If you’re in the market for a new home as a first-time homebuyer, you may not even be sure where to begin. Between questions about mortgage loans and not knowing how much you need to save for a down payment, your head may feel like it’s ready to explode.  

That’s why we have created the Mortgage Madness series for you! 

Get the answers to all your mortgage and first-time homebuying questions from the experts who know best.  

This installment of the Mortgage Madness series is going to focus on securing financing for your new home. 

If you’re a first-time homeowner searching for options on financing your new home, the first step should be setting up an appointment at your local Triangle Credit Union branch with one of our mortgage originators who will be able to help you with any questions and point you in the right direction.  

Typically, our Mortgage Originators are asked, “How much do I need to put down to be able to buy a home?” Many people think they need to put 30%, 40%, or even 50%, but the reality is, you can buy a property with as little as 3% down, which is a more obtainable number than people expect.  

The next most commonly asked question is, “How do I know what I will be pre-approved for?” Usually, prospective new home buyers are anxious about this amount. When you work with a Mortgage Originator, they can help you overcome those fears. You will be asked questions about what properties you are looking to buy, what amount you are hoping to be pre-approved for, and more. You will then be walked through the process of completing the application for the pre-approval process.  

As a first-time homebuyer, here are the documents you should bring to your appointment to be fully prepared:  

• Income documentation 
  • Paystubs or W-2 for hourly/salary employees 
  • Tax returns for self-employed individuals 

• Asset documentation 
  • Bank accounts 
  • Retirement accounts 
  • Stocks 
  • Bonds 

If you come to your appointment fully prepared, our Mortgage Originators will try to get you your pre-approval letter in 1 to 2 business days. Once you have your pre-approval letter, you can contact a realtor and start shopping around for the property you want to buy. We work with a lot of great realtors, or you can feel free to find your own.  You and your realtor will look for properties together until you find the perfect property for you! 

Once you have the purchase and sales contract of the property you want to buy, you can return to your Mortgage Originator to finish up the process and discuss the financing options. They will assist you in completing the application with the documents necessary to secure proper financing on your property.  

Buying a home is an exciting, but stressful, time especially for a first-time homeowner. However, we want you to feel as prepared as possible when that time comes for you. Keep an eye out for other installments in this series as well as our social media where we will post about upcoming webinars that are beneficial for first time homeowners.  

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