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Are you concerned how mortgage interest rate hikes will affect your homebuying search?

We have resources to help homebuyers understand how rising mortgage interest rates may impact their wallet.

Mortgage interest rates can impact the amount of your monthly mortgage payment. To learn more, watch this video: How Mortgage Interest Rates Can Change Your Home Buying Budget (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) .

Buying vs. Renting a Home
Is Home Ownership Right for You?

 

Renting vs. Buying- What is Right for You?

Finding a home is an exciting experience, but is it right for you? There are several factors to take into consideration, such as how long you plan to be at your residence and what works best for your financial situation.  To help you decide, visit our Buying vs. Renting Section to learn more.

Thinking of Buying a Home?

Finding a home is an exciting experience, but it can be long and challenging. Knowing what to expect will help you make solid decisions about the type of home you choose.

To Start:

  • Check your bank balance. How much do you have saved for a down payment? If you have less than 20% saved, then you may have to pay for private mortgage insurance (PMI) fees on top of your mortgage payments. Your lender must automatically cancel PMI when your outstanding loan balance drops to 78% of the home’s original value. This could take several years.
  • What’s your number? Your credit score tells lenders how likely you are to pay back a loan on time. It will be used by lenders to determine whether they will lend to you and if so, how much.  For more information on your credit score click here.
  • How much can you afford? Using a Personal Budgeting Worksheet and Mortgage Calculator (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) will help you determine a realistic mortgage amount. In addition, mortgage interest rates can impact the amount of your monthly mortgage payment. To learn more, watch this video: How Mortgage Interest Rates Can Change Your Home Buying Budget (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) .
  • Shop around for a loan. Comparing mortgages will help you get the best financing. And, before signing, make sure that understand the terms of the loan including any fees.

Home Ownership and Renting

  • Section 1 thumbnail Buying vs. Renting a Home

    Are you thinking about buying or renting a home? At first, the process may be complicated and stressful. But knowing what to expect can reduce some of that anxiety and help you confidently find your way to your new home.

  • Section 2 thumbnail Buying a Home

    When you are ready to buy a home it is important to be as prepared as possible by not only understanding the process, but also understanding your consumer rights.

  • Section 3 thumbnail Owning a Home

    As a homeowner you are faced with many choices as to how to manage your home loan(s) and/or equity. This could mean applying for a loan modification, refinancing your mortgage, or if your mortgage is paid off, obtaining a reverse mortgage. Learn about these options and more.

  • Section 4 thumbnail Homeowners and Renters Insurance

    Homeowners and renters insurance protect your home and personal property against damage or loss, and insures you in case someone gets hurt while on your property. You may already have insurance on your home if you have a mortgage on the property because most lenders make insurance a condition of the loan. Renters insurance, or tenant insurance, offers renters coverage similar to homeowners insurance. If you are a renter, do not assume your landlord carries insurance on your personal belongings; you may wish to purchase a separate policy. Speak with an insurance professional for details.