Buying a home is a stressful process for anyone, but buying your first home can be entirely overwhelming. For many people, a first home purchase is comprised of several smaller firsts, such as the first interaction with a real estate agent, a lawyer, appraiser, or even a lender. There is more involved than just signing on the dotted line, and the overall process can sometimes take several months.
Here’s how Lakeland Credit Union’s experienced and knowledgeable staff can help you navigate the home buying landscape with confidence:
- Planning: Visit us as soon as you start considering a home purchase. We'll discuss aspects of the down payment, such as how much you need, how it can grow, and using your First Time Home Buyer's Plan. We'll give you an estimate of what you could afford and what your payments would be. There are also insurance, taxes, legal and appraisal costs to consider. You may not be ready to buy right away, or your ideal home may not be available, but you'll have a clear and realistic plan for the future.
- Pre-approval: Once you’re ready to start serious house shopping, visit us for pre-approval. You can shop with confidence knowing exactly how much you can afford, and you’ll be ready to make an offer as soon as you find the right place. There is no cost or obligation to you.
- 120 Day Rate Guarantee: Your pre-approved rate is guaranteed for 120 days. Plus, if rates go down, you get the lower rate! You have time in case an initial offer doesn’t go through, or you don’t find your perfect place right away.
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Mortgage Insurance
Mortgage life insurance is the least expensive way to have a replacement income. With this insurance on your mortgage, your family’s biggest debt is turned into its strongest asset. Considering that term insurance is the least expensive way to provide for your family’s financial future, it makes sense for just about everyone to do so. It’s even more sensible for families with high mortgages. With all the financial pressures your family may face in the event of an untimely death, mortgage life insurance can give you peace of mind.
- Life Insurance for Mortgages
- Critical Illness Insurance for Mortgages
- Disability Insurance for Loans
Mortgage life insurance is the least expensive way to have a replacement income
The cost for a 35-year old male with a $100,000 mortgage will average about $13 per month. The policy you hold is what the insurance industry calls term or creditor insurance. You pay premiums for the coverage for a specific term or length of time, such as a 20 or 25-year mortgage. Once the mortgage is paid, your financial risk has ended, so the policy ends too.
With this insurance on your mortgage, your family’s biggest debt is turned into its strongest asset. Considering that term insurance is the least expensive way to provide for your family’s financial future, it makes sense for just about everyone to do so. It’s even more sensible for families with high mortgages. With all the financial pressures your family may face in the event of an untimely death, mortgage life insurance can relieve much of that pressure. It means your family can live mortgage-free.
Today, the odds of beating a critical illness are better than ever.
Almost 80 percent of people under age 55 who suffer a heart attack will survive. Three of every four persons who suffer a stroke will live.
While that’s all great news, the reality is that living with life-threatening cancer or after a heart attack or stroke is never easy. Everything you and your family have worked for and earned is suddenly at risk. You might be unable to return to work or have to manage on less income or face new expenses like private homecare.
With critical illness coverage for your mortgage, you’re free from your largest debt. If you’re diagnosed with life-threatening cancer, suffer a heart attack or stroke, the policy pays for mortgage balance in full.
Critical illness protection for your mortgage can help you save your savings. Without coverage, a life-threatening illness could mean using your savings for mortgage payments. If you saved five percent of your income for ten years, your savings could be lost in just six months of serious illness if you had no other means of income. You can keep your savings and end your mortgage payments by choosing mortgage critical illness coverage.
No one, including you, knows the odds of suffering an injury or illness that keeps you from working
With this uncertainty, you should be mindful about how loan debts increase your monthly expenses and financial risk. If you should become temporarily or permanently disabled and unable to work, you may lose part or all of your income.
A big reason why you received the loan was because your income indicated you could repay the debt. While disability could take away your income, it doesn’t stop your loan payments. Meeting the loan payments with less income could cause you financial stress. You might have savings to fall back on, but years of savings could be lost when your income is cut short by a few months of disability.
With disability insurance on your loan, you can replace part of your lost income and reduce your financial stress. Usually, the insurer makes the loan payment on your behalf. The amount of the payment and the length of time the insurer will make the payments can vary. Ask your loans officer for details on the policy in place at Lakeland Credit Union.