If you are in the market to buy a home in 2021, socially distant and virtual home tours are likely what you’ll experience.
Deidre Davis, MSUFCU Chief Marketing Officer, will discuss home buying strategies in 2021.
What should you expect when looking for a home this year?
Buying a home was challenging in 2020, but real estate agents, lenders, buyers, and sellers made the socially distanced process work. With smaller open houses, virtual home tours, e-closings, and online meetings, people were able to buy homes while staying safe. Overall, online tools increased efficiencies and are expected to be used widely again this year.
While much has changed in the home buying process, plenty remains the same. This includes the first step you should take: Making sure your finances are in order before you begin looking for a new home.
Before you apply for a mortgage, it is a good idea to review your credit report and dispute any errors. You should also check your credit score. A clean credit report and high credit score will help you qualify for better interest rates.
What should you look for in a lender?
Once your finances are in order, look for lenders that have solid reputations, are upfront about all fees, and whose mortgage officers will explain the loan process. Comparing mortgage rates and fees can help you find the best deal.
What about obtaining a preapproval?
Once you choose a lender, ask for a mortgage preapproval — an offer by a lender to loan you a certain amount under specific terms. A preapproval demonstrates to sellers that you are a serious buyer.
What can MSUFCU do to help?
MSUFCU offers a wide range of mortgage products, from a First-Time Home Buyer program to conventional or adjustable-rate mortgages. The Credit Union also offers home improvement loans and home equity lines for those interested in renovating or remodeling their existing homes.
Members can also apply for mortgages through the MSUFCU Mobile app.
