First-Time Homebuyers: It's a Great Time to Buy Low rates, prices, and plenty of homes for sale can provide you with a great opportunity

If you're thinking about buying your first home, but you're afraid to buy because of recent issues in the housing industry -  there's good news. The housing market is starting to turn the corner in many parts of the country. Plus, there are several other reasons why now may be an ideal time to buy your first home: Mortgage rates are at historic lows - averaging around five percent for a 30-year fixed-rate mortgage - providing you with more home purchasing power. If you wait too long to buy, you could find yourself with a higher rate that could impact how much home you can afford. There are a lot of houses on the market - giving you a variety of homes to choose from. And, if you're in the market for a new home, you may be able to take advantage of special incentives being offered by builders. House prices are lower than they have been in years, and homes are beginning to appreciate - the combination of these two factors can provide you with a great opportunity when buying your first home.

The best way to know if you should become a homeowner is to do your homework and determine if you are financially ready. Homeownership is most likely the largest financial commitment you will ever make, and it is more important than ever that you are financially prepared and financially stable.

How do you know if you're financially prepared? You are on a good path if:

• You have a good, steady income that you can document
• Your credit history is strong
• You've saved money for a down payment and closing costs
• You also have funds on hand for emergencies - like temporary loss of income or medical situations - as well as money for home repairs

1. Select a lender. You'll want to find a lender that is reputable, trustworthy, and offers financing options that meet your needs. Premier America Credit Union can share practical tips on choosing an appropriate lender. Friends and colleagues are also excellent sources for lender referrals.
2. Go through the pre-approval process and determining how much you can afford. In today's market, pre-approval is critical before you start shopping for a home. Not only does it help determine how much home you can afford, it allows you to make an offer quickly - which is especially important as foreclosed homes and short sales in the lower price range can move very fast.
3. Look for your first home. Premier America Credit Union will be with you every step of the way in choosing your first home, from evaluating neighborhoods to negotiating a good deal for you. We're here to answer any questions you may have as you go through the homebuying process.
    

Today's market provides you with more opportunities than we've seen in years. If you decide to take the step to homeownership, remember that being financially prepared and doing your homework early in the process are key to becoming a long-term, successful homeowner.

For more information, contact a Member Service Representative at 800-772-4000.