F.E. WARREN AIR FORCE BASE, Wyo. -- While buying a house, there are many unknowns. The Airman and Family Readiness Center recently hosted a seminar by Blue Federal Credit Union to make the process easier and explain some of those unknown variables during Military Saves Week at F.E. Warren Air Force Base, Wyo., Feb. 27 – March 3.
The house buying seminar began with the basics as far as being prepared, and walked attendees through each expected step while buying a house. One of the most critical steps in the home buying process is eligibility versus affordability of the home.
“Don’t feel obligated to commit to the maximum loan or payment you qualify for,” said Jason Harris, Blue Federal Credit Union, mortgage officer. “Think about additional expenses like home maintenance and repairs.”
Several loan types were discussed during the seminar: two of these were conventional loans, as well as government backed loans. There are two agencies in the government that offer loan support. The Federal Housing Administration insures loans and the Department of Veteran’s Affairs provides a guarantee to qualified veterans that replaces the need for mortgage insurance and often allows the buyer to purchase the home without a down payment.
The pros and cons of each were discussed throughout the seminar to ensure the buyer chooses the best type of loan for the house being purchased.
Other topics discussed to ease the buying process varied from choosing the right real estate agent to future refinancing of the house.
“There are several options that are available as far as refinancing,” Harris said. “Your personal goals should drive which option works best for you.”
Future home buyers should consider many variables and understand there are qualified individuals available to help throughout the process. For more information about the process, contact the AFRC at 307-773-2241.