With a baby on the way, Carolyn and Gabriel Alvez decided to buy a new home for their growing family. They found a listing they loved, got a buyer for their old house and scheduled the closing date in advance of the due date.
Everything was falling into place.
Then, on the night before they were set to close, Carolyn suddenly went into labor. They figured they would have to postpone things until after leaving the hospital.
But Honor Credit Union had their back. The tandem closing went on as scheduled, right from the birthing room.
“I signed the paperwork in between contractions with the goal of getting my epidural right after,” Carolyn said.
Now, that’s not the typical closing. But it does illustrate how Honor Credit Union can handle the unique circumstances of any homebuying story.
Not sure if buying a home could work out for you? Just contact Honor Credit Union and find out.
Here are four ways that Honor can help you overcome any obstacles and get into the home of your dreams this year:
Fast Pre-Qualification For A Home Mortgage
The first step to take when looking to buy a home is to contact a mortgage loan professional at Honor Credit Union or fill out an online application. They’ll review your situation and work to get you pre-qualified for a home loan.
Pre-qualification proves to both your Realtor and any home sellers that you have the financial wherewithal to buy a home. Plus, it gives you a clear picture of the monthly house payment amount you can afford.
“Getting pre-qualified shows how serious you are and it allows you to maybe jump ahead of the line (of other buyers who might not be as qualified),” said Nichole Pompey, Honor Credit Union Mortgage Loan Originator. “The seller naturally will pick somebody that has already gotten approved.”
To get pre-qualified, your mortgage loan professional will ask for details on your income, employment and financial assets. They also will run a credit check with the three major credit reporting bureaus.
It’s a quick and easy process that can happen all in the same day so that you can act fast on any homes you have your eye on. That timeliness was crucial for the Alvez family.
“Thanks to Honor, we were able to make an offer within an hour of asking for the pre-approval letter,” Gabriel said.
According to Pompey, pre-qualification is valid for about 120 days, so now is a good time to start the process for spring and summer house shopping. And if Honor can’t get you pre-qualified now, they’ll help you put together a plan to improve your financial situation so that you can qualify as soon as possible.
Affordable Mortgage Products To Save You Money
Mortgage rates are higher than there were a few years ago, and the forecast for 2025 looks like they’ll remain right about where they are now for the rest of the year. But Honor Credit Union has loan products that can help you save money.
For example, you can get a 5.5-year balloon mortgage with a rate that’s a full percentage point lower than a conventional 30-year, fixed-rate home loan. That means you pay a lower rate of interest for the first five-and-a-half years of your mortgage, and then the rate adjusts to whatever the market rate is at that time.
“You’re getting that 30-year payment schedule, but with a lower fixed rate,” Pompey said.
Honor also offers 7-year and 10-year balloon mortgages with below-market rates, conventional home loans with down payments as low as 3% and special mortgages for active duty military, veterans and physicians.
“Every case is so different,” Pompey said. “We try to get your life story up front because we want to put you in the best mortgage product for your situation. It’s one of the biggest purchases you’ll ever make in your life and we want to make sure you’re doing it in the smartest manner.”
RELATED: How do I know if a balloon mortgage is right for me?
Seamless Construction Loans For New Builds
With an undersupply of existing houses on the market, many people have been looking to build new homes. A construction loan through Honor Credit Union is an easy way to pay your contractor over the course of the homebuilding process.
When you apply for a construction loan, you’ll be approved for a specific loan amount that’s calculated in conjunction with your desired down payment.
“Once you leave here, you know an exact amount to spend that you can go to the contractor with,” Pompey said.
Unlike some lenders that require closings both at the start and at the conclusion of construction, Honor handles everything with a single closing. That way, you’re only paying one set of closing costs.
Then, during construction, Honor will draw money out of the loan to pay the contractor based on various milestones specified in the homebuilding contract. During that time, “you’re only paying the interest on whatever those draws are,” Pompey said.
In some cases, an existing homeowner will even be able to stay in their current house while building their new home. Your home mortgage professional can walk you through the different scenarios and identify what makes the most sense for your specific situation.
Valuable Down Payment Assistance For First-Time Homebuyers
It can be hard to save up for a down payment on a home. Fortunately, Honor Credit Union has a Homeownership Opportunities Program that offers grants of up to $20,000 in down payment assistance to eligible first-time homebuyers.
That can even make a monthly house payment lower than monthly rent.
“That is an amazing product,” Pompey said. “Twenty thousand dollars can change somebody’s life.”
Grant funds are limited and don’t last long once they come available each spring. Prospective first-time homebuyers with incomes at or below 80% of the area median are eligible.
Community Impact
$11,763,087
Total Interest & Incentives Paid to Members in 2023
$734,293
Donated in Support of 669 Organizations in 2023
$235,600
Homeownership Grant Funds Awarded to Homebuyers in 2023
94,620
Pounds of Paper Recycled During Free Shred Day Events in 2023
More To Explore
What’s a Balloon Mortgage
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Your Guide To Short-Term Home Mortgage Loans
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Should You Build Or Buy a House? Consider These Things
We’ve outlined the essential pros and cons to consider before purchasing, or building your new home so you can decide
