What Happens After You Get A Mortgage? Insights from 1st Community Credit Union.

Congratulations on securing your mortgage! At 1st Community Credit Union, we understand that the journey to homeownership is just beginning. Here’s what to expect after getting your mortgage and how your credit union near Sparta, Tomah, and West Salem WI, can support you throughout the process.

Understanding Your Mortgage Terms
Now that you’ve secured your mortgage, it’s essential to fully understand the terms of your loan. This includes your interest rate, loan term, and payment schedule. At 1st Community Credit Union, we ensure that our members have a clear understanding of their mortgage details. Our team of lending professionals are available to answer any questions you might have about your loan, helping you navigate through the complexities with confidence.

Setting Up Your Payment Plan
Once you grasp your mortgage terms, it’s time to set up your payment plan. Monthly mortgage payments will include both principal and interest, and sometimes property taxes and homeowners insurance if included in an escrow account. To make managing your payments easier, we recommend setting up automatic payments. Our credit union offers a variety of convenient payment options through online banking and our mobile app.

Budgeting for Homeownership
Homeownership comes with additional expenses beyond the mortgage payment, such as maintenance, repairs, and utilities. It’s crucial to budget for these costs to avoid financial strain. We suggest creating a home maintenance checklist and setting aside an emergency fund for unexpected expenses. Our financial advisors at 1st Community Credit Union can help you build a comprehensive budget to accommodate these new responsibilities and keep your financial goals on track.

Keeping Up with Home Maintenance
Maintaining your home is key to preserving its value and ensuring a comfortable living environment. Regular tasks like cleaning gutters, servicing HVAC systems, and checking for leaks can prevent costly repairs. Our credit union can provide tips and resources to help you manage your home efficiently and keep it in top shape.

Exploring Mortgage Options
Whether you’re interested in upgrading to a larger home or refinancing your current mortgage, 1st Community Credit Union offers a range of options to suit your needs. Our mortgage solutions include competitive rates and low closing costs for first-time homebuyers, as well as refinancing options to help you lower your rate, shorten your loan term, or cash out your equity. If you’re interested in a Home Equity Line of Credit (HELOC), this can be a flexible, low-cost source of funds for major expenses, from home repairs to starting a business. Our team is here to help you explore these options and find the best solution for your situation.

Understanding Property Taxes and Insurance
As a homeowner, you’ll need to manage property taxes and homeowners insurance. Property taxes are typically assessed annually and may vary based on local tax rates and property value. Homeowners insurance protects your property against damage and loss. Regularly reviewing your insurance policy ensures you have adequate coverage. If you have questions about these aspects, our credit union near Sparta, Tomah, and West Salem, WI, is here to assist you.

Reviewing and Refinancing Your Mortgage
As you settle into your new home, it’s wise to periodically review your mortgage and consider refinancing if market conditions change. Refinancing can offer benefits such as a lower interest rate or a different loan term. Our credit union provides personalized refinancing solutions to help you make the most of your mortgage.

Building Equity
Homeownership allows you to build equity over time as you make mortgage payments. This equity can be a valuable asset for future financial needs or investments. Our financial advisors can guide you on leveraging your home equity to achieve your long-term financial goals.

1st-Time Homebuyer Program
If you’re a first-time homebuyer, our program is designed to make the process as smooth as possible. We provide personalized assistance from application to closing and offer a special perk—a free lawnmower at closing! This program is a great way to start your journey into homeownership with confidence.

Staying Connected
At 1st Community Credit Union, we value the long-term relationships we build with our members. For ongoing support and personalized financial services, stay connected with us through our website, social media channels, or by visiting a branch near Sparta, Tomah, and West Salem, WI.

In conclusion, securing a mortgage is just the beginning of your homeownership journey. By understanding your mortgage terms, budgeting wisely, and staying on top of home maintenance, you can ensure a successful transition into your new home. For continued support and tailored financial services, trust 1st Community Credit Union to be your partner every step of the way.