Get the Facts and Then Get a Home Loan

March 16, 2018 | Vince Nowicki

Photo of a happy fmaily sitting on the prch of their new house they purchased with a Mission Fed home loan.

Whether you are a first-time homebuyer or you need to sell your current home and buy another one, we have information unique to you, including programs that you can benefit from, mistakes to avoid and important items to consider when you begin your home buying and home selling journeys. You can learn more in our Home Loan Guide and be prepared to shop confidently for your new home purchase.

A big part of the home buying process is determining how much you can afford. This may seem intimidating, but don’t worry—Mission Fed is here to help. Your monthly expenses, down payment amount and interest rate will all play a large part in figuring out how much you can comfortably spend each month on your mortgage. Credit Unions are known to give back to members through low credit union Home Loan rates, and Mission Fed is no exception. You can review our rates online as well as our home loans in San Diego.

If you are a first-time homebuyer, everything about buying a home is new and there is a lot more to it than looking at house online and saying “Yes, that’s the one!” As a first-time homebuyer, you should know:

  • Find out your credit score. You’ll need to know your credit sore and the score of anyone else who will be on the San Diego mortgage loan with you, like a spouse, partner or parent.
  • How much you can afford. If you have a realistic monthly budget, it will be easy to find out how much you can afford each month when subtracted from your monthly income. If you don’t have a budget, now is a good time to start tracking all of your expenses and finding out where your money goes.
  • Total monthly housing costs. Your monthly housing costs will be more than just the Home Loan monthly payment amount. You will need to add in utilities, taxes, insurance, HOA or mello-roos fees in applicable and other expenses. Talk to a Mission Fed Real Estate expert for more information.
  • Closing costs. When you purchase a home, you might be responsible for closing costs, depending on your Home Loan type and the agreement made with the seller. Closing costs are paid out-of-pocket in addition to the amount you pay as the down payment.

If you need to sell and buy, there are several things to consider when you’re selling your current home and preparing to buy another. However, once you’ve established the best plan for you and your budget, you’ll be able to balance things and enjoy your next new home! Things you should consider include:

  • Taking a close look at the current housing market. Before you do anything official, look at the housing market in the area in which you currently live, as well as in the area to which you plan to move.
  • Buy first or sell first? Buying first is certainly easier, as you’ll have more time to move and prepare your current house to sell. However, in a slower market, it’s often advisable to make the purchase of a new home contingent on the sale of your current home—your mortgage could require it. Similarly, in a hot market, you can make the sale of your home contingent upon your purchase of a new one. The best answer depends on the market and your financial situation.
  • Synchronize closing dates. If you are able to sell your home and buy a new one at the same time, proper planning can help you close on your new home first, giving you time to move from your old house and into your new one without finding yourself without a place to live in the interim.

Mission Fed can help you calculate your San Diego Home Loan numbers with our online calculator tools. Quickly find out how much you can afford monthly, the down payment you’ll need, compare mortgage terms and more, all from the comfort of your couch.

Plus, we also offer First-Time Homebuyer Seminars and Move Up Workshops throughout San Diego County. These events can help you learn more about your specific real estate needs. Register to attend an event near you—but hurry, because they fill up fast!

Download the Mission Fed Home Loan Guide today to learn:

  • Home Loan Basics
  • Types of Home Loans
  • What to Consider Before Buying a Home
  • Getting Preapproved
  • First-Time Homebuyer
  • How Much Can You Afford?
  • Steps to Buying a Home
  • How to Move out of Your Current Home and into Your Next One
  • Now that You Are a Homeowner

Still have questions? Make an appointment at one of our 32 branches to speak to a representative. Your success is our bottom line.

The content provided in this blog consists of the opinions and ideas of the author alone and should be used for informational purposes only. Mission Federal Credit Union disclaims any liability for decisions you make based on the information provided. 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.

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.

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