Achieve Homeownership With IAACU!
June is National Homeownership Month, a time to celebrate the journey of owning a home—one of the most significant financial decisions you can make. With so much at stake, having a dedicated team to guide you every step of the way is essential.
At IAA Credit Union (IAACU), our Mortgage Team is committed to ensuring an outstanding home-buying experience. Honored as The Best Mortgage Company in 2023 and 2024, as well as the Best Financial Institution and Best Credit Union in 2024 by The Pantagraph Readers' Choice Awards, here’s what sets us apart:
- Personalized Service: Tailored solutions to meet your unique needs.
- Fast Response: Prompt and efficient handling of your inquiries.
- Competitive Fees: Enjoy below-average fees, saving you money.
- Transparency: Always know your loan status and have direct access to our team.
Buying vs. Renting: What's Right for you?
When you buy a home, you can choose a fixed interest rate, ensuring your principal and interest payments remain stable throughout the loan term. Plus, homeownership allows you to build equity over time. This predictability, coupled with the ability to build equity over time, makes homeownership a valuable investment.
On the other hand, renting often comes with annual rent increases and offers fewer financial benefits. While it eliminates the responsibility of property taxes and maintenance costs, it doesn’t provide the long-term investment potential that comes with owning a home.
Credit: The Key to Your Mortgage
Your credit score plays a crucial role in determining your loan-to-value ratio, interest rate, and monthly payments, making it essential to maintain a strong credit profile. At IAACU, we offer a free credit monitoring tool called My Credit Score. This service helps you track your spending, savings, and overall credit health, ensuring you're fully prepared for the mortgage process.
Down Payment: Exploring Your Options
Start saving early for your down payment. While 20% is often recommended, we can help you avoid PMI and check if you qualify for the Downpayment Plus® program by the Federal Home Loan Bank of Chicago. You may be eligible for up to $10,000 in home-buying assistance. Last year, IAACU provided $50,000 in down payment aid to eligible buyers.
Choosing a Lender: Bigger Isn't Always Better
Finding the right lender can feel overwhelming, but recommendations from trusted friends and family can guide you to a lender committed to your needs. At IAACU, we proudly service all our loans in-house, ensuring you always have direct access to our dedicated team. Additionally, IAACU offers mortgage loans across all 50 states, making us a versatile choice for your homeownership journey.
Applying for a Mortgage: What You Need
You can easily complete your mortgage application online with IAACU. Once submitted, your loan officer will request proof of income, including pay stubs, tax returns, and recent bank statements.
Closing: The Final Step of Homeownership
Typically, closing occurs about 45 days after your application. If you’re in the Bloomington-Normal area, we will handle the closing at IAACU. Otherwise, it will be managed at a local title company office. After signing the contracts, you will receive the keys to your new home.
At IAA Credit Union, we know that home loans can be overwhelming. That’s why we’re here to help every step of the way. Check out our competitive mortgage rates today and take the first step toward owning your dream home!
Apply today to begin your homeownership journey! Visit www.iaacu.org/mortgage
