Get the Facts and Then Get a 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 33 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.
More Blog Posts
First-time homebuyers need Mission Fed
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. Let’s talk...
Let's talk about calculations
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...
How to Access the Equity in Your Home
Your home is an asset that may contain equity. You can turn that equity into cash to use for major purchases like a vacation or school tuition, a home remodel or solar panels, to consolidate debt and much more! Apply for a Home Equity Loan, Home Equity Line of Credit or...
Debt—the good, the not-so-good and some help out!
Have you found yourself asking, “How do I get some control over my debt?” There isn’t a one-size-fits-all answer to this question. Fortunately, there are many ways to build a solution that will work with your needs. Read our Live Smart-Bank Smart Blog to...
Search for Mission Fed Branches and ATMs, or 30,000 CO-OP Network ATMs Nationwide