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1st Time Homebuyer Mortgage

Let Us Make Buying Your First Home Easier

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Genisys Credit Union knows how hard buying your first home can be, and we’re here to make it easier on you. With exclusive first-time home buyer mortgage and loan offerings, as well as a custom-tailored program to help see you through the process, Genisys can help make it easier than ever for you to own your first home.

Avoid the cookie-cutter home loans that other financial institutions offer. Genisys can help find a home loan that fits the specific needs and budget of a first-time home buyer instead of trying to force a square peg into a round hole with a ‘one-size-fits-all’ mortgage plan.

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We're With You From the First Step in the Homebuying Process

With a first time homebuyers mortgage from Genisys, you can take that first step towards home ownership knowing the dedicated specialists of Genisys Credit Union have your back from the first walk-through to the final closing. Let us help make your home-buying experience even easier.

Mortgages & Support Personalized to First Time Buyers

Above and beyond our home loans and mortgage programs, we take great pride in helping first-time homebuyers find their way through the process into their dream of owning a home. When you apply for your mortgage, a dedicated Genisys Credit Union Mortgage Consultant will work with you every step of the way to tailor a mortgage product that meets your unique needs. At any point in the home-buying process, your Mortgage Consultant will guide you along so you know what to expect - no more nasty surprises at the closing of a loan!

 

What to Expect When Buying a Home

Watch our 1st Time Homebuyer Video Series for helpful videos on navigating the home buying process.

clapperboard play icon PART 1

The first video in our series covers:

  • Section 1: Understanding Today’s Mortgage Market
  • Section 2: Buying Your First Home: Are You Ready?
  • Section 3: Getting Yourself Ready
  • Section 4: Know the Real Cost

clapperboard play icon PART 2

The second video in our series covers:

  • Section 5: Go Shopping for a Mortgage
  • Section 6: Pick Your Team
  • Section 7: Know Your Budget, and Don’t Be Swayed

clapperboard play icon PART 3

The third video in our series covers:

  • Section 8: Beautiful Day in the Neighborhood
  • Section 9: What It Takes To Get Approved For a Mortgage
  • Section 10: When and Where to Apply For Your Mortgage

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Download Our First Time Homebuyer Guide

Shop for the House, Apply for the Loan and Close the Deal with Confidence

Buying your first home can be one of the most exhilarating - and stressful - moments of your life and getting everything in order can be daunting. Our free eBook can help you get ready to purchase a home that's just right!

PDF icon   Download Your FREE eBook

 

1st Time Homebuyer FAQs

What is a first-time home buyer loan?
How does a first time home buyer loan work?
Who qualifies for a first time home buyer loan?
How much mortgage can I afford as a first time home buyer?
How do I apply for a first time home buyer loan?
What else should I know before I buy my first home?

 

How is your Credit?

Healthy credit is crucial to applying for most loans, but if you’re applying for a mortgage for your first home, your credit can be subjected to even greater scrutiny. Get ahead of the game with financial services from Genisys Credit Union and figure out what you can do to get ready for your first mortgage.

Let's Get Started

Feel free to reach out to our mortgage experts.

 

Find a Mortgage Consultant  

or call us at 248-745-3353

Looking for More Homebuying Information?

Find tips, advice and more from the Genisys Blog

Breaking Down Your Mortgage Payment
Breaking Down Your Mortgage Payment
Authored By: Genisys Credit Union on

If you’re preparing to purchase your first home, you’re probably scratching your head more than you anticipated. Between the complex terminology and variety of home loan options, the home-buying process can become confusing rather quickly.

Read More »
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3 Assumptions First-Time Homebuyers Should Consider
3 Assumptions First-Time Homebuyers Should Consider
Authored By: Genisys Credit Union on

The idea of purchasing your first home can be intimidating. You get advice from everywhere – your friends, parents, realtors, loan officers, and others.  Much of that information will be valuable. You should, however, also remember that any advice you receive comes through the filter of the person giving it. What is best for them, may not be best for you.

Read More »
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The Do’s & Don’ts of Estate Planning
The Do’s & Don’ts of Estate Planning
Authored By: Genisys Credit Union on

Estate planning is a crucial tool in your arsenal for securing your family’s financial future. Creating a comprehensive estate plan allows you to ensure your assets are distributed according to your wishes, establish healthcare and funeral directives, protect minor children, and help you leave a legacy for your loved ones.

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Why Buying a Home in Winter Might Be a Smart Move
Why Buying a Home in Winter Might Be a Smart Move
Authored By: Genisys Credit Union on

If purchasing a new home is one of your financial goals for the new year, you are probably taking all the necessary measures to prepare. From saving for a down payment to finding the perfect home, there is a lot to consider.

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10 Creative Ways You Can Use a Home Equity Loan
10 Creative Ways You Can Use a Home Equity Loan
Authored By: Genisys Credit Union on

You’ll often hear homeowners talking about tapping into their home’s equity to solve a variety of financial challenges. But what exactly is home equity? And if you do tap into your home’s equity, how can you use those funds?

Read More »
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Mortgage Payment Breakdown: Where Your Money Really Goes
Mortgage Payment Breakdown: Where Your Money Really Goes
Authored By: Genisys Credit Union on

If you’re preparing to purchase your first home, you’re probably scratching your head more than you anticipated. Between the complex terminology and variety of home loan options, the home-buying process can become confusing rather quickly.

Read More »
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Top Home Upgrades to Boost Your Resale Value
Top Home Upgrades to Boost Your Resale Value
Authored By: Genisys Credit Union on

If you're considering selling your house in the future, it’s essential to understand the best home improvements for resale value. In order to get the most money for your house, your home must be in top-notch shape to attract buyers and get the highest offer possible — perhaps even a bidding war! Don't underestimate the value that even minor improvements to your home could add to your bottom line.

Read More »
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To Relocate or Renovate? Navigating the Decision of Moving vs. Home Improvement
To Relocate or Renovate? Navigating the Decision of Moving vs. Home Improvement
Authored By: Genisys Credit Union on

Choosing to move to a new home or to make improvements to your current home is a big decision. The right answer will depend on your general financial situation and other personal circumstances. Here, we’ve outlined the pros and cons of each choice so you can make the decision that is best for you.

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Answering Your First-Time Homebuyer Questions
Answering Your First-Time Homebuyer Questions
Authored By: Genisys Credit Union on

Buying a home is likely the most significant financial transaction you will make in your lifetime. While preparing to purchase a house is exciting, it’s understandable to feel a bit overwhelmed (especially as a first-time buyer). 

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Should You Buy a Home in the Winter?
Should You Buy a Home in the Winter?
Authored By: Genisys Credit Union on

If purchasing a new home is one of your financial goals for the new year, you are probably taking all the necessary measures to prepare. From saving for a down payment to finding the perfect home, there is a lot to consider.

Read More »
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When Does a Home Equity Loan Make Financial Sense?
When Does a Home Equity Loan Make Financial Sense?
Authored By: Genisys Credit Union on

As a homeowner, you possess a unique financial advantage – the ability to build and utilize the equity in your property. Home equity loans offer an affordable means to finance a wide range of expenses, including home renovations, weddings, and higher education.

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Unleash the Power of Your Home’s Equity
Unleash the Power of Your Home’s Equity
Authored By: Genisys Credit Union on

Do you ever feel trapped by your finances? Maybe you have several big projects, like your home needs new flooring or your AC is on its last legs. Perhaps you opened your mailbox to find unexpected medical bills. All these projects and expenses can add up quickly, especially when they hit at once.

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Time to Move or Time to Improve? Moving vs. Home Improvement
Time to Move or Time to Improve? Moving vs. Home Improvement
Authored By: Genisys Credit Union on

Choosing to move to a new home or to make improvements to your current home is a big decision. The right answer will depend on your general financial situation and other personal circumstances. Here, we’ve outlined the pros and cons of each choice so you can make the decision that is best for you.

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Everything You Need to Know About Buying a Home this Year
Everything You Need to Know About Buying a Home this Year
Authored By: Genisys Credit Union on

If you’re planning to get a home loan this year, you likely know you won’t be dealing with typical circumstances. The real estate market has been completely upended by the pandemic along with its ensuing financial fallout, and it has yet to recover. While the extreme market conditions that characterized the last two years are beginning to settle down, the market is still far from stable.

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Understanding a Mortgage Payment
Understanding a Mortgage Payment
Authored By: Genisys Credit Union on

If you’re preparing to purchase your first home, you’re probably scratching your head more than you anticipated. Between the complex terminology and variety of home loan options, the home-buying process can become confusing rather quickly.

Read More »
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Financial Perks of Being a Renter
Financial Perks of Being a Renter
Authored By: Genisys Credit Union on

Much of today’s financial advice tends to center around buying a home. Yes, homeowners experience various fiscal benefits, such as building equity and potentially earning a return if they sell the property. However, not everyone is ready to become a homeowner – nor is it the best option for all. Renting an apartment or home can provide many financial perks – especially to those younger members just starting out. 

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Tips for Buying a Home in a Seller's Market
Tips for Buying a Home in a Seller's Market
Authored By: Genisys Credit Union on

Unfortunately, the current real estate environment is a “seller’s market,” which can quickly lead to a frustrating home-buying experience. But all is not lost. You will find your perfect home; it just may require a little more work, patience, and understanding of how to navigate this type of market.

 

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How Can I Avoid Paying Private Mortgage Insurance
How Can I Avoid Paying Private Mortgage Insurance
Authored By: Genisys Credit Union on

Deciding to buy a new home can be very exciting – especially if it’s your first home. Most often, the first question you ask yourself is, “How much can I afford to spend?” While that’s a great question, the answer isn’t always clear-cut when it comes to home loans.

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Financing Your Home Improvement Projects
Financing Your Home Improvement Projects
Authored By: Genisys Credit Union on

Your home is more than just a house. It’s where you create memories with friends and family. It’s a reflection of you and your personality. It’s a financial investment. And, since the pandemic started, it’s a place where you spend a lot of time!

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10 Ways You Can Use a Home Equity Loan
10 Ways You Can Use a Home Equity Loan
Authored By: Genisys Credit Union on

You’ll often hear homeowners talking about tapping into their home’s equity to solve a variety of financial challenges. But what exactly is home equity? And if you do tap into your home’s equity, how can you use those funds? 

Read More »
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Understanding the Home Inspection Process
Understanding the Home Inspection Process
Authored By: Genisys Credit Union on

Couple speaking with home inspector

Whether it’s your first or forever home, buying a new house is exciting! However, before you start daydreaming about how you’ll decorate and the future memories you’ll create, there is still much to do before you sign on the dotted line. 

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Make Those Summer Plans… with a HELOC
Make Those Summer Plans… with a HELOC
Authored By: Genisys Credit Union on

Family at the beach

The temps are on the rise and you are thinking about your summer plans. Are you hoping to take a much-needed vacation with the family, bask in the sun while floating in your gorgeous pool, or even catch up on your summer reading in your new sunroom?

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Best Home Improvements for Resale Value
Best Home Improvements for Resale Value
Authored By: Genisys Credit Union on

Couple painting walls in room

If you're considering selling your house in the future, it’s essential to understand the best home improvements for resale value. In order to get the most money for your house, your home must be in top-notch shape to attract buyers and get the highest offer possible — perhaps even a bidding war! Don't underestimate the value that even minor improvements to your home could add to your bottom line. 

Read More »
  • Share:

3 Assumptions a First Time Homebuyer Should Question
3 Assumptions a First Time Homebuyer Should Question
Authored By: Genisys Credit Union on

Young couple hugging on couch

The idea of purchasing your first home can be daunting.  You get advice from everywhere – your friends, parents, realtors, loan officers, and others.  Much of that information will be valuable. You should, however, also remember that any advice you receive comes through the filter of the person giving it.  What is best for them, may not be best for you.

Read More »
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Steps to Take Before Applying for a Mortgage
Steps to Take Before Applying for a Mortgage
Authored By: Genisys Credit Union on

Family making house motion with hands

Purchasing a home is an exciting time, but it’s also a significant financial investment. Before you get ahead of yourself, you must understand what lenders will be looking for when applying for a mortgage and the upfront costs of buying a home. 

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The Importance of Being Financially Fit
The Importance of Being Financially Fit
Authored By: Genisys Credit Union on

Are you ready to stretch those financial fitness muscles? We hope so, because it’s time to get financially fit!

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What Could Impact Your Home Loan Approval?
What Could Impact Your Home Loan Approval?
Authored By: Genisys Credit Union on

Mature couple standing outside of home

Buying a home is the American dream. And, if you’re like most, you’ll probably have to obtain a home loan to make that dream come true. However, many factors can affect your home loan approval. Here is a list of some of the reasons your loan may not be approved. 

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7 Home Improvement Hacks That Won't Break the Bank
7 Home Improvement Hacks That Won't Break the Bank
Authored By: Genisys Credit Union on

Excited woman doing home improvement projects

If you’re like most of us, you’ve had extra time to scrub and purge your home from top to bottom. And now, with every surface, closet, and room sparkling clean, you’re starting to see all the areas that could use a facelift. Like your kitchen that needs a complete overhaul, fresh paint on the walls, or even new window treatments.

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Tips for First-Time Homebuyers
Tips for First-Time Homebuyers
Authored By: Genisys Credit Union on

Family unpacking boxes at new home

Buying your first home can seem intimidating. Between determining your budget, considering various neighborhoods, and having to go through multiple homes to find the perfect one can be time consuming and exhausting. But the truth is, if you know what to expect from the first-time home-buying process you’ll have a much easier time!

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Getting Financially Prepared to Buy a Home
Getting Financially Prepared to Buy a Home
Authored By: Genisys Credit Union on

Couple sitting with computer at the table

Buying a home is one of the most exciting things you will do in a lifetime! Whether you are buying your first home or you’re moving up to what will be your forever home, financial preparation is essential. It’s not just about credit scores and down payments, though those are certainly necessary. You must begin with the basics:

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Make Those Summer Plans... With a HELOC
Make Those Summer Plans... With a HELOC
Authored By: Genisys Credit Union on

Happy family sitting on couch

The temps are on the rise and have you thinking about your summer plans. Are you hoping to take a much-needed vacation with the family, bask in the sun while floating in your gorgeous pool, or even catch up on your summer reading in your new sunroom?

Read More »
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HELOC: Your Emergency Lifeline
HELOC: Your Emergency Lifeline
Authored By: Genisys Credit Union on

Unexpected expenses or emergencies can be devastating to your finances. One medical bill can set you back hundreds, if not thousands, of dollars. Even smaller financial problems, such as finding the money to perform repairs in your home, can leave you without any way to make ends meet.

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Round Up Your Home Loan Payments to Save BIG!
Round Up Your Home Loan Payments to Save BIG!
Authored By: Genisys Credit Union on

Family Holding Cardboard Roof Above Head

Taking out a mortgage is a long-term commitment. What if we told you there are some simple ways to maximize your loan payments, minimize the time it takes to pay off your mortgage, and you can save a lot of money all at the same time?

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Are You Ready to Buy a Home?
Are You Ready to Buy a Home?
Authored By: Genisys Credit Union on

Couple holding structure of house around faces

So you think you’re ready to buy a home, congrats! But if you find yourself asking, “When is the best time to buy a home?” You’re asking the wrong question. The question is whether YOU are ready to buy, not if it’s the best time to buy. Buying a home is one of the biggest financial decisions and investments you will ever make. Are you ready? To help answer that question, we’ve put together several points to help you on your journey.

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How to Save for a Down Payment on a House
How to Save for a Down Payment on a House
Authored By: Genisys Credit Union on

Young couple smiling on floor of their new house.

Saving to buy a home can seem like a daunting task, especially when you think you have to save 20% for the down payment. Let’s face it, unless you live in an area with a low cost of living, coming up with that type of cash can be discouraging. 

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3 Assumptions A First Time Home Buyer Should Question
3 Assumptions A First Time Home Buyer Should Question
Authored By: Genisys Credit Union on

Woman Thinking About a Decision

The idea of purchasing your first home can be daunting.  You get advice from everywhere – your friends, parents, realtors, loan officers, and others.  Much of that information will be valuable. You should, however, also remember that any advice you receive comes through the filter of the person giving it.  What is best for them, may not be best for you.

Read More »
  • Share:

Should I Refinance My Home Mortgage?
Should I Refinance My Home Mortgage?
Authored By: Genisys Credit Union on

Buying your first home is exciting. The experience can also be a bit confusing when obtaining your home financing. While it may seem that the decisions about financing end at the mortgage closing, that’s not necessarily the best tactic for your finances.

Read More »
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7 Reasons Not To Skip a Home Inspection
7 Reasons Not To Skip a Home Inspection
Authored By: Genisys Credit Union on

Shopping for a new home can be an exciting blur of listings, neighborhood scouting and open houses. There’s so much to consider! You want a house in the perfect neighborhood with that gorgeous kitchen and great yard, all within your budget.

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Ready to Buy a House? Don't Forget This 1st Step!
Ready to Buy a House? Don't Forget This 1st Step!
Authored By: Genisys Credit Union on

You’re ready to purchase a home. You have a steady job, some savings for a down payment, but you aren’t sure what to do next.

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How to Finance Home Renovations
How to Finance Home Renovations
Authored By: Genisys Credit Union on

If cabin fever has you looking closer at your home and wishing things were different, maybe this can be the year you take on a renovation project. Whether you’re gutting your entire kitchen or turning your basement into a home theater, you have several choices when it comes to funding a home renovation, but which one makes the most sense?

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20% Down Home Buying Myth
20% Down Home Buying Myth
Authored By: Genisys Credit Union on

Owning a Home -- for a lot of people that is the all American Dream. If that's your dream, you are likely saving up, dollar by hard-earned dollar, until you have that magic number: 20% of your dream home's total value.

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Why is a Mortgage Good Debt to Have?
Why is a Mortgage Good Debt to Have?
Authored By: Genisys Credit Union on

Every corner of the personal finance world stresses the same point: Debt is the wealth killer. Debt is the single greatest threat to your retirement planning, college savings, and financial independence.

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4 Expenses That Surprise First-Time Homebuyers
4 Expenses That Surprise First-Time Homebuyers
Authored By: Genisys Credit Union on

The American dream of owning a house still seems to be something younger people want and are actively pursuing. Many Millennials are confident they’ll achieve the American Dream of owning a home, yet more than half don’t have a plan to get there.

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What Do Rising Mortgage Rates Mean for Me?
What Do Rising Mortgage Rates Mean for Me?
Authored By: Genisys Credit Union on

The newscaster reports, “The Federal Reserve has raised the discount rate another .25% and experts expect another two increases this year,” leaving you wondering what this means to you. If you’re thinking about buying a new home, it means a lot to you because mortgage interest rates will likely also rise.

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How Much Home Can You Afford?
How Much Home Can You Afford?
Authored By: Genisys Credit Union on

Everyone can imagine their “dream home.” For some, it’s a bungalow with a white picket fence.  For others, it’s a sprawling mansion. 

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Making Home Renovations More Affordable
Making Home Renovations More Affordable
Authored By: Genisys Credit Union on

Is your kitchen feeling reminiscent of The Golden Girls famed cheesecake eating spot? Does your bathroom feature a 20 gallon per flush commode?

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15 Tricks To Sell Your Home Quickly
15 Tricks To Sell Your Home Quickly
Authored By: Genisys Credit Union on

Spring is in the air -- or at least it should be!  And aside from the hum of lawnmowers, newly bloomed flowers and the chime of the ice cream truck, spring means the chance at a fresh start in a fresh, new home.

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Choosing an Equity Loan In a Rising Rates Environment
Choosing an Equity Loan In a Rising Rates Environment
Authored By: Genisys Credit Union on

Are you looking to take out a loan against your home’s equity, but noticed that interest rates are starting to slowly climb?

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How Much Will Your Mortgage Really Cost?
How Much Will Your Mortgage Really Cost?
Authored By: Genisys Credit Union on

Mortgages can be complicated transactions.  If you’re buying a house, you get wrapped up in negotiating a purchase price and determining the home’s actual value.  If you’re refinancing, you are very focused on the interest rate.

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Rising Interest Rates: What Do They Mean For You?
Rising Interest Rates: What Do They Mean For You?
Authored By: Genisys Credit Union on

If you read financial headlines, you’ve no doubt seen the news that the Federal Reserve has and may continue to raise interest rates.

Read More »
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How a Bridge Loan Can Help you Buy a House
How a Bridge Loan Can Help you Buy a House
Authored By: Genisys Credit Union on

Buying your second home is nothing like buying your first. This time around, you have the experience of being a homeowner.

Read More »
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Using Your Home Equity To Pay For Emergencies
Using Your Home Equity To Pay For Emergencies
Authored By: Genisys Credit Union on

If you’re a homeowner, you probably already know that emergencies happen at the least convenient times.

Read More »
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Smart Moves for Using a Home's Equity
Smart Moves for Using a Home's Equity
Authored By: Genisys Credit Union on

As home prices continue to rebound from the recession, home equity loans are becoming sources of extra cash for a growing number of homeowners.

Read More »
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New Homeowners: Watch Out for the Forgotten Expenses
New Homeowners: Watch Out for the Forgotten Expenses
Authored By: Genisys Credit Union on

Buying your first home is a major milestone. There's nothing quite like the giddy rush that comes from knowing you could paint a wall fluorescent pink and no one could legally stop you.

Read More »
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Mortgage Pre-Qualification vs. Pre-Approval
Mortgage Pre-Qualification vs. Pre-Approval
Authored By: Genisys Credit Union on

You’re ready to purchase your first home.  You have a steady job, some savings for a down payment, but you aren’t sure what to do next. Before you go any further in the house hunting process, you should start thinking about financing by getting pre-qualified for a mortgage.

Read More »
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How Will My Credit Impact My Mortgage Application?
How Will My Credit Impact My Mortgage Application?
Authored By: Genisys Credit Union on

Every potential homebuyer dreams of the day they’ll finally get the symbol of independence, security and prosperity: the key to the front door of their new home. Whether you’re applying for a mortgage to move into a new home or you need a first time mortgage to help buy your first-ever home, there’s a lot that can go into getting the keys and moving in. Before you get that key, there’s another key you need to master -- your credit score.

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What is the Best Type of Mortgage? (It Might Not Be a 30-Year Fixed Rate!)
What is the Best Type of Mortgage? (It Might Not Be a 30-Year Fixed Rate!)
Authored By: Genisys Credit Union on

The 30-year fixed rate mortgage has been the standard for American home financing for a long time.  It is so standard that many homebuyers don’t even consider other alternatives.

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Finance a Home with Little Money Down
Finance a Home with Little Money Down
Authored By: Genisys Credit Union on

For most first-time home buyers, coming up with funds for a down payment is the biggest obstacle to homeownership. You have your regular monthly expenses.  You’re trying to maintain or save for an emergency fund.  Then there’s looking ahead to retirement and perhaps college tuition.  Amassing thousands for a down payment may seem impossible.

Read More »
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