Homeownership
Buying, owning and borrowing against a home — guides, podcasts and member stories.
New to homeownership?
Whether you are saving for a down payment, comparing your first mortgage or putting your equity to work, start with the guides below — then use the filters to narrow things down.
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How do you buy a home? Your step-by-step guide to homeownership.
So, you want to buy a home. That’s great news! As you prepare to take that first step, you may be wondering just how many steps there really are before you can open the door to your dream home. Well, wonder no more: LMCU’s mortgage experts are here to break down the homebuying process into easy, actionable steps — so you can feel overjoyed about buying a home, instead of overwhelmed.
How to use gift money to buy your home
If someone is giving you a monetary gift to help you meet mortgage lending requirements, follow these three steps. Make sure the donor meets all of the requirements (besides being generous). The donor is the person giving you the money. That person must be a family member, domestic partner, or fiancé. The donor also needs to prove that they have the funds available. Documentation might include a copy of their cancelled check, or a signed letter from their bank confirming the funds are in their account. An underwriter may require more than one form of documentation.
