They say the three most important things in real estate are location, location, location. But if you’re looking for a new home in Baton Rouge, you actually have hundreds of decisions to make. Before you even consider WHERE to look for a place to live, you need to figure out WHAT you can afford. And that involves getting approved and shopping for a mortgage loan.
Choose Your Mortgage Loan
Choosing your mortgage loan is a big decision. Your home is your biggest investment and a mortgage is how you’ll be paying for it. It’ll represent your biggest monthly expense. And it’s also an agreement you’ll be in for the next 15 to 30 years. Get as educated as possible and ask lots of questions from professionals you trust. The first step is figuring out what you qualify for. The right mortgage loan for you depends on many factors.
- Your credit score.
- How much you have for a down payment (if any).
- Your income.
- Whether or not you’ve purchased a home before.
- And yes, location can matter as well.
Credit Union Mortgages: The Next Big Thing?
Have you considered getting a mortgage from your credit union? Credit unions are owned by their customers—not huge corporations. This means you get friendly, empathetic service. And you won’t sacrifice quality or convenience either. Credit unions (like Essential FCU) offer the same services as big banks.
- Fast, convenient application process—you can even apply online!
- Competitive interest rates
- Flexible terms up to 30 years
- Refinancing solutions
- Low down payments
- No prepayment penalties
- Free, no-obligation rate quotes
Now that you have an idea of your mortgage and budget, it’s time to go shopping! However, shopping for a new home isn’t as easy as picking out a new purse (even if you’re REALLY picky about your purses). NOW is time to figure out the location and areas of town you prefer. You’ll also let your realtor know the budget, size, and features you’re looking for. With this information, your realtor will start arranging viewings for you. Be prepared to go after work, on your lunch breaks, and on weekends. When the perfect home hits the market, there’s no time to waste!
Real Estate in Baton Rouge
Remember, your dream home might not exist. Prioritize your preferences. You might have to sacrifice the big yard you wanted for that fourth bedroom. Or, maybe this house isn’t two-story like you dreamed, but the kitchen is amazing so you’re willing to compromise. You might have originally wanted Mid-City, but realize the lots are so much bigger in Broadmoor. Or you decided to expand your search area to include Ascension, Livingston, or Iberville Parish.
You’ll likely see many homes before you finally make a decision. Then, you make your offer and cross your fingers it gets accepted! Trust Essential Federal Credit Union through this exciting stage of your life. If you have questions, give us a call at 1.888.369.2207. We’ve been serving the Baton Rouge area for more than 40 years. In fact, we were started by Red Stick residents just like you. Join our family and let us service your mortgage in Baton Rouge.