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Home Purchase Basics

Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you're a first-time homebuyer. Here's some information that will keep you on track.

In General....

A home purchase may be your largest financial transaction to date, so it's important to make the right decisions and steps.  With the assistance of your WCCU Loan Officer and local Real Estate Agent, it should be an efficient and ultimately rewarding experience.

Count On Your WCCU Loan Officer To:

  1. Assist you in selecting the best loan to meet your personal situation and goals. (This single decision can save you thousands of dollars throughout the years!)
  2. Provide you a Pre-Qualification letter to use when shopping and negotiating for a home.
  3. Keep you informed of your loan status throughout the entire process.
  4. Keep your Real Estate Agent informed of our loan progress (Note: your personal information is always kept confidential between you and us; only primary status points and progress are shared).
  5. Utilize local professionals (appraisers, title companies, home inspectors) to assist with the loan process as needed.
  6. Be with you every step of the way.  Your WCCU Loan Officer will review the closing documents with you at closing.  We will provide you a Closing Disclosure a minimum of 3-days in advance of your closing so you have time to review the final loan terms and closing fees before the closing.  
  7. Set up automatic payments with your Loan Officer.  After closing of the loan, your loan payments will be made locally at WCCU.  Making your loan payment is easy at WCCU, with our automatic payment service, payments are made automatically from your WCCU checking or savings account.

Count On Your Real Estate Agent To:

  1. Present the homes that suit your wants and needs as you've defined them.
  2. Help you determine the difference between a "good buy" and a property which, because of its nature (neighborhood, market appeal, etc.), might have to be discounted if you decide to sell in the future.
  3. Negotiate the best deal for you. With a Pre-Qualification letter from us in hand, your Real Estate Agent will be able to demonstrate that you are a qualified and capable borrower. This could strongly influence the Seller, and may make the difference between the Seller accepting your offer or someone else's -- even if your offer is lower!
  4. Assist you in preparing and executing the Offer to Purchase Contract that identifies all sale terms and requirements of the home purchase with the sellers.

Count On Yourself To:

  1. Keep your Real Estate Agent informed of any questions or concerns as they develop.
  2. Make sure you are pre-approved as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.
  3. Consider a home inspection and discuss this with your Real Estate Agent when preparing and negotiating the Offer to Purchase Contract.
  4. Keep the process moving by providing documentation to WCCU and/or your Real Estate Agent as soon as possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details or events that require your attention.
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