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Lafayette Federal will be closed Monday, January 21st for the Martin Luther King, Jr. holiday. Members may access Online Banking or contact our 24-hour Call Center at (301) 929-7990 or (800) 888-6560. X
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Serving members worldwide since 1935.
Buying a home takes years of financial preparation. If you're falling short of where you want to be, here's how you can get there.

Don’t Deplete Your Savings


Lenders often look at your cash reserves. They don’t want you to empty your savings accounts in order to afford your mortgage payments. For this reason, avoid making other major purchases in the year you plan to buy.

Borrow with a Co-signer


You may be able to borrow a larger amount or get a lower interest rate if you borrow with a co-signer. Consider this option carefully. You will both be held responsible if you default on the loan.

Track the Current Market


Look at the current buyer’s market and interest rates. Are rates increasing or decreasing? The lower the interest rate, the more home you can afford.

Patch Up Bad Credit


Get a copy of your credit report from each of the three credit bureaus (see below). Make sure that there are no mistakes on it that could cost you—or even prevent you from getting financing. Pay all of your creditors in full and on time for at least a year before you want to get a mortgage loan. And try to avoid changing employers. The better your credit rating, the more you’ll be able to borrow—and at a better interest rate.

The Three Credit Bureaus:

  • Experian: (888) 397-3742
  • Equifax: (800) 685-1111
  • TransUnion: (800) 916-8800
  • Debit Card Transaction

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  • Holiday Loan 2018

    A Lafayette Federal Holiday Loan is the perfect way to cover your extra spending this season.

    Rates as low as 4.74% APR*

  • Woman in New Car

    Dreaming of a new ride? Let us finance your next new, used, or fuel-efficient vehicle.

    Rates as low as 2.375% APR*