Getting Started

Buying your first home can be intimidating, but armed with good information, you can feel confident that you're making the right choices. GECU is here to help you through the entire process with answers to your questions.

Q: I'm ready to buy my own home, but can I really afford one?

A: For many people, owning a home is as affordable as renting - sometimes even less expensive. There are a variety of programs available to help first-time home buyers.

Q: How much can I really afford?

A: As a general rule, you can usually purchase a home with a value of two to three times your annual household income. Depending on the amount of your savings and debts, you may qualify to purchase a home with a higher value. Click here to work through an online calculator that will show you just how much you can afford.

Q: What's my first step in the home buying process?

A: You have several options in the process: Find the home you want first, talk to a Realtor® first, or get pre-approved for your financing first. Obviously, you'll want to choose the easiest path, so we recommend you get your financing lined up first. Getting pre-approval for your mortgage loan before you begin house-hunting will save you both time and money. With a pre-approval, you'll know exactly what price range you can afford and qualify for.

Pre-approval will help you determine:

• If you meet standard loan guidelines.
• The estimated loan amount and monthly payment you qualify for.
• Estimated costs involved.
• The type of mortgage best suited for you.
• Additional information you need to provide to make your formal mortgage application.

During this important step, you'll want to shop and compare mortgage lenders. Look closely at the following costs, because they could result in significant differences between lenders:

• Itemized closing costs.
• Servicing costs.

To begin, click here to complete an online pre-approval application.

Preparing for the Mortgage Application

Most mortgage lenders will need proof of your financial stability and need certain information to determine how much you can afford to pay. Click here for a checklist of the information most lenders need.