Member Education

3 Tips for Preparing to Buy a Home

Considering buying a new home? The following three steps will help make the process of buying easier and less stressful.

1. CHECK YOUR CREDIT REPORT
   The best interest rates go to individuals with good credit scores. Check your report for errors and clean up any “less than perfect” entries well in advance of applying for a mortgage. This can help raise your credit score and save you thousands of dollars in interest charges. Order a free copy of your credit report by visiting www.annualcreditreport.com or by calling (877) 322-8228.
2. START SAVING NOW FOR YOUR DOWN PAYMENT
   If you want to buy a $450,000 home, can you put 10% down ($45,000)…or is 5% ($22,500) more realistic? Set your target down payment and start putting those dollars away now. You may also consider 90% financing if you need to move into a home soon. Find a variety of high yielding savings options, or contact Redwood Credit Union (RCU) at (800) 479-7928.
3. GET PRE-APPROVED
   A mortgage lender can run your credit report, look at your debt and income situation and let you know what loan amount you qualify for. To discuss your loan options, contact one of RCU’s Mortgage Lending Representatives at (800) 609-9009. You can also apply online today.
4. LEARN MORE
   Knowledge is power. It’s the power to know what your choices really are. Read more about First-Time Home Buying, Purchasing and Re-financing of your home.

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Member Education - All About Loans
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