Every Home Buying Situation Is Unique
Knowing when to buy a home can be tricky. Consider your timeline, income, credit, savings, and any upcoming life changes first.
Knowing when to buy can be tricky. Here are some things to think about before you start looking for a new home.
If you have plans to move, it may be best to wait to buy a home.
See Homebuying Costs for details about mortgage expenses and monthly payments.
Click Here for credit details and more information.
See Homebuying Costs for potential costs before and after buying your home.
These can affect the homebuying process but might not be a deal-breaker. Click Here for more on credit and how it can affect your process.
Is buying a home better than renting? It depends! Let's compare:
-
- Are likely to move in 1-2 years.
- Prefer to avoid paying maintenance costs such as appliance repairs or replacement.
- Currently have no or minimal savings that could be applied toward a down payment on a home.
-
- Are not likely to move in the next 1-2 years.
- Enjoy home maintenance or improvement projects, and have savings for future repairs.
- Have enough money saved for associated homebuying costs.
If you’ve decided you want to buy, or even if you’re still considering your options, here’s a quick list of things to keep in mind as you navigate the homebuying process:
-
Keep in mind there will be costs both during and after buying your home. Check out This Page for more details on this.
-
A real estate agent can help you find your new home. The home seller often covers their fee, rather than the home buyer.
-
Your loan officer will guide you through the pre-qualification process and help you get the funds for your home loan (known as a mortgage). They’ll also work closely with your real estate agent. See: Getting Pre-Qualified and Finding Your Home.
-
Homebuying can move quickly, so you’ll need to share your personal info and documents with your loan officer and agent on time. Make sure you’re ready to keep things moving smoothly—ask your loan officer what you can have ready in advance.
- First-Time Homebuyer Main Page
Nervous about buying a home? Our guide's got you covered!
- Homebuying Costs
Don't get caught by surprise. Get a clear picture of what to expect during your home buying process.
- Credit Guide
Good credit is crucial! Explore what to look for and what it mean on your credit report.
- Get Pre-Qualified
Getting pre-qualified is the first step. Learn how to do it and what it mean.
1Must be 18 and older to qualify. Down payments are examples only and do not include closing costs, prepaid interest, taxes and homeowners’ insurance. Down payment amount and mortgage loan amount will vary based on purchase price amount, credit score and income. Payment example on a loan amount of $355,410: 360 monthly payments of $2,601.68 at 8.042% APR which includes a down payment of 1%, purchase price $359,000. Estimated closing costs of $5,397.00. Pre-paid interest, taxes and homeowners’ insurance are not included in closing costs or payment example and can vary. An AACU rewards checking account is required with direct deposit to qualify. Membership requirements apply. Restrictions and requirements apply. Program subject to change. Equal Housing Lender.
Membership requirements apply. Restrictions and requirements apply. Equal Housing Lender. Air Academy Federal Credit Union: NMLS# 454287