Members 1st Credit Union website for mobile devices

Members 1st Credit Union

Our vision at Members 1st Credit Union is to be our members' most trusted financial partner.

Members 1st Credit Union assists its members through a wide assortment of products and services to make sound financial decisions that lead to their improved financial well-being.

Current Blog

Should you get pre-approved before buying a home?

image of Pre-aproved stamp

Ways to increase your buying power

It’s always a great idea to get pre-approved. These four things will help ensure you’ll be ready when the time comes to purchase a home:

  1. Provide an accurate credit check
    Pre-approvals will accurately gauge your credit, unlike many free tools you might find online. If your credit qualifies, then you’re an approved buyer who can put in a serious offer on a home you love.

    If your credit doesn’t qualify, you’ll know exactly why, and you’ll learn how to improve it. By getting approved early, you’ll have enough time to take the necessary steps to raise your score before putting in your offer.

  2. House-hunt with confidence
    If you aren’t pre-approved, sellers and real estate agents won’t take your offer seriously. Pre-approvals are accurate assessments of your financial status that show you are ready to buy and can afford the property when you submit an offer.

    Depending on where and when you are looking, you might also need a pre-approval to view houses.

  3. Set your budget accurately
    Pre-approvals don’t only show the maximum loan amount you get approved for. They also come with an itemized estimate of your interest rate, monthly payment and closing costs.

    This estimate lets you know how much down payment you need, if you need any at all, and will help you narrow down your budget, making it easier to choose what homes you want to see in person.

  4. Show how much you could borrow
    Many buyers are pre-approved for more than they want to spend. And it’s important to know that you don’t need to borrow as much as you are pre-approved for.

    A pre-approval will help you find a comfortable monthly payment that works for you.

Let Members 1st help you begin your home-buying journey. Our loan officers look forward to talking with you about getting pre-approved. They will calculate how much you can afford, find the best interest rate you qualify for and help you get to the front of the line in a sellers' market.

Find out what amount you are eligible for, and bring more negotiating power to your home search today! Call Brian Eyestone at (636) 931-7144, ext. 510, or click here.