Buying a property is one of the most important financial decisions in life. For many immigrants, this process seems complicated due to confusing terms and bank requirements. At United Poles FCU, we will guide you through this process step by step.
1. Take care of your down payment (it doesn’t have to be high!)
The myth about needing 20% cash upfront often blocks dreams of owning your own home. At our Credit Union, if you are buying a home for the first time, you can take advantage of a reduced down payment of just 10% (with PMI insurance). If you have 20%, you avoid additional insurance, which lowers your monthly payment.
2. Watch out for hidden “Closing Costs”
Closing costs (lawyer, taxes, inspections) can reach up to 6% of the loan value at commercial banks. As a Federal Credit Union, we minimize these fees, leaving thousands of dollars in your pocket that you can spend on renovations or furniture.
3. Check your eligibility (not just your credit score)
Your credit history is important, but we look at it from a human perspective. If you don’t qualify for the lowest interest rate, we will prepare an offer tailored to your current situation and advise you on how to improve your score in the future. Remember that your mortgage payment should not exceed 26% of your monthly income.
