mission Fed Branches and ATMs, or 30,000 CO-OP Network ATMs Nationwide