Alex and Shannon thought homeownership was years away. Maybe five years. Maybe more. They were in their early 20s, fresh out of college, newly married, living in an apartment downtown. Building savings, establishing their careers, enjoying the freedom of being young and starting out.
If you've been eyeing that kitchen remodel, bathroom refresh, or backyard project for a while now, you're not alone. Americans spent over $500 billion on home renovation in 2025.* The question isn't whether to do it. It's how to pay for it.
Buying a home is one of the biggest decisions you'll ever make. And a big part of that is your mortgage. Finding the right one can matter just as much.
by Kate McDougall
At any time of year, buying a new home can be both exciting and stressful. But homebuying over the summer offers unique opportunities — with equally unique considerations for a buyer to keep in mind.
While many people immediately think of credit cards when it comes to borrowing money on an as-needed basis, a home equity line of credit (HELOC) is another, often-overlooked tool you can use to draw funds for countless purposes — at a lower interest rate than most credit cards.
What you should know about financing a fixer-upper.
According to CoreLogic®, home prices nationwide saw a year-over-year increase of 17.2% in June 2021 and a month-over-month increase of 2.3%, when comparing May 2021 to June 2021. As home prices have risen and available home inventory remains low, many existing and potential new homeowners are prioritizing geographic location with a willingness to renovate to achieve their dream home. Some homeowners may be staying put and looking to renovate their existing home, while others are considering new home purchases that may require renovation.
If this is you, consider these tips before you begin the process of renovating your current home or purchasing a new home that you plan to renovate:
Steps to make building your dream home a reality.
Your careful planning and preparation and our low mortgage rates can help make building your own home a reality. But first, you’ll want to make sure you’re really ready by following these important steps.
You can also visit LMCU.org/FinancialWellness to learn even more or use our handy calculators to see what it will take to open the door to your new address.
Spring is here and the housing market is booming! Purchasing a new home is on many people’s minds, maybe even yours. Before you jump feet-first into the home buying process, you may want to first learn about what is involved when applying and qualifying for a mortgage.
If you’re preparing to buy your first home, you can make the process easier by learning as much as you can about the mortgage process before you find your dream home. Knowing what to expect allows you to plan ahead and will help you find the loan program that best meets your financial situation.
Considering homeownership? One of the biggest expenses to save for when becoming a homeowner is saving up for the down payment. One of the many myths about the down payments is that buyers need to put at least 20% down on a home, when, in reality, that’s not always the case. In 2020, the median first-time homebuyer financed their home with less than 7% down.* And at LMCU, we’ve financed many homes for as little as 3% down. On a $250,000 home, 7% down is $17,500. It might seem like a lot, but if you start saving now, you can chip away at it little by little.
Once you’ve determined your down payment goal, it’s time to start saving using these strategies:
