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Smart Tips For All Home Buyers

With mortgage rates hitting another record low, the window of opportunity that home owners and potential home owners have been waiting for is finally here. However, many will fail to take advantage of this opportunity due to concerns about the time and effort that typically go into applying for a mortgage loan.

At Hawaii Central Federal Credit Union, highly experienced Home Loan Specialists are dedicated to making the home buying process as stress free as possible from start to finish. A little bit of education about financing and the real estate marketplace can go a long way toward ensuring a smooth and successful transaction.

Here are a few tips that will help prepare you for purchasing a home.

Check your credit score and pay down your debt. Don’t let a credit card debt affect how much you can borrow.

Find out how much you can afford. A lender or a Realtor will be able to assess your financial picture and let you know if you are being realistic about the price range you plan to buy in. They will also be able to give you a preliminary calculation of down payments and monthly payments on your loan.

Choose the mortgage product that works best for you. Whether you’re a first-time home buyer or have been through this process many times, Hawaii Central Federal Credit Union’s CU Network Services can help you find the right mortgage for your needs. They offer a variety of loan products including, 15-year and 30-year conforming fixed rate, VA, FHA, owner/builder construction loans, and vacant land loans. To make an appointment with a Home Loan Specialist, call 529-4599 and you may be able to get pre-qualified right over the phone.

Take the time to learn more about the real estate market. Once you have an idea of what you can afford and have identified neighborhoods that would suit your personal needs and lifestyle, start attending open houses.

Find an experienced, qualified real estate agent. A good real estate agent will be able to supply you with guidance and market information you might not have access to on your own. They will be able to provide data on home values and price fluctuations in the neighborhoods you are targeting, as well as good buys that may currently be available. Some real estate agents will want you to get prequalified for a loan before you start looking.

Look at many homes before you make a choice. The home buying process is one that should not be rushed, so take your time. Once you find a home that you are serious about buying, consider hiring a home inspection service to check its condition, particularly if it’s an older home. A small investment in an inspection up front could help to avoid extra expenses for repair in the future.

Be sure to read all contracts and closing cost statements carefully. It is important to become familiar with your rights as a home buyer. Don’t assume you can’t negotiate closing costs when parties decide the final asking price of the home. You might be paying extra fees you could otherwise save by simply asking the sellers to include them in the home price.

To learn more about the home loan products available, please call CU Network Services (NMLS# 375459), a whollyowned subsidiary of Hawaii Central Federal Credit Union (NMLS# 412820), at 529-4599 or visit their website at to apply for a free pre-qualification.

Home loans are provided by CU Network Services, which is a wholly-owned subsidiary of Hawaii Central Federal Credit Union.

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