Resources for Homeowners

Buying a home is always an in-depth process that can sometimes be confusing and overwhelming. Before you embark on that journey, check out these helpful resources for the first-time home buyer. There is information on the mortgage process, the closing and just about everything in between.      

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Resources for the first-time homebuyer

15 Feb 2018

Resources for Homeowners

Are you considering buying a new house this year?

Home values in the Huntsville metro area are expected to rise moderately this year; while Murfreesboro, Tenn., is in the midst of a double-digit increase in home values over last year.

According to Trulia, the median price for a home in Huntsville is $225,000; in Madison, $249,250; and in Murfreesboro, Tn., it’s $223,000.

Homes are expected to remain in tight supply and mortgage rates are likely to rise, according to, so buying earlier in the year, rather than later, may be the key.

Before you take that leap, make sure your finances are in order and do your research.

Redstone Federal Credit Union provides lots of resources to help you with the home-buying or “thinking” about home-buying process.

  • Education and Research. Redstone offers free seminars to help first-time homebuyers who need a roadmap or those who have purchased multiple times. Topics include: First-time homebuyer, Credit Management, and The Big Expense.
  • Mortgage Calculators. These help you determine how much you can spend on a home loan. A good rule of thumb is that monthly housing costs - which include mortgage payments, insurance, property taxes and condo or association fees - shouldn't exceed 28% of your monthly gross income.
  • Mortgages. Redstone offers competitive rates and closing costs on its mortgages and Redstone services nearly every mortgage we make.
  • Redstone Discounts. From closing costs, to home inspections, to moving services - Redstone has member discounts to help you save money on a variety of services.
  • Down Payment Assistance Programs. Down payment assistance and community re-development programs are available for first-time homebuyers and may help you get the down payment you need to buy your home, if you meet certain qualifications.  

As you flip through real estate magazines admiring houses, you may be wondering where to get start.

The first step is to get your financials in order. Request a copy of your credit report at Pay down debt and try not to open any new charge cards during the loan process.     

You will also need to provide pay stubs, bank statements and your previous year’s tax returns to get pre-approved for the mortgage. Some agents won’t show certain homes without a pre-approval letter.



Loans subject to credit approval. Must be RFCU member to obtain mortgage. Must be eligible for membership and open a share savings account. A minimum balance of $5.00 is required to open and be maintained in share savings account at all times. Other restrictions may apply. Contact Credit Union for details. Various types of mortgage loan programs and terms are available. RFCU® is an Equal Opportunity Lender. Rates, terms and conditions are subject to change without notice. Must create separate user name and password to gain access to mortgage application process.

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