The process of buying a house is riddled with specific terminology and important decisions. Understanding the cost of buying a home—and what you can afford—is the first step you should take to set yourself up for success.
Start by defining your goals. Consider where you want to live, the features you’re looking for, what you can realistically afford, and when you want to purchase.
When you buy a home, it’s likely that you’ll make a down payment on the property and take out a mortgage loan to cover the rest. These are the two main costs of purchasing a home.
Traditionally the down payment is between 5% and 20% of the sale price, though there are some governmentsponsored programs that let you put a smaller amount
down. First-time home buyers may be eligible to obtain a mortgage with a down payment as low as 3%. Remember that the less you put down, the larger your monthly mortgage payments will be.
What a mortgage costs depends on three factors: the principal (or amount you borrow), the interest rate, and the length of time the mortgage lasts (or “term”).
When you apply for a mortgage, you will have to qualify to be able to borrow. Typically, lenders require you to spend no more than 28% of your monthly income to repay the combined total of your mortgage loan, property taxes, and homeowners’ insurance.
Be aware that affordability and qualification are not the same thing. Just because you qualify for a certain mortgage doesn’t mean it’s wise to borrow that amount of money. Establish a set budget to ensure that you can afford this new commitment.
There are lots of factors that go into such an important purchase, and we’re here to help! When you’re ready to apply for your mortgage, or if you have any questions about the process, give us a call or schedule an appointment on our website.
316.941.0600 | wichitafcu.com/appt
WFCU’s commitment to raising public awareness about the importance of financial education continues in 2023 with our BANZAI partnership. You can participate through our FREE web portal wichitafcu.learnbanzai.com, where entertaining and interactive lessons share important information about saving for college, using credit cards, buying a home, and more.
We know how important it is to learn good financial habits at an early age. WFCU sponsors BANZAI for 11 high schools and 1 middle school in Sedgwick County. So far, over 3,820 students have been able to complete the Banzai in Schools Program through our sponsorship.
3,820 Students have Completed Banzai! In Schools!
• SOUTHEAST High School
• DERBY High School
• EISENHOWER High School
• MAIZE SR High School
• MAIZE SOUTH High School
• EAST High School
• NORTH High School
• SOUTH High School
• WEST High School
• HEIGHTS High School
• NORTHEAST MAGNET High School
• MARSHALL Middle School
Yesenia Gamero began her career at WFCU in May 2017 as Member Solutions Associate II and was promoted to her current role as an E-Branch MSA II last year.
Yesenia is from Garden City, KS, and her claim to fame was when she was once on TV after being interviewed for a story about preventing auto accidents. Yesenia has also appeared on La Raza radio station to talk about products and services offered at Wichita Federal Credit Union!
She has been married to her husband for 23 years, and the two love traveling to Florida, where the weather is nice and warm. They consider raising their four children one of their most significant accomplishments, and they love spending time with their two grandchildren.
Shopping trips to “The Green Store,” or Dollar Tree, with her granddaughter are common. While there, Yesenia shops for supplies for fun DIY projects she sees on Pinterest and TikTok—one of her favorite hobbies.
Yesenia’s creativity and kindness are also seen in her work at WFCU. She said her favorite part of her job is being able to volunteer and help the community. One of her favorite volunteer events at WFCU was working the booth at the Sedgwick County Zoo’s Cinco De Mayo celebration.
Yesenia genuinely loves to help people, which makes her a true asset to the WFCU team!
We’ve been visting local Wichita businesses to “Pay it Forward!”
From buying coffees for patrons at local coffee shops to handing out gas cards at the pumps, watch for us around town—you never know where we might be next!
May 13th, from 9am - 11am
Cambridge Market Parking Lot
One of our most popular events is our community Shred Days. Please take advantage of our free opportunity to safely destroy documents that contain sensitive information, like:
• Old credit card bills and statements
• Old medical statements and bills
• Credit reports
• Paid utility bills
• Pay stubs/old employment records
• Tax records (after 7 years).
Limited to 3 regular sized boxes per car. Visit wichitafcu.com/events for details.
East & West Office Hours:
Our East & West locations are open 9-5 M-F and 9-12 on Saturdays. We’re always open on our mobile app! Download it today!
Our City Hall office is only accessible to members who work in the City Hall building.
