First-Time Homebuyers Welcome

The "right" time to buy depends on your unique situation, but generally speaking if you have a down payment saved up and feel ready then it could be the right time for you. Waiting for a lower interest rate could mean you're missing out on building equity over the long-term. If you can afford payments at the current interest rate, even if it's a little higher than you'd like, it may be worth it to make the purchase now and consider refinancing should rates dip in the future.

Watch:  Should You Wait Out Interest Rates?

Yes, you can. Your credit score is just one of many factors that contribute to the types of home loans and the rates that you qualify for. Your down payment, debt-to-income ratio, work history, and the type of home loan you’re interested in are all extremely important as well. One type of home loan for those with lower credit scores are FHA Loans. FHA mortgages allow the homebuyer to put down as low as a 3.5% down payment AND have less-than-perfect credit. Get an idea of what you might qualify for with our Mortgage Loan Calculator. Standard underwriting criteria will apply.

When buying a home, the standard guideline is to pay 20% of the home’s purchase price upfront as a down payment. For example, if you bought a $250,000 home, you would need to provide $50,000 for a 20% down payment.

However, some types of home loans require less than 20% down payment. With a lower down payment you’ll pay more interest over time. And, you will likely be required to pay a monthly fee called Private Mortgage Insurance (PMI) until you’ve paid off 20% of your home’s purchase price.

You may also be eligible for down payment assistance in the form of low or no-interest loans, grants, tax credits, savings programs, and more. Standard underwriting guidelines apply.

Talk to us to decide what's the best for your situation.

A home loan preapproval is usually a letter provided by a lender stating how much money they would be willing to lend you for your home purchase.

To apply for a preapproval for a home loan, you will need to complete a home loan application and provide some information about yourself. The lender can then determine how much money you would be eligible to borrow. This is not a guaranteed loan, but it gives you a good estimate of what you can afford. 

A preapproval is often the first step before you make an offer on a house. It demonstrates to the sellers that you’re a serious buyer and have funds in order to make the purchase. Being a preapproved buyer can give you a competitive edge over a buyer who is not preapproved. Standard underwriting criteria will apply.

Yes, your monthly home loan payment (the principal and interest) will stay the same for the life of the loan. Keep in mind though that other payments related to your home, such as property taxes and utility bills, are not fixed and may change over time.

Closing costs are the fees and charges you’ll need to pay before your home loan can be completed, such as title insurance, homeowners’ insurance and recording fees. 

Closing costs can vary, but they’re generally around 2-3% of your home’s purchase price. You’ll want to take closing costs into account when budgeting for your home purchase. At UW Credit Union, we’re proud to offer home loans and low closing costs — if you find lower closing costs elsewhere, we’ll match them or give you $500.³