Stark Federal Credit Union

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6 Great Tips For The First-Time Homebuyer

Buying your first home is an exciting milestone, but it can also be overwhelming. Here are some tips to help you navigate the process with confidence.

1. Get Pre-Approved for a Mortgage: Before you start house hunting, get pre-approved for a mortgage. This gives you a clear idea of how much you can afford and shows sellers that you’re a serious buyer. Visit your credit union to explore mortgage options with competitive rates.

2. Understand Your Credit Score: Your credit score significantly impacts your mortgage rate. Check your credit report for errors and take steps to improve your score, such as paying off debts and avoiding new credit inquiries. Your credit union can provide guidance on managing your credit.

3. Budget for All Costs: Remember, the purchase price isn’t the only cost. Budget for closing costs, which can be 2-5% of the loan amount, and ongoing expenses like property taxes, insurance, and maintenance. Create a detailed budget to ensure you can comfortably afford your new home.

4. Save for a Down Payment: The larger your down payment, the lower your mortgage payment. Aim for at least 20% of the home price to avoid private mortgage insurance (PMI). Set up a dedicated savings account with your credit union to help you reach your goal faster.

5. Research Neighborhoods: Location is crucial. Research neighborhoods for factors like safety, schools, and commute times. Visit at different times of the day to get a feel for the area.

6. Work with a Real Estate Agent: A knowledgeable real estate agent can guide you through the home-buying process, from finding the right home to negotiating the best price. Choose an agent with experience in your desired area.

By following these tips and leveraging the resources available at your credit union, you’ll be well on your way to purchasing your first home. Happy house hunting!

Stark Federal Credit Union
NCUA

Dressler Branch
4100 Dressler Rd. NW
Canton, OH 44718
Office: 330.493.8325
Fax: 330.493.8328

Loan Dept.: 330.493.7602
Loan Dept. Fax: 330.493.1619

Mon. - Fri.
9:00 a.m. - 5:30 p.m.
Sat. 9:00 a.m. - Noon
(Drive-up only)

Cleveland Ave. Branch
3426 Cleveland Ave. NW
Canton, OH 44709
Office: 330.493.8326
Fax: 330.493.8941

Mon. - Fri.
9:00 a.m. - 5:30 p.m.
Sat. 9:00 a.m. - Noon

Alliance Branch
1281 S. Sawburg Ave.
Alliance, OH 44601
Office: 330.821.7225
Fax: 330.821.2004

Mon. - Fri.
9:00 a.m. - 5:30 p.m.
Sat. 9:00 a.m. - Noon

Minerva Area Federal CU Shared Branch
(Cash and deposits only)
3570 Union Ave. SE
Minerva, OH 44657

Mon., Tues, Thurs.
9:00 a.m. - 5:00 p.m.
Wed. 9:00 a.m. - 1:00 p.m.
Fri. 9:00 a.m. - 5:00 p.m.

Routing Number
241274598

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Stark Federal Credit Union
All rights reserved.

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