Hollyanna Vopat-Steiner has helped many families and individuals achieve their homeownership dreams. As a Mortgage Loan Officer for Peninsula Credit Union, Steiner offers expert advice to help home buyers get ‘mortgage ready’ and says Peninsula Credit Union can offer unique solutions to make home ownership attainable for more local families.
“What sets us apart from big banks is our dedication to working with our members for as long as it takes, in order to get them where they want to be,” Steiner says. “Our members’ individual financial goals are what matter to us. We will go over and above to help them achieve those goals.”
0% and 5% down loan options:
Peninsula Credit Union has a diverse range of mortgage loan options available to help more people become homeowners. One unique option is their Land Loan Program. Available as part of their Path to Homeownership – Land Loan options, first-time buyers can get a 15 year fixed-rate mortgage for zero percent down on a $150,000 loan.
“We also offer a 15 year and 20 year fixed term and these are not limited to first time homebuyers. Most other lenders require 25-30% down so while our zero down for first time home buyers is amazing, our 5% down options are another excellent solution for those looking to enter the housing market.”
Why homeownership should be a top priority:
In the short term, renting offers young people and families some advantages. But when considering long term financial goals and options for stability, homeownership is the best solution. Homeownership is the best way to ensure you can set down roots in your community. It also provides the opportunity to build equity, and is an investment in your long term financial health.
“It’s really the most important investment you’ll ever make,” says Steiner.
Getting ready for a mortgage:
The best way to get prepared for a mortgage is to speak with a mortgage officer. They can help you create a plan and set realistic goals. They know the ins and outs of all things mortgage-related and can inform you of certain requirements you may not be aware of.
For example: Many would-be home owners are not aware that funds for the downpayment are required to be ‘seasoned’ for a minimum of 60 days prior to purchase. In other words, you can’t just move your down payment over from another account or bank and buy a house the same day. Funds are required to be in a checking or savings account for at least 60 days before they can be used.
Buying vs building:
A pre-existing home is often the easiest and fastest solution for potential home buyers. On the other hand, building a custom home offers the assurance that the home will be built to your personal design and layout preferences.
“It is also important for potential buyers to keep in mind that purchasing a pre-existing home requires less liquid assets than building from scratch,” says Steiner. “Generally to build a home you’ll need at least 25 percent in liquid assets to be approved for a loan.”
Learn more about Peninsula Credit Union and their member focused programs and services online here. You can also find them on Facebook.