Tips for navigating your first home purchase.
Buying a home is a huge financial decision, and purchasing your first home can be as scary and confusing as it is fun and exciting. Whether you’re buying a condo, townhouse or single family home, Ironworkers USA FCU can help.
Advice comes from all directions when you mention your intention of buying a home. It’s hard to know which to follow. Here are five tips we’re sure will help you along your home buying journey.
- Get your down payment ready. While it’s not required on all types of mortgage loans, having a 20% down payment is an excellent idea so you can start building equity on your home right away. Having a 20% down payment will also save you money as PMI (private mortgage insurance) will not be required.
- Boost your credit-worthiness. Getting approved for a mortgage largely depends upon your credit score. Before you apply for a loan, try to reduce any large balances you have on credit cards and loans, pay more than the minimum every month on your credit cards, and pay your bills on time. Your credit score will improve, and this demonstrates your ability to handle credit responsibly.
- Learn the types of mortgage loans available. There are many types of loans available – each having advantages and disadvantages. Fixed rate and adjustable rate mortgages are only two of the many different loans available for home buying. Know your options so you can choose the best one for your needs.
- Remember other associated costs. When buying a home, a mortgage isn’t the only cost you should consider. Homeowners have to pay insurance, property taxes, HOA (homeowners association) fees, and more. Be sure you have all extra costs built into your budget.
- Get professional guidance. If you have questions about how a mortgage can fit into your monthly budget, what different loan options are available to you or what the home buying process looks like, we can help! Ironworkers USA FCU representatives and our mortgage partners at Consolidated Federal Credit Union are here to help you navigate the process. When you’re ready to start, give our mortgage specialist Logan Rutherford a call at 800-444-8115. He can provide a free loan review or get you a free loan pre-approval before starting your search.
It’s All About Bringing Value to Members
We rank among the top credit unions in the country.
Ironworkers USA FCU has grown tremendously over the last seven years, and we’re proud to have the ability to help thousands of members with their financial lives every year.
In 2009, the credit union was at a crossroads. Its net worth (a measure of capital strength) was undercapitalized at less than 7%, and the money it owed the NCUA corporate stabilization fund had the credit union on the brink of collapse. Teri Robinson had just stepped in as president at the time and knew that something drastic had to be done to correct the course of the financial institution for the sake of its members.
Teri and the board of directors decided to go into the NCUA’s net worth restoration program and access secondary capital sources that would allow the credit union to begin lending. By 2013, Ironworkers USA FCU had made substantial changes and had broken the 7% net worth threshold, making the credit union a stable, even thriving, institution.
With $22.1 million in assets as of June 2016 and 5,470 members, Ironworkers USA FCU now ranks among the best credit unions in the country among its peers.
The credit union’s success is due to our members’ continued trust in us – as evidenced by the growth in loans and account openings. We are a nonprofit financial cooperative where the members have agreed to save their money in a facility they own and operate and to make their savings available for low interest loans. The interest from these loans is used to pay the Credit Union’s operating expenses. After paying expenses, meeting required reserves and providing services, the Credit Union returns all remaining earnings to the members in the form of dividends and new services. That means you are not just a customer… YOU own Ironworkers USA FCU!
Our continued growth relies on increasing membership and adding accounts and loans. Every member plays an integral part in Ironworkers USA FCU. Thank you!
Better Credit for the New Year
Tips for fixing your credit
If boosting your credit score is on your list of New Year’s resolutions, we’ve got some tips for accomplishing your goal. Here’s a quick guide to get you started.
Evaluate your budget
Instead of applying for more credit to get additional money, take a hard look at your budget. Figure out ways to cut out unnecessary spending and try to make bigger payments to current credit card bills and loans. Larger payments will reduce the amount of interest you pay, reduce your debt quicker, and ultimately improve your credit score.
Make on-time payments
Making on-time payments to your credit cards and other accounts (such as utilities, mobile phones and vehicles) is one of the easiest steps to fixing your credit. Consecutive late payments will negatively impact your credit score; however, by paying on time, your score will eventually improve.
Avoid multiple hard inquiries
A “hard” credit inquiry occurs when you apply for a credit card or loan. This is different from a “soft” inquiry which is part of a background check or pre-approval and does not affect your score. If you apply for several loans or credit cards in a short amount of time, lenders will suspect that you can’t qualify, you may not get the credit you need, and your credit will take a hit.
We’re here for you! If you’re struggling to rebuild your credit, we want to help you. Give us a call at 1-877-769-4766 to set up a free credit review.
