Home Buying – Step by Step
Looking for a new home can be an exciting and challenging experience. A few twists or turns may occur along the way, but following these steps will help make your real estate transaction less stressful.
1. Get Your Financials in Order
If you are looking to purchase a new home, especially if you are a first time home buyer, it is important to start the process early. Be prepared to have at least 5 percent of the purchase price saved as down payment. You will also need to have funds available for closing costs, property taxes, and homeowners insurance. Visit our Real Estate loan page and click on "Rates" to obtain an estimate of the total funds needed for closing. Check out the "Related Links" section for additional home buying tools, including a list of documents you should begin gathering to verify your income and assets, and a link to obtain your free annual credit report.
2. Get Pre-Approved
Times are changing in the mortgage and real estate industry, making it more important to get pre-approved for a mortgage before you begin looking at homes. In fact, many realtors may be hesitant to show you homes unless you have a pre-approval letter in hand. Having a pre-approval may also give you the upper hand when submitting an offer, should there be other offers the sellers are considering. Visit PittsfordFCU.org/Mortgage to get a rate quote and apply for a pre-approval online. Qualified borrowers can obtain an instant pre-approval letter online. You may also contact the Mortgage Department for information or to schedule an appointment to apply in person. Once you have started the pre-approval process it is very important that you notify your loan officer of any financial or employment changes that may occur. This may include making deposits over $500 (other than payroll deposits), transferring any amount of funds between accounts, taking a withdrawal from your retirement account, applying for new credit, or having changes in income or employment.
3. Shop for Your Home;
Make an Offer
Start touring homes in your price range. If you aren't already working with a realtor, asking friends and family for recommendations is a great way to find someone to assist you in your home search. Realtors can provide you with a list of homes that fit your criteria and price range, set up appointments for viewing potential homes, and assist with presenting and negotiating a fair price based on their knowledge of comparable sales in the neighborhood. Once you have an accepted purchase offer, notify your Pittsford FCU loan officer immediately so he or she can begin processing your application and ultimately provide you with a final approval and clearance to close. Typical time frame from acceptance of the offer to closing is 30 to 90 days.
4. Close on Your New Home
Once your mortgage has been approved and cleared to close, notify your attorney about scheduling your closing date. At your closing, you will sign all the paperwork required to complete the purchase of your new home, as well as your mortgage loan documents. Your attorney will provide you with the final amount of funds you will need for closing. Generally a bank check or certified funds will be required for this amount.
5. Move In!
You've found the house, been approved for the mortgage, made it through closing, and now you are ready to move into you new home.
Whether you have already owned a home, or are a first-time home buyer, buying a home doesn't have to be stressful if you're prepared with knowing what to do and when to do it. Pittsford Federal Credit Union's Mortgage Department would be delighted to help with everything you may need along the way. We offer local, personalized service and online tools, including rate watch, closing costs calculators, and instant pre-approvals for qualified borrowers. We offer a variety of products that are sure to fit your needs. Visit us online at PittsfordFCU.org or call the Mortgage Department at 381-3885 for more information.
Thanksgiving Competition Drives Food Donations
In November, Pittsford FCU team members demonstrated their commitment to Pittsford Food Cupboard with a phenomenal outpouring of support, generously donating more than 2,600 canned and boxed food and beverage items valued at approximately $3,000.
Pittsford Food Cupboard is an important community resource the Credit Union has supported for years. One dozen turkeys and a couple dozen frozen pies were just a few of the essential items provided during this critical time of year. To help ensure complete holiday meals would be assembled, a list of suggested seasonal items was distributed, and the Pittsford FCU team responded wonderfully.
Pittsford Food Cupboard served 261 families during Thanksgiving week and a total of 408 families for the month of November.
While the holidays are a challenging time for the clients of the food pantry, local efforts occur year-round. In fact your Credit Union has "adopted" the coffee and tea shelf in an effort to keep the popular shelf continuously supplied throughout the year.
Congratulations to the entire Pittsford FCU team! Well done.
Organizations Pittsford FCU Supported in 2013
- American Cancer Society – Relay for Life
- Bloomfield Drama Club
- Credit Union Cherry Blossom Run
- Downstairs Cabaret Theater
- East Rochester Barons Hockey
- EquiCenter's Therapeutic Equestrian Program
- Fairy Godmother Program
- Friends of Pittsford Hockey
- Friends of Pittsford H.S. Cheerleading
- Golisano Children's Hospital
- The Harley School
- HFM Easter Egg Hunt
- Honeoye Falls Chamber of Commerce
- Honeoye Falls-Lima Earth Day
- Honeoye Falls-Lima PTA
- Honeoye Falls-Lima H.S. Robotics Team
- Kyle's Run
- Lima Outdoor Classroom Construction Support
- Lyric Chorale
- Mendon Bicentennial Celebration
- Mendon Community Business Association
- Mendon Equicenter
- Mendon Fire Department
- Mendon Foundation
- Mendon Girls Booster Club
- Mendon Rundel Library Foundation
- Mendon Youth Baseball
- Miles for Molly
- Nazareth College Soccer
- Nazareth Lacrosse
- PACK Swim Team
- Pet Pride
- Pittsford Carriage Association – Walnut Hill
- Pittsford Chamber of Commerce
- Pittsford Club Volleyball Team
- Pittsford Crew
- Pittsford FCU Member Scholarship Fund
- Pittsford Food Cupboard
- Pittsford Little League
- Pittsford-Mendon & Sutherland H.S.
- Pittsford-Mendon Life Smarts
- Pittsford Musicals
- Pittsford Rotary
- Pittsford Volunteer Fire Association
- Pittsford Youth Services
- Pittsford-Mendon H.S. Baseball Boosters
- Pittsford-Mendon H.S. Senior Bash
- Rochester Community Tennis
- Ronald MacDonald House
- Rush-Henrietta Football
- TLC Melissa's Living Legacy Teen
- Cancer Foundation Run
- Town of Pittsford Events
- U of R Basketball
- U of R Football
- United Way
- Victor Little League
- Victor-Farmington Volunteer
- Visiting Nurse Service Hospice Ship
- Wendy's College Classic Scholarship
- Basketball Tournament
- Womans Club of Pittsford
- YMCA Turkey Classic
Tax Time Tools
Preparing your own taxes with TurboTax® is easy. Just log into Internet Banking at PittsfordFCU.org and click on the "My TurboTax" link in the "Manage Money" menu to get started
Electronic filing can save you time and get your refund deposited to your account more quickly. To ensure proper credit to the account you designate, use the account number listed on your statement and Pittsford FCU's R/T #222381918. If you have any questions call 624-7474 or visit PittsfordFCU.org.
Establish a direct deposit/withdrawal (ACH) alert to notify you when your tax refund or payment has occurred. Click on "eAlerts" within Internet Banking.
Go paperless with eTax Forms. Click on "eStatements" within Internet Banking.
Free Tax Guides
Our free Income Tax Handbook is now available at both Pittsford FCU branches.
High School Seniors
Pittsford FCU is once again presenting college-bound high school seniors with the opportunity to compete for scholarship awards. The Rochester Chapter of New York State Credit Unions Scholarship Program will be awarding a minimum of $10,000 in scholarships. Plus, Pittsford FCU will be awarding five additional $1,000 scholarships exclusively to Pittsford FCU member-applicants. It's a simple three-step process, making this an opportunity students can't pass up.
- Download the application or pick one up at either branch office.
- Complete the application and collect all supporting materials and signatures.
- Return the completed form to the address listed on the application, post-marked no later than January 24.
For more information, call our Member Services Department at 624-7474 or visit our website at PittsfordFCU.org.