MSUFCU shares home buying strategies from 2021

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If you are in the market to buy a home in 2021, you are likely to experience socially distant and virtual home visits.

Deidre Davis, MSUFCU Marketing Director, will discuss home buying strategies in 2021.

What should you expect when looking for a home this year?

Buying a home was a challenge in 2020, but realtors, lenders, buyers and sellers made the social distancing process work. With smaller open houses, virtual home tours, electronic closings, and online meetings, people were able to buy homes while staying safe. Overall, online tools have increased efficiency and are expected to be widely used again this year.

While a lot has changed in the home buying process, a lot remains the same. This includes the first step you need to take: Make sure your finances are in order before you start looking for a new home.

Before you apply for a mortgage, it’s a good idea to review your credit report and dispute any errors. You should also check your credit score. A clean credit report and a high credit score will help you earn better interest rates.

What should you look for in a lender?

Once your finances are in order, look for lenders who have a solid reputation, are aware of all fees, and whose mortgage agents will walk you through the lending process. Comparing mortgage rates and fees can help you find the best deal.

What about getting pre-approved?

Once you’ve chosen a lender, ask for a mortgage pre-approval, which is an offer from a lender to lend you a certain amount under specific conditions. A pre-approval shows sellers that you are a serious buyer.

What can MSUFCU do to help?

MSUFCU offers a wide range of mortgage products, from the first-time home buyer’s program to conventional or adjustable rate mortgages. The Credit Union also offers home improvement loans and home equity lines for those who want to renovate or remodel their existing home.

Members can also apply for mortgages through the MSUFCU mobile app.

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