Mortgage Supervisor of SharePoint Credit Union Offers Advice
Wednesday, November 1, 2017
St. Louis Park Magazine (October 31, 2017) - When it comes to getting a mortgage, people often come with a lot of questions. Brad Huegel, mortgage supervisor at SharePoint Credit Union, with locations throughout the metro including one in St. Louis Park, shares some advice about taking the step of securing a home loan.
Many people might start by asking, “Why a credit union?” Huegel says that there are many advantages to getting a mortgage through a credit union rather than a bank. For one thing, they offer lower closing costs. They also have better insurance rates than banks. SharePoint Credit Union also requires as little as a 3 percent down payment to be eligible for mortgage insurance.
According to Huegel, one of the biggest challenges people face is making a down payment. “Many people have accumulated a lot of student loan debt,” he says, which makes it difficult for young adults who are looking to purchase their first home. He also says that first-time home buyers often have to work to repair their credit.
One other challenge is the specific housing market in the Twin Cities and simply getting an offer accepted. Huegel says that many people are getting pre-approved but are being outbid. “One buyer made an offer six times and got outbid each of those times,” he says, adding that the seventh time was a charm. He often gives people a heads up so they won’t get too discouraged if they run into a similar situation.
The biggest piece of advice? “Plan ahead,” says Huegel. He says that many people, young adults especially, do not think ahead to when they eventually want to invest in a home. Saving up takes time, and Huegel suggests starting this process far in advance. Getting quotes from multiple lenders on the same day is also very important, since interest rates can change from week to week.