The home-buying process can be overwhelming for everyone, it doesn’t matter if it’s your first time, second, or tenth. SPIRE strives to make sure that all members are set up for successful homeownership.
Myth #1: The first step is to find a house.
Meeting with an experienced mortgage loan officer is the best first step when starting your home-buying journey. Your mortgage loan officer will work with your budget and lifestyle to figure out what you can afford. They can also get you a preapproval letter, which is the best shopping tool you can have.
Myth #2: A 30-year mortgage is the best option.
At SPIRE, we have many options when it comes to mortgage loans. One to consider is an Adjustable Rate Mortgage (ARM). It is the same 30-year amortization schedule, but you will enjoy a lower rate for that initial lock period. The average time frame a person stays in their home is seven years; taking advantage of a lower fixed rate for that time frame can help you save money and build more equity.
Myth #3: You need a down payment of 20%.
SPIRE has options for first-time homebuyers to put as a little as 1–3% down on a home.
Myth #4: It is cheaper to rent than own.
Rent has significantly increased over the past years. When paying rent, you are helping someone else build equity in their asset. When you own a home, your monthly payments are increasing your equity in your own asset.
Myth #5: You don’t need a real estate agent.
Real estate agents know the market and can help you make the best offer. SPIRE offers a free service for our members called HomeAdvantage®. All the agents in the program are handpicked and have years of experience. Not only do you work with an experienced agent, you also get to earn Cash Rewards*. These rewards can be applied toward your closing cost or you can get a check. The average reward our members earn is $1,600.
Schedule a meeting with a SPIRE mortgage loan officer today!
*HomeAdvantage is available to you through your membership with SPIRE Credit Union. Cash Rewards are available to members who register to use HomeAdvantage and who use a real estate agent in the HomeAdvantage network to buy or sell their home. Using SPIRE Credit Union for a mortgage is not a requirement to earn Cash Rewards. Cash Rewards amounts are dependent on the commissions paid to the agent. SPIRE Credit Union may have specific rules on how your Cash Rewards will be paid out. Cash Rewards are void where prohibited by law or the lender. Please consult with your credit union to get details that may affect you. Examples of Cash Rewards amounts shown are based on 3% commission rates. Your agent’s commission rate may differ.