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Purchasing a Home

Your journey to homeownership starts at your credit union.
Purchasing your first home is a big decision, and it may even seem overwhelming. Rest assured New Generations is here to assist you in understanding the loan process while making your experience a pleasant one.

Get a mortgage approval letter
Before you go shopping for your house, you need to know how much money you have available to spend. New Generations can help you determine how much home you can afford, then “put it in writing” in a mortgage approval letter. Even if you contact a real estate agent first, the agent will urge you to have a mortgage approval letter so they know which price range of homes to show you.

Want better buying power? Go a step further and get complete approval for financing before making an offer on a house. Having a full approval in advance can help you get the best deal possible, even if you plan to make a small down payment. Provide a written confirmation of this approval when the offer is made, and you’ll be perceived as solid as a cash buyer.

Choose a real estate agent
Finding the right home can be more involved than you might expect. A real estate agent will ensure that you receive great service without the tremendous hassle and worry of handling it on your own. If you don’t already have an agent, we recommend working with SmartMove, whose agent-matching and rebate program can really put some extra cash in your pocket when closing a home sale.

A professional real estate agent:
  • Listens to you to find the perfect match between what you can afford and the home that best fits your needs.
  • Accesses, by computer, all properties for sale in your desired area. “For Sale” and newspaper ads are not always a true reflection of everything in the market. Your real estate agent, however, knows what’s available at any given time.
  • Helps you negotiate. Once you’ve found the home you want to buy, your real estate agent will work with you to develop an official offer to be presented to the seller. This gives you the best opportunity to have your contract accepted.
  • Gets the price right. Your real estate agent is a specialist who knows the market inside and out so you will get the best price possible.
  • Allows you to make your own decisions. A professional agent respects your opinion and won’t try to force you into a decision you’re not comfortable with.
  • Protects your rights. Real estate laws have become increasingly complicated, and your agent will be there to assist you in every way.
  • Does not charge you. Your real estate agent’s services are absolutely free to you – the seller pays their commission.

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New Generations is a Member-Owned Financial Cooperative serving Richmond since 1950
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Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.
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