As a home-buyer, you have an exciting journey ahead! We know securing financing for your home and navigating the housing market can be a complex task. Knoxville TVA Employees Credit Union wants your home purchase to be a rewarding experience, and we’re here to help any way we can! As you start your home buying journey, below are just a few things that might help you along the way.
Credit Score
While it’s not the only consideration, we do always review your credit report. This helps us to see borrowing and payment history and can help shape the terms and conditions of your loan. Before applying for a home loan, it’s a good idea to review your credit report. You can review your credit report for free one time per year at annualcreditreport.com. Remember, the Credit Union sees more than just numbers. We like to talk to each applicant to get a better sense of your entire financial situation, so don’t get discouraged if your credit score isn’t what you want it to be!
Down Payment
While a down payment isn’t always required, it can definitely put you in a better position when applying for a loan. A down payment decreases the overall loan amount, which won’t take as long to pay off and could save you money on interest.
Financial Stability
Stability in your finances can make a significant impact on the home buying process. The Credit Union reviews your employment history, overall income, and many other financial factors during the decision making process. Maintaining the same employer for at least two years is recommended when applying for a mortgage, because it establishes stability in your job and finances. We understand switching jobs is inevitable in some cases, and each situation is reviewed case by case. That’s our promise!
Amount of Debt
You don’t need to be debt-free to purchase a home, but decreasing your debt-to-income ratio will help in securing a loan. Debt-to-income ratio shows your monthly income versus your monthly expenses. Paying down credit cards, auto loans, student loans, and other debt as much as possible before applying for a mortgage loan isn’t required, but may put you in a better financial position.
NMLS 16711. Tennessee properties. Primary residence. Restrictions apply. Ask for details.
About Us:
Founded in 1934 by a small group of TVA employees looking for a safe place to save their money, Knoxville TVA Employees Credit Union remains a community-based Credit Union with a commitment to helping Members grow financially. Making Members feel at home and satisfied with their experience our top priority. The entire Credit Union team is ready and more than happy to assist you with the friendly, knowledgeable, and professional service you deserve.
With a variety of products and services, the Credit Union has everything you need from checking and savings accounts to auto and home loans.
Real Estate Lending at Knoxville TVA Employees Credit Union specializes in every need associated with home-buying and renovating. With a variety of loan options, the Credit Union makes home-buying simple. Local, trusted loan officers provide peace of mind by working alongside you throughout the entire process.
We would love to help you on whatever financial journey you find yourself on! Visit our website, tvacreditunion.com, call us at 865-544-5400 or visit any of our 20 locations around East Tennessee, from Roane County to the Tri-Cities!
