Missoula Federal Credit Union

Purchasing a Home

Everything you need to know about purchasing a home

Acquiring a home is a transformative stage in one's financial life.

For many people it represents a convergence or culmination of effort, of saving or planning, of education, of marriage or partnership, of business development or work on the job.

Before you buy a home it is a very good idea to thoroughly review the homebuying process. Especially pay attention to mistakes and take note of them because they tend to be expensive, dangerous, time-consuming, or otherwise things you really ought to avoid.

Review your finances and make sure that they are actually as well in order as you need them to be to purchase, or to secure a mortgage with a down payment.

Polish your skills. Or obtain services of a qualified Agent who will work on your behalf, the buyer, so that when it comes time to make your offer you know you will be negotiating from a smart and informed market position and that Agent will represent your interests all the way through to closing day.

After you own your home you are free to re-finance it under different terms. You can use its appreciated value as a home equity loan or line of credit to make home improvements or assist with the cost of your child's college education.

Eventually, you can sell this home and rollover its appreciated value into the purchase of a new primary residence without incurring capital gain tax, using your home as a central part of your long-term financial plan.

Information about buying vs. renting a home
Are you ready to buy a home?

What are the advantages of owning a home?
What are the advantages of renting a home?
What are the disadvantages of home ownership?
What are the disadvantages of renting a home?

Information about mortgage loans
What do I do to qualify for a mortgage loan?
How large of a mortgage loan can I afford?
Should I shop around for the best mortgage?
What are the components of a mortgage payment?
What about variable vs. fixed mortgages?
What about 30 year vs. 15 year mortgages?

Other Information about mortgage loans
Loan Origination and Underwriting Fees
Settlement Costs/Closing Costs
Principal, interest, taxes, and insurance (PITI)

Homebuyer Assistance Programs
Homebuyer assistance programs
Government loan programs

Links to more information:

Home Insurance: Get a free home insurance quote from TruStage Home Insurance.

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