(SPEECH)
[PHONE ALERTS]
(DESCRIPTION)
A Navy Federal Credit Union employee wearing a sleep mask tries to take a nap on a bench in a public location. His phone continually beeps with incoming alerts. A co-worker of his comes along.
(SPEECH)
AMBER: Someone's Mr. Popular. Who's that?
(DESCRIPTION)
He removes his sleep mask.
(SPEECH)
BRYAN: It's my house hunting app. I couldn't sleep last night, and I turned on alerts at 3:00 AM.
(DESCRIPTION)
His co-worker hands him a coffee.
(SPEECH)
AMBER: Roommate trouble?
BRYAN: Yep. You know I like that clog dancing troupe. I just don't like to hear it in my dreams.
[ALERTS CONTINUE]
I know it's probably time for me to buy my own place, Amber. I'm just not sure if it's worth all the hassle.
(DESCRIPTION)
Logo, Navy Federal Credit Union. Title, Making Cents. How to Make Home Buying Stress-Free.
(SPEECH)
AMBER: Well, as your Navy Federal Credit Union colleague, who's a homeowner, I will have you know that buying a home may not be as hard as you think. Welcome to Home Buying 101, where we'll be covering how to make your saved home listings a reality. First, figure out how much you could put toward a monthly mortgage payment, which includes principal, interest, property taxes, and homeowner's insurance, while keeping enough money in your account for upgrades or emergencies.
Here are other expenses you'll want to plan for. A down payment. This usually ranges from 10% to 20% of the price of your home. With Navy Federal, we have no-down-payment, no-mortgage-insurance loan options, which could get you into a house faster if you don't have a lot of money to put down. Closing costs. These usually range between 2% to 6% of the loan amount. Lastly, home repairs, upgrades, and furnishings. With my price range, my house definitely wasn't move-in ready. I had to replace the appliances.
Next, check your credit score and get a pre-approval. The interest rate you get on your home loan depends on your credit score. Review your credit report before you apply for a mortgage to scan for errors. Then reach out to your lender to get pre-approval. Pre-approval, how much a financial institution says you can borrow based on your credit score, income, assets, debts, employment history, and other information.
This is helpful to have in hand before you make an offer on a home. Then get your documents in order.
(DESCRIPTION)
A list of four types of information to have on hand.
(SPEECH)
See this list? Your lender will provide you with a specific one. But start gathering these documents now-- Social Security card, proof of gross monthly income, any other income to be considered, deposit account and asset information. You'll need account numbers.
Now the fun part. Find a real estate agent and start checking out homes-- in your price range. A real estate agent can provide valuable insight into the housing market and the closing process. They can also help you make the strongest offer when the time comes. Using a real estate agent made all the difference in getting me the right deal. Here's a smart money strategy for you. When you're figuring out how much mortgage payment you can afford, head over to navyfederal.org and use our mortgage qualification calculator to add up all your monthly expenses and debts.
Buying a home doesn't have to be intimidating. And anyway, it may be time to part ways with your clog dancing roommate. Right, Brian?
[ALERTS CONTINUE]
BRYAN: You're not wrong. Do you know how to turn these alerts off?
AMBER: I work in marketing, not tech support. Here's to making cents of your money and home buying together.
(DESCRIPTION)
Putting his eye mask back on, Bryan goes back to sleep on the bench. Amber quietly sets a second cup of coffee next to his phone. He is awakened by another alert on his phone.
(SPEECH)
[MUSIC PLAYING]
[PHONE ALERTS]
For more smart money strategies, visit navyfederal.org/makingcents.
(DESCRIPTION)
Logos, Navy Federal Credit Union. Making Cents. Our Members are the Mission. Text, For more smart money strategies, visit: navy federal dot org slash making cents. Insured by N C U A. This information is not legal or financial advice, instead, it is provided for general informational purposes only. You should consult your own attorney or financial advisor regarding your particular situation. Product features subject to approval. Available for purchase loans only. Loans are subject to an additional funding fee which may be financed up to the maximum loan amount. Available for purchase loans only.
(SPEECH)
Navy Federal is federally insured by NCUA.
(DESCRIPTION)
This information is not legal or financial advice; instead, it is provided for general informational purposes only. You should consult your own attorney or financial advisor regarding your particular situation. Product features subject to approval. Available for purchase loans only. Loans are subject to an additional funding fee which may be financed up to the maximum loan amount.
