What you should know before buying a house in Baton Rouge
Whether it’s your first home or an upgrade, there are so many things to consider—like local mortgage rates and financial planning—before buying a house. Making decisions about your new home can be hard, but with EFCU Financial, purchasing your next home can be simple. To have your financial plan in order before closing on a home, follow our checklist to buying a house.
The Basics of Home Buying
- Buy the house you know you can afford
Your mortgage lender may tell you that you can afford a house more expensive than you initially imagined, but follow your instincts. Only you know what your fluctuating expenses may be. Consider your current income, calculate your debt-to-income ratio, and evaluate your expenses, such as childcare and loan payments, to find a price range that fits your lifestyle.
- Shop around for your mortgage lender
Interests rates on your mortgage loan can end up costing you tens of thousands of dollars. Securing an affordable interest rate means not necessarily settling for the first mortgage lender you speak to. Some lenders may quote an initial lower interest rate before fully outlining the associated closing cost fees required to obtain that lower rate; so shop around for the right loans, and be sure to use EFCU Financial’s mortgage rate calculator to determine the best loan options for you.
- Have a financial plan
To get the home of your dreams, make sure your finances and credit score allow for regular home buying costs. Account for a sufficient down payment of up to 20% of the purchase price that some lenders require, in addition to closing fees, moving costs, or future maintenance and mortgage payments.
Planning and Loans with EFCU Financial
Ready to buy a home? EFCU Financial can help you understand the ins and outs of home buying to help you with your financial planning. Before you start looking at homes, whether you’re buying or renovating, talk with one of our mortgage lending experts to get your loan pre-approval documentation and to discuss the possibility of lower down payment options. At EFCU Financial, our mortgage loans offer competitive interest rates and more options to fit your needs. When you apply for a loan with us, you can talk with our mortgage lenders to learn more about:
- Fixed and adjustable-rate mortgages
- Lot/Land Loans
- Construction Loans
- Flexible Terms
- Down Payment Options
When you borrow from EFCU Financial, you’re met with exceptional services that aid in your finances to help you purchase your new dream home. Apply for a loan today or to see how else EFCU Financial can help you during your home buying process.