Know before you go
Navigating the Mortgage Process
Buying a home is an exciting milestone, but it can also be overwhelming—especially when it comes to the mortgage process. At Commonwealth Credit Union, we believe that understanding the steps ahead of time can make all the difference in ensuring a smooth home-buying experience. Here's what you need to know before you go.
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Check Your Credit Score
Your credit score affects your mortgage rate. A higher score means better rates. Check your score before applying to ensure there are no issues that could impact your loan terms.
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Determine Your Budget
Understand how much you can afford by reviewing your income, expenses, and debts. Use a mortgage calculator to estimate your monthly payment. A general guideline is to keep your mortgage payment under 28-30% of your income.
Click to visit our Mortgage Calculator
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Get Pre-Approved
Getting pre-approved helps you understand how much you can borrow and gives you a competitive edge in the market. Commonwealth Credit Union makes this process simple and fast.
Click to Learn more about getting pre-approved
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Explore Your Mortgage Options
We offer a range of mortgage products, including fixed-rate, adjustable-rate, FHA, and VA loans. We’ll help you choose the best option for your needs.
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Understand the Down Payment
While some loans require as little as 3-5% down, a larger down payment can lower your monthly payment and help you avoid private mortgage insurance (PMI).
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Prepare for Closing Costs
Closing costs, typically 2-5% of the loan amount, cover expenses like appraisals and inspections. Be sure to budget for these additional costs.
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Stay Organized with Documentation
Keep your financial documents handy, such as tax returns and account statements, to speed up the process and avoid delays.
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Review Your Loan Terms
Before signing, make sure you understand the terms of your loan, including the interest rate and monthly payments. Our mortgage experts are here to help clarify any details.
With the right preparation, the mortgage process can be a smooth and successful journey. At Commonwealth Credit Union, we’re here to guide you every step of the way, ensuring you make the best choices for your home purchase. Know before you go!