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Home Purchase Basics

Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you are a first-time homebuyer. Here is some information to keep you on track.

A home purchase may be your largest financial transaction, so it's important to make the right decisions and keep an eye on the details. With the assistance of your Real Estate Agent and a Spectrum Credit Union (SCU) Real Estate Loan Officer, it should be an efficient, pleasant, and ultimately rewarding experience.

Count on your Real Estate Agent to:

1. Preview available homes to weed out those that are overpriced or undesirable in some way.
2. Present the homes that suit your needs as you've defined them.
3. Help you determine the difference between a "good buy" and a property which, because of its nature (neighborhood, market appeal, etc.), might have to be discounted if you decide to sell in the future.
4. Negotiate the best deal for you. With a pre-qualification letter from Spectrum Credit Union in hand, your Real Estate Agent will be able to prove that you are a qualified and capable borrower. This will strongly influence the seller, and may make the difference between the seller accepting your offer over someone else's -- even if your offer is lower!

Count on your Spectrum Credit Union Real Estate Loan Officer to:

1. Assist you in selecting the best loan to meet your personal situation and goals (this single decision could save you thousands of dollars throughout the years to come!).
2. Keep you informed of your loan status throughout the entire process.
3. Keep your Real Estate Agent informed of your loan progress. (Note: Spectrum Credit Union always keeps your personal information confidential; only deal points and loan progress is shared).
4. Get the appropriate loan for you at the best rates and fees. This can save you significant money "up front" and throughout the years to come.

Count on yourself to:

1. Keep your Real Estate Agent informed of any questions or concerns as they develop.
2. Keep the process moving by providing documentation and decisions as soon as reasonably possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last minute details or events that require your attention.
3. Enjoy purchasing your home, but try to remain objective throughout the process so you can make good business decisions.
4. Make sure you are pre-approved as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.

Click on "Home Buying Process" and let Spectrum Credit Union walk you through the six easy steps you need to take to become a homeowner.

  • The Home Buying Process

    Congratulations! Your first home is a big step. The more you know about the home buying and financing process, the more confident you are in making the important decisions that will shape your home ownership experience.
  • Calculators

    Buy or Rent? Fixed rate loan or variable? For how many years should we finance? Our wide range of calculators can help you answer these and many other questions before you start your application.
  • Your Credit History

    A good way to start your search for the mortgage that's right for you is by reviewing your credit profile.

Mortgage Rates

The Loan Consultant feature determines the products and rates that match your needs.

Ready to Start?

To apply for your easy online loan, all you have to do is answer a few simple questions about yourself, your property and your income, debts and assets.