First-Time Home Buyer FAQ

How important is my credit score when I try to buy a home?

Having a good credit score is essential when you apply for any loan, and especially a home loan. Good credit is a big part of the pre-approval process. Additionally, homebuyers who finance more than 80% of the value of the property also have to pay PMI (check out our Mortgage FAQ page to learn more about PMI) and your credit score factors into that cost.

Why should I get pre-approved?

Getting pre-approved for a home loan is a great thing to do if you're serious about becoming a homeowner and starting your search right away. The process of getting pre-approved for a home loan through MCU is easier than you'd think. Please stop by and talk to one of our real estate representatives, or fill out an application online.

How much house can I afford?

This is a very personal question depending on your lifestyle, future plans, and financial health. Being "house poor," or having a large mortgage payment that prevents you from enjoying other parts of life, isn't a smart investment.

You should consider factors like the cost of utilities, insurance, and other ongoing expenses. Check out our mortgage calculator to get a better idea of monthly payment amounts.

What should I bring to my MCU Real Estate Lender?

We love checklists. That's why we created this handy checklist to help make sure your loan process goes smoothly!