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CU System
CUNA Advice In USN&WR: Don't Delay Buying Home To Get Better Rate
MADISON, Wis. (9/13/13)--First-time homebuyers got some advice from the Credit Union National Association in Wednesday's U.S. News & World Report about what not to do when buying a home.
 
One mistake homebuyers should avoid is delaying the buying process in hopes of obtaining a better rate, said Mike Schenk, CUNA's vice president of economics and statistics, in the article "Here's How A New House Goes From 'Solid Investment' To 'Worst Decision Ever.'"
 
Adjustable rates are now at rock bottom at 3%, Schenk said. If a homebuyer is ready to make the commitment, talk to a lender about securing a loan at an adjustable rate instead of a fixed rate, the article said.
 
Other mistakes first-time homebuyers make, said the article, include:
  • Searching for the dream home before getting prequalified for a loan;
  • Thinking short-term, instead of about the resale value of the home;
  • Making an emotional decision that ignores problems; and
  • Overlooking hidden costs, such as maintenance, utilities and property taxes.
The article also appeared in Businessinsider.com. Use the link to access the full article.


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