Preparing for Home Buying

Buying a home is likely one of the biggest investments you will make during your life. We believe the process should be smooth and transparent. Let us help you make this decision easy by following these tips, utilizing our Online Learning Center, and attending our “Home Buying” workshop.

If you are currently renting, and considering buying a home, practice making monthly mortgage payments. If your estimated monthly mortgage payment is higher than your current rent, put the difference aside into a savings account to simulate making a payment. This will allow you to see how the mortgage payment will affect your monthly budget and help you build savings to cover future home ownership expenses. Use the Mortgage Affordability Calculator to help you determine a mortgage payment based on your income.

Free Online Learning Resources:

Explore our Online Learning Center and find a variety of tools to help you get ready to buy a home:

Buying a Home: Learn the process, resources, and strategies to help you buy a home.
Mortgages: Gain the knowledge you need to work with a lender you trust and find a mortgage that fits your needs and budget.
Mortgage Application Checklist: This helpful checklist will help you know what documentation you need when applying for a mortgage.

Home Buying Workshop: Saturday, April 13, 2024, at 10 AM

Prepare for purchasing a home and understand the responsibilities that come with home ownership. A panel of experts will share their knowledge about mortgages, insurance, and what to expect when working with a realtor. Visit www.bmifcu.org/workshops to learn more about this free workshop and register to attend.

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(March 2024)