What is the house buying process?

Buying a house is a big step. Tri Boro FCU is here to help. Here is a typical time line of the process:

How much money do I need?

That depends on how much house you want to buy and how much you can afford. When buying a house, you will need:

  1. Down payment – this is 20% or as low as 5%, for those that quality for First Time Home Buyers as low as 3% of the purchase price or appraised value, whichever is lower
  2. Pre-paids – these are funds for your escrow account, we will need this funded so when your taxes and homeowner insurance is due there is enough to pay for them
  3. Closing costs – these are the costs involved in processing your loan request, for example, the appraisal, title search, title insurance, etc.

What documents will I need?

Buy a house:

Refinance or Home Equity Loan:

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