Buying a home is not only a dream for many people — it’s a huge financial investment, too. One of the first steps in the process is applying for a mortgage loan. When you partner with Hawaiian Tel Federal Credit Union in Honolulu, the process won’t be overwhelming. That’s because the home lending team is committed to walking with you on this life-changing journey.

Before you apply for a mortgage loan, be prepared by keeping the following tips in mind:

• Know What You Can Afford: There are a number of online mortgage calculators that show how much a house costs after inputting different figures. These include the down payment, taxes, and insurance.
• Check Your Credit Score: Get credit reports from the three national bureaus — Equifax, Experian, or TransUnion — to know what your three-digit credit score is. The higher the score, the better position you’ll be in with lenders.
• Pay Down Debt: Be sure to establish a long-term pattern of paying loans and other debt payments on time. This will show the lender you have the financial discipline to make your mortgage loan payments.
• Stay Employed: To show you have a steady stream of income, lenders also like to see that you’ve been employed full-time for at least two years.
• Know Mortgage Terms: Educate yourself on the different types of mortgage loans and which ones might work best for you. They range from fixed-rate and adjustable rate to FHA and VA mortgages.
• Learn About Interest Rates: Do research on how interest rates will affect your mortgage loan amount. Find out how private mortgage insurance and points can also increase or decrease your monthly payment.

Hawaiian Tel Federal Credit Union has been there for all their members money needs for 80 years. They have also made homeownership a reality for its members. As a not-for-profit, the financial institution is able to offer consistently competitive interest rates and mortgage loans that appeal to all types of personal circumstances. To learn how Hawaiian Tel Federal Credit Union can be your one-stop shop for all of your financial needs, call (808) 832-8700 today. Visit the website to complete the online mortgage loan application and for extensive details on a wide range of products and services. You can also find the credit union on Facebook and Twitter.