Here are four things to consider before you start your search:
• Evaluate Your Budget: As a general rule, your mortgage payment should not exceed 28% of your monthly take-home pay.
• Consider Your Debts: Keep in mind the 43% debt-to-income ratio rule—meaning that your monthly mortgage payment, car loans, credit card bills and utilities should not exceed 43% of your gross annual income.
• Calculate Your Down Payment: The cash you have for a down payment will make a difference in your monthly house note—the more you put down, the lower your monthly payments will be. Click here to use our online payment calculator.
• Research Ways to Save: WGLFCU is committed to helping members make smart financial decisions—which is why we offer free access to HomeAdvantage®. Not only can you use this program to search for homes and find an agent online, but when you use one of our approved agents, you qualify for HomeAdvantage Cash Rewards.* Rewards equal 20% of the agent's commission, an average of $1,500 in savings per transaction! Interested in learning more about what you can afford, as well as how to earn Cash Rewards on your dream home? Visit our Real Estate Resource Center.
Program Disclaimer *The HomeAdvantage® program is made available to you through a relationship between Washington Gas Light FCU and CU Realty Services. Cash Rewards are awarded by CU Realty Services to buyers and sellers who select and use a real estate agent in the HomeAdvantage network. Home buyers or sellers are not eligible for Cash Rewards if they use an agent outside this network. Using Washington Gas Light FCU for a mortgage is not a requirement to earn Cash Rewards. Cash Rewards amounts are dependent on the commissions paid to the agent. Washington Gas Light FCU may have specific rules on how your Cash Rewards will be paid out. Cash Rewards incentives are available in most states; however, are void where prohibited by law or by the lender. Please consult with your credit union to get details that may affect you.