Buying your first home doesn't have to be a terrifying experience. However, that's how many perspective homeowners view the process. According to Nerdwallet, millennials are especially hesitant to enter into the home-buying arena, even though they'd like to become homeowners and see the value of buying over renting. Most feel they don't yet make enough money to pay a monthly mortgage.
This is where Peach State Federal Credit Union gives you an advantage over competing mortgage companies. At Peach State, we'll work with you to find repayment options that fit your budget and your lifestyle so there's no need to put off buying that home you've been dreaming about.
We've put together a short list of do’s and don'ts to help you with the home loan process. When you're ready to take the plunge, this checklist will help get you to the right place.
1. Do: Check on the status of your credit.
Do this as early as possible in the planning process – as much as a year in advance if you think there could be negative items impacting your credit score. This will give you time to pay off any outstanding debt to improve your score if needed.
2. Don't: Immediately begin buying furniture and accessories once your loan is approved.
Your credit will be monitored throughout the process, so be mindful of your spending and avoid opening any new lines of credit during this time.
3. Do: Have your down payment ready.
Before the housing market crashed, it was easier to secure a home loan with little or no down payment, but things have changed. Although some first-time home buyer programs offer payment options requiring little money down, increase your chances of getting a home loan by planning to put down at least 10 percent of the cost of the home.
4. Don't: Quit your job.
It's important to show how responsible you are when you're applying for a home loan. Lenders want to see a strong, reliable work history coupled with responsible spending before they're ready to help you get approved for a home loan, so stay put in your job during the application and closing process.
5. Do: Have your budget in mind.
You need to know exactly how much you can afford to spend each month on mortgage payments. Industry experts suggest a good rule of thumb is to keep your house payment below 25 percent of your whole income.
Approximately 31 percent of today's home buyers are first-timers. The team in our Mortgage Services Department is friendly, knowledgeable and caring. We want to help you achieve the dream of homeownership. Our straightforward 
and application process, as well as our lack of hidden fees make it easy for you to move forward to this next stage of life. Let us walk you through the home loan process – give us a call at 770.580.6098!
Applying for a home loan can be complicated. For more tips on finding the best mortgage for your needs, download our "How Much House Can I Afford in Georgia or South Carolina?" guide.
