First-time homebuyers need Mission Fed

November 28, 2014 | Vince Nowicki

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 mortgage loan from Mission Fed. 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.

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

6 Reasons to Use Mission Fed for Commercial Real Estate Loans

photo of a strip mall

There are six key areas that set Mission Federal Credit Union Commercial Real Estate Loans apart...

There are numerous lending sources for commercial real estate loans. Commercial banks, mortgage companies, and some credit unions offer loans on commercial real estate. There are six key areas that set Mission Federal Credit Union Commercial Real Estate Loans apart from the...

How extra money from a HELOC helps—let us count the ways

Photo of a HELOC-using couple remodeling their house.

It’s spring and my “to do” list has never looked so good. With all the exciting trips and projects...

It’s spring and my “to do” list has never looked so good. With all the exciting trips and projects coming up in the next few months, I’m making sure to plan my budget and so should you. Luckily, my Home Equity Line of Credit is here to help! And with low payments, no...

Why are San Diego rental costs rising?

photo of a couple moving into their new home

It seems like apartment rents are going up every month. Keep reading to take a look at San Diego’s...

It seems like apartment rents are going up every month. The Mission Fed Business Lending Department has a lot of experience with multifamily housing. In fact, about half of our business loan portfolio is for apartments. Keep reading to take a look at San Diego’s rental...

A HELOC for the Holidays

Photo of a happy HELOC-using family in their home.

A HELOC might be just the thing to help you survive the holidays this year.

As the holidays rapidly approach, and as you take stock of all the things still left undone, you may be getting the feeling you’re a little overwhelmed. Have you considered a Home Equity Line of Credit to help pay for some of those important projects?

Branch/ATM Locator

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