Despite being one of life’s most significant milestones, understanding how to buy a home can be confusing, even intimidating. TelComm Credit Union is committed to helping members achieve their goals of home ownership, whatever that may look like.

Whether you are shopping for your first home or considering updating your current home, TelComm Credit Union has the resources to help you make the best decisions you can for yourself and your future.

Getting Started: How to Buy a Home

Before you jump into house hunting, it’s important to understand how much you can afford, how your credit score affects your loan options, and what paperwork you’ll need to get pre-approved.

Our Homebuyer Guide walks you through:

  • The 4 Cs of Home Buying (credit, capacity, cash, and collateral)
  • What documents you’ll need for pre-approval
  • Common “dos and don’ts” during the approval process
  • What to expect from application to closing

If you’re wondering how to buy a home, a guide is a great place to start—whether it’s your first purchase or your fifth.

Already a Homeowner? Let’s Talk About Home Equity Loans

Once you’ve built up some equity in your home, you can use that value to your advantage. Whether you want to renovate or fund major life expenses, a Home Equity Loan or a Home Equity Line of Credit (HELOC) could help.

Our Home Equity Loan & HELOC Guide covers:

  • The key differences between a Home Equity Loan and a HELOC
  • What’s required to qualify for either option
  • Pros and cons of each type of loan
  • A timeline of what to expect from loan application to loan funding

When to Use a Home Equity Loan vs. HELOC

Home Equity Loan:

Best for one-time, large expenses like home renovations or major purchases. You’ll receive a lump sum and pay it back with fixed monthly payments over a set term.

HELOC:

Ideal for ongoing or flexible spending like tuition or medical bills. It works more like a credit card—borrow what you need, when you need it, during the draw period. Interest rates are usually variable.

 

What You’ll Need & How to Prepare

For both home purchases and equity lending, you’ll need to provide the following documentation:

  • Proof of income (pay stubs, W-2s or 1099s)
  • Financial institution statements
  • Property details if applicable (property tax records, proof of homeowners insurance)

Having these documents ready can speed up the process and give your lender a clearer picture of your financial situation.

Helpful Tips & Common Pitfalls to Avoid

Do:

  • Pay bills on time and monitor your credit
  • Compare loan options and interest rates
  • Respond quickly to your lender’s requests

Don’t:

  • Open new lines of credit before or during the loan process
  • Make large purchases or shift jobs without consulting your lender
  • Skip over important steps like securing homeowners insurance or reviewing your closing disclosure

Final Thoughts: Your Homeownership Journey, Your Way

Homeownership isn’t just about the day you get the keys—it’s about how you use and manage your home as a long-term financial resource. Whether you’re ready to buy your first home or thinking about using your home’s equity, TelComm Credit Union has the tools and experience to guide you.

Explore our full Homebuyer Guide and Home Equity Loan Guide for more information—or reach out to us directly. We’re here to help you move forward with confidence.