Posts in category 'Tips For Buyers'

Before you buy a home, it's essential to understand how much debt is reasonable for you and what upfront costs you'll face during the purchase process. From the down payment to closing costs, having a clear picture of your financial situation will help you avoid unpleasant surprises and ensure you're making a sound investment.

The Debt-to-Income Ratio

When you apply for a mortgage, lenders will closely examine your finances to determine how much you can realistically afford to spend on a home. One of the key measures they use is your "debt-to-income ratio" (DTI), which compares your pre-tax income to your housing costs and other monthly debt payments. This ratio helps lenders gauge your ability to manage monthly mortgage payments responsibly.

How the Debt-to-...

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If there's one purchase that should never elicit a serious case of buyer's remorse, it's your home.

A home is not only one of the largest purchases most of us will ever make, but much of your wealth will likely be tied up in your home. Research conducted by the U.S. Census Bureau has shown that home equity comprises the largest portion of the average U.S. household's net worth. So it's safe to say that buying a home is an incredibly important financial decision.

Money, however, is just part of the equation. A home is far more than an investment - it's the setting in which our lives unfold. Our homes serve as the backdrop to almost everything that happens to us, good, bad and indifferent. Many of your life's signature moments will occur within those walls.

Give...

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When it comes to buying a home, there are many questions to consider. Your home is one of the most important parts of your life. It's where you will spend most of your time, raise your family, complete major life goals, and make many memories. It's important for your home to be the right home for you. Whether you are a first-time home buyer or ready to upgrade to a new home, there are some vital questions to ask first to help you make the best decision for you.

Rent or Buy?

One of the first questions you may ask yourself is whether you should rent or buy. It takes more than looking at just your monthly payment to answer this question. Buying a home includes fees such as Private Mortgage Insura...

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At Idaho Central Credit Union, we know how overwhelming the task of purchasing a home can be, especially in this market! As exciting and life-changing as it is, the process of buying a home can also be very emotional. ICCU's home loan specialists are here to help you through the rollercoaster and make the transition to home ownership as smooth as possible.

We have broken down several emotions you can expect to feel on the journey to becoming a home owner, and some unique benefits that ICCU offers to help along the way!

Excitement

The excitement is palpable! You've decided to make one of the largest purchases of your life! The options are endless and the housing market is your oyster....

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Buying your dream home should be one of the most joyful events, and Idaho Central wants it to be that way. Although buying a home can be stressful at times, especially when it comes to the expenses that come along with it, taking the time to budget for a new home can save you from some of the stress, making buying your dream home a dream experience as well! So, how do you budget for a new home?

Calculate household income after tax

When you're considering buying a new home, it's important to calculate your household income after taxes first. Calculating your household income after taxes is the first step to not only budget for your dream home, but also for your day-to-day budget. Experts recommend...

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