Ready, set, home: Expert tips from our team on the housing market

You don’t have to be a mortgage expert to get a home loan, but there are some things you should know first.

While there’s plenty of information online to assist you in your research — including our handy mortgage calculator — sometimes it helps to have someone who can cut through the noise. Our mortgage loan officers are always happy to deliver a crash course in homebuying basics and help you create a clear list of next steps.

“I like to put into perspective the costs of purchasing a home, and how that cost can grow into an investment, says mortgage loan officer Tabatha Hernandez-Waters. “I can spend 90 minutes on the phone with a first-time home buyer and provide them with knowledge and tools to help them find their dream home.”

To give you a head start, we’ve asked our mortgage team to share their expert homebuying tips. Here’s what they said:

No two mortgages are the same

Every homebuyer is different, and every financial situation is unique. Your mortgage lender should never treat your home loan as if it’s a one-size-fits-all product. You deserve a loan officer who understands your specific needs and circumstances and can help you find your own path to homeownership.

“One of the things I enjoy most about mortgage is no two scenarios are the same and it can be a puzzle to find the best solution,” says senior mortgage loan officer Jason Woodke. “When we have the solution, tailoring a ‘to-do’ list specific to a borrower’s scenario and goals is something that helps a borrower focus on a few attainable items to get to the desired end result.”

It's never too early to start—even if you’re not mortgage-ready

First-time homebuyers often underestimate their ability to take on a mortgage. Even if you’re not quite there yet, you may be closer to homeownership than you think. In any case, you have nothing to lose by talking to a loan officer, no matter how unprepared you feel. We can help you accurately assess your financial situation and formulate a plan to get you where you need to be.

Woodke recently worked with a couple who didn’t have enough savings to qualify for a home loan. He helped them identify what steps to take to work toward mortgage-readiness.

“The fiancé ended up getting a new, higher paying job, and they were able to save each month for their down payment,” he says. “After a few months of saving and being able to use the new wage, we finalized their qualification, they received an accepted offer, and just closed on their new purchase. It wasn’t a simple road to home ownership, but they worked hard and they reached their goal!”

It matters who services your loan

When you take out a mortgage, it doesn’t typically stay with the same lender. Most mortgages are sold to another financial institution, which becomes the new loan servicer.

With OCCU, that’s not the case. Even when we sell your mortgage, we continue to provide the servicing, so your experience remains seamless throughout the life of your loan. That way, you know your mortgage will always remain in hands you can trust.

“The importance of servicing staying with OCCU even when a loan is sold through our online banking takes a lot of stress off of people right from the get go,” says senior mortgage loan officer Cody Martin.

Keep an open mind about refinancing

Taking on a 30-year mortgage doesn’t mean you have to be locked into the same loan terms forever. A lot can happen in three decades — or even just a few years. Interest rates fall, home values rise, and a new job or promotion might boost your income. Under the right circumstances, refinancing your home can net you significant savings.

“In 2020, we had a huge influx of refinances,” says Hernandez-Waters. “Being able to help so many people in such a short span is huge. We saved them thousands of dollars by refinancing.”

Imagine yourself home

No matter where you are on your homebuying journey — whether you’re just starting out, planning to buy, or just looking for some facts — OCCU will meet you where you’re at and help build your confidence in today’s housing market. Connect with our team of mortgage lending officers today to find yourself home. We’ll help get you there.