Buying Your First Or Next Home
Looking to buy your first or next home? Want to refinance? No matter where you are in life, there is a set list of things you need to do in order to move into that dream home.
Save For Tomorrow
Paying yourself is as important as paying your bills. We recommend you save at least 10 percent of your monthly take-home pay.
Lower Your Debt
Work on paying off debts before you apply for your loan. Or, consolidate high-interest debt with a lower cost loan. As a guideline, underwriters like to see your debt ratio around 28-36%. Here's an easy way to calculate your debt ratio: Add up your monthly payments and divide the total by your gross monthly income.
Check Your Credit Report
Purchasing a home requires some hard work and preparation. First, go to Equifax.com and request a credit report. Make sure to review it closely for any incorrect information that needs to be cleaned up. Understanding your credit before you apply for a loan could save you time and hassles later. If you need any help interpreting your credit score and report, our experts can help. Just ask.
Talk To Us
Start your house search by setting an appointment with a credit union loan officer. This gives you several advantages. First, it lets you know exactly what you can afford before you shop for your new home. Second, as a pre-approved buyer, you're in a better bargaining position, and you are able to close the deal on your new home more quickly, saving time and money. Just call us at 503-813-3242 (toll free 866-813-3242) or stop by the branch. You can even start the application process right now.
What You Need To Apply
- Your current pay stub(s) including your last two years of tax returns or W2's
- A list of your monthly installments or revolving debt
- Know how much money you have for a down payment and closing costs