10 STEPS IN THE HOMEBUYING PROCESS

By Andrew Woodman, Vice President of Mortgage Lending

 
The homebuying process can be both an exciting and stressful time. We have seen many changes to the lending landscape as well as the current real estate market providing historically low inventory levels so making sure you are ready to start the homebuying process has never been more important.
 
Buying a home has long been a dream for hard-working individuals, but while the idea of homeownership is usually memorialized in social media posts holding a new set of keys, many truly don’t understand the process until they have gone through it themselves. The homebuying process is both exciting and stressful but there are steps you can take to better enjoy your path to owning a home.
 
 
Get Your Own "House" in Order
  Before you start to dream of paint samples and new furniture, you need to evaluate and understand your credit standing. There are many options for obtaining a free credit report such as AnnualCreditReport.com, so make sure in advance you have no “surprises” that may impact your ability to get a loan prior to entering a contract to buy a house. Your credit history will be a major factor in whether you qualify for a mortgage and what the terms of that mortgage are. Make sure you are aware of the type of score you receive on a report, as many free or pay to obtain sites are not giving you the score used by a lender. Scores used for homebuying, financing a vehicle and credit cards all use different criteria and can vary.
   
Choose Your Lender
  Unless you are in a situation where you can make an all-cash offer on a house, having a pre-qualification or pre-approval letter from a lender is a requirement to be considered a prospective buyer. You should shop around for a lender as the programs, loan costs and rates offered can oftentimes vary. The loan officer should guide and counsel you on the various programs available and which is the best fit for your budget. Down payment will also determine what loan type is available and what rate is eligible to you. Not all lenders offer 100% financing programs, so knowing your options is crucial.
   
Get Pre-approved
  A pre-qualification is not a guarantee you can get a loan since it is only based on the information you provide when applying. A pre-approval entails a much more thorough review of your finances, credit history, job history and demonstrates a greater degree of certainty to a seller. 
 
 
 

SAVE UP TO $500* ON YOUR APPRAISAL FEE

For a limited time, you can save up to $500* on the appraisal fee of your new home purchase. When you choose Georgia United as your mortgage lender, you will enjoy quick closings, great rates, flexible terms and experienced home loan consultants who are ready to guide you through the process. Learn more.

 

 

LIVE Q&A DISCUSSION WITH OUR MORTGAGE EXPERTS

Save the date for a live, online Q&A discussion with our mortgage experts to discuss the homebuying process on Tuesday, August 10, at 12 pm. Learn what to expect in today's market — from finding your dream home, putting down an offer, to closing. Stay tuned for registration details coming soon.

 

 

STAY AHEAD OF IDENTITY THIEVES

Do you know if there is another person pretending to be you? This could be happening if you are not paying attention to your financial accounts and credit reports. Fraudsters are very busy trying to gain access to your personal and financial information through different means such as data breaches, computer hacking, unshredded documents, phone calls and lost items, such as debit and credit cards. Learn how to protect yourself from becoming a victim of identity theft with these seven tips.

 

 

SWITCH TO TRACFONE®

As a Georgia United member, you can save up to $360 per year on your wireless bill when you switch to Tracfone. There are no contracts or mystery fees and you can select from a variety of plans to meet your individual needs. Choose from the latest phones or keep your current phone, number and network for less. Make the switch and start saving on your wireless bill. 

 

SAVE ON IDENTITYIQ®

IdentityIQ gives you financial peace of mind with credit report monitoring and identity theft protection. This special member offer includes up to $1 million in stolen funds reimbursement**, plus upgraded access to the ScoreCasterIQ® interactive tool that analyzes your credit report and provides personalized recommendations and credit score scenario simulations.

 

YOU SHOP. AMAZON GIVES.

We are excited to share that the Georgia United Foundation® is now part of the AmazonSmile program, providing an easy and secure way to support the foundation, at no additional cost to you. Each time you shop on Amazon at smile.amazon.com and choose Georgia United Foundation as your preferred charity, AmazonSmile will automatically donate 0.5% of each eligible purchase to the foundation.

 

FINANCIAL PLANNING ADVICE

The MEMBERS Financial Services team, serving Georgia United, provides investment and retirement planning for members. Our financial advisors will help educate and answer your questions so you have the knowledge and confidence to make informed decisions. Set up a no-cost, no-obligation appointment and let us create a personalized financial plan to help you reach your goals.

 

COMMUNITY IMPACT

Georgia United is dedicated to supporting impactful programs that enrich the lives of others and strengthen our communities. In addition to our corporate initiatives, team members are provided paid Service Days to volunteer at charities that are important to them. Here are a few highlights of how we are serving our community.

 

Can Hunger

SCHOOL CRASHERS® 

We'll be busy this summer providing facility makeovers at eight deserving schools. With funding from the Georgia United Foundation® and generous donors, our team members and volunteers will help create inspiring learning spaces for the students, faculty and staff. Visit our website to learn about the schools and follow us on Facebook to see how we transform the spaces.

 

GRANTING A WORTHY CAUSE

The Georgia United Foundation® is proud to award Helping Mamas with a $500 grant. Helping Mamas is a non-profit organization that collects and distributes essential child and baby items for mothers in need. They have served over 60,000 children, from birth to age 12, with critical items such as diapers, wipes, car seats, cribs, pack and plays and more.

 

 

MAKING A DIFFERENCE

Our team members are committed to making a difference in our community. Recently, our IS network support team donated nine laptops to Shiloh High School in Snellville. Team members spent approximately 20 hours of their personal time to clean and reconfigure retired laptops for the students and faculty.

 

 
 

SERVING OUR COMMUNITY

Georgia United team members are passionate about helping others. Team members at our Atlanta branches volunteered with Partners for Home and packaged 250 meals for homeless and displaced men and women in Atlanta. The organization's ClearPath initiative aims to make homelessness rare, brief and nonrecurring.

 

 
 
SHRED DAYS ARE COMING THIS FALL

Our shred day events will return this fall, providing you with an environmentally friendly way to protect your personal identity. The local community will be invited to bring up to three boxes of personal documents to a designated location where our partner, Iron Mountain®, will destroy the contents on-site. Be sure to visit our website later this summer for dates and locations near you. 

 
 
UPCOMING HOLIDAY CLOSINGS  

Labor Day
Monday, September 6, 2021

Don't forget you can bank from the comfort of your home with Online Banking or deposit a check*** using Georgia United's Mobile App even when our branches are closed. Visit our website for a full list of holiday closings. 

 

AmazonSmile and the AmazonSmile logo are trademarks of Amazon.com, Inc. or its affiliates.

*Georgia United Credit Union membership required. The free home appraisal is valid for home purchases with a first mortgage product on an owner-occupied property from Georgia United. Loan application must be received from June 3, 2021 to August 31, 2021, and the loan must close within 60 days of the application date to qualify. A maximum credit of up to $500 toward the appraisal cost per mortgage application. The credit will show as a lender paid appraisal fee at loan closing. The offer is subject to change and be withdrawn anytime without notice.

**$1 Million ID Theft Coverage – provides up to $1 million in coverage for: funds stolen by unauthorized electronic funds transfer from an account in your name, legal fees, miscellaneous expenses, and up to $1,500 per week (five weeks maximum) for wages lost while resolving a stolen identity event. Family members means the enrollee’s children under the age of twenty-four (24) who permanently live in the same residence as the enrollee at the time of the stolen identity event. Underwritten by AIG. Special pricing discounts vary by plans. Monthly plan discounts are 30% off regular pricing. Annual plan discounts are 35% off regular pricing. Terms and conditions apply.

***Items transmitted using this service are not subject to the funds availability requirements of the Federal Reserve Board Regulation CC. Deposits accepted using this service will be available within two business days. Georgia United may make such funds available sooner.