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First-Time Homebuyers: Don't Be Overwhelmed, Just Be Prepared

You've been hearing it for ages now, it's a great time to buy a home! Interest rates are still historically low and there are plenty of homes on the market to choose from. If you're looking to make the leap from apartment dweller – or your parents' basement – to your first home, there are loads of terrific home options available.

But Where Do You Start?

Buying a home is a big deal, and it pays to get your ducks in a row before you make an offer. Here are some important steps to take.
  1. Save for the down payment. If you can manage to save 20%, you'll have instant equity in your home, may be able to avoid mortgage insurance and will have a lower monthly payment.
  2. Check your credit score. Lenders will decide whether to give you a loan and how much interest they will charge based on your credit score, among other things.
  3. Pay down your debt. This goes hand in hand with having a good credit score.
  4. Find out how large a loan you can get. SCCU can walk you through the process.
  5. Develop your homebuyer profile. Make a list of what's important to you.
  6. Research homes and recent sales nearby. Find out the average price you could expect to pay, so you don't offer too much. Your real estate agent can help.
  7. Get a home inspection. When you've pinned down your financing and are ready to make an offer, make sure to get the home inspected first – and make your offer contingent on a good inspection.
  8. Factor in all costs. Make a list of other expenses such as insurance, utilities, furnishings, lawn upkeep, association dues, etc. These should be included in your monthly budget.
At SCCU, we work with first-time homebuyers every day and offer a variety of mortgage products. Contact us to learn more.

  • SCCU Routing Number: 263177903

Space Coast Credit Union membership is open to all who work or live in Brevard, Broward, Flagler, Indian River, Martin, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Seminole, St. Johns, St. Lucie, or Volusia Counties in Florida.

  • Brevard: 321-752-2222
  • Broward: 954-704-5000
  • Miami-Dade: 305-882-5000
  • All Other Areas: 800-447-7228

*APR = Annual Percentage Rate. ^APY = Annual Percentage Yield.

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Member Rewards is an exclusive Space Coast Credit Union program that provides benefits such as free or discounted services based on your level of participation in the credit union.

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