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Purchase a Home in Today’s Market
Workshop Helps You Purchase a Home in Today’s Market
Are you ready to purchase a home in today’s market? Are you worried about missing out on low rates? How qualified are you? Get the facts at Mid Oregon’s free workshop, Buying A Home in Today’s Economy. It is scheduled for Tuesday, April 9, 2019 at 6:00 p.m. at Mid Oregon’s East Bend Conference Room.
While shopping for a home is exciting, the home-buying process requires careful planning and preparation. Thinking of buying a home within the next year? This workshop will help you be prepared before you start shopping for that perfect house.
Learn the Key Factors
Presenter Kevin Tucker, Mortgage Advisor with Arbor Mortgage, will walk you through the key factors that go into every home mortgage. He’ll help you understand the process of qualifying for a home loan. You’ll learn how to manage credit issues. Find out about the types of loans that are currently available. You also might not know about some zero-down options. Lastly, you’ll have an opportunity to ask questions and discuss loan options with a professional mortgage advisor before you start shopping.
Location Details
Mid Oregon’s East Bend Conference Room is located at 1386 NE Cushing Drive in Bend. Call 541-382-1795, or email info@midoregon.com to reserve your seat. A light dinner will be available.
Kevin Tucker is a Senior Loan Advisor (NMLS 881486) with Arbor Mortgage Group. (NMLS-91027), 209 NE Greenwood Ave., Suite 100, Bend, OR 97701; 541-323-0422.
Devise a Down-Payment Plan
Questions About Buying a Home
If you’re thinking about buying a house in the next year or two, you may wonder what you’re getting into. Among those questions might be: How big a down payment do I need? Where will I get the money?
Here are a few ideas about how to build your down payment:
Save More Cash
• Build your savings. Save a certain sum every payday through payroll deduction or other automatic savings plan at your credit union.
• Get a second job for a year or two.
Help From Family
• Ask for family help. Anyone can give up to $12,000 per year to another person, without federal gift tax consequences for the giver or an income tax burden for the receiver.
• Borrow from family. Be sure you have a written, enforceable note. Follow the Internal Revenue Service requirements on the minimum interest rates the lender must charge.
• Share equity. Your parents could contribute all or part of the down payment, in return for a share in ownership of your home.
Borrowing From Your Future
• Tap your IRA. A first-time home buyer can use up to $10,000 of IRA funds for a down payment, with no early-withdrawal penalties. But you may owe taxes.
• Borrow from your 401(k). Check with your employer to find out the rules for your plan. A note of caution: If you use money from your 401(k), you’re losing the benefit of compounding on the money you’ve borrowed. This can mean thousands of dollars—or more—over the years that you’re repaying the loan.
Local Assistance Programs
• Look into first-time buyer assistance programs. State and local programs exist in many areas. These can be hard to find; be prepared to do some digging. In Central Oregon, NeighborImpact may have some programs to fit you.
Even if you’re a year or more away from buying, sit down with a Mid Oregon Credit Union lender now to come up with a down-payment plan. Stop by, email or call today at (541) 382-1795.
How About a Financial Check-up?
Review Your Financial Situation Regularly
To stay in good physical health, most people get a medical check-up on a regular basis. To keep your finances manageable, they need a regular financial check-up as well. It’s particularly important to review your finances if there have been changes to your life in the past year. Things like changes in income, marital status, any medical emergencies, or if you’ve had a baby.
You might have certain goals, like saving for a down payment on a house or planning to retire early. If so, it’s absolutely essential to review your financial situation multiple times throughout the year.
What should you be looking at specifically?
Are your expenses exceeding your monthly income?
Create a budget and track your monthly expenses. Are you spending more than you bring in? Are you using credit cards to support your lifestyle? If your expenses are getting out of control, use the budget to determine where you need to rein in your spending. Consider using cash or your debit card for your entertainment expenses or luxuries instead of a credit card.
On March 12th, Mid Oregon Credit Union is presenting a free workshop in Bend, entitled “Build a Basic Budget: The Five-Step Spending Plan”. Workshop Details: Wondering where your money goes? You’re not alone. Join Mid Oregon’s Catherine Christie as she helps you to develop a personal spending plan—not just a budget— that you can live with. Regain control and achieve your financial goals! Click HERE to learn more and RSVP.
Credit Card debt
Ideally, you should pay off the balance in full each month. If you cannot, try to keep your balance less than 30% of your total credit amount. To control your credit card expenses, give yourself a 24-hour rule: If you see something you want to buy, give yourself 24 hours before purchasing it and see if you still need it.
If you need help with credit card debt, our Mid Oregon loan officers can help. They would discuss your current situation, and share available options to lower the cost of your debt.
Insurance
If you’re a renter, do you have renter’s insurance? In the unfortunate scenario where your building were to have a fire or your apartment is broken into, this coverage will be well-worth the expense. If you don’t have health insurance through your work, consider purchasing a fixed benefit indemnity plan or a short-term medical plan. These will cover medical expenses in the event of a serious illness or injury.
Doing an insurance check-up is one of the easiest ways to learn money-saving options as well as ensure you are well covered for your situation. Mid Oregon partner Cascade Insurance Center is a local insurance broker who can help you evaluate your needs.
Emergency fund
Do you have one? If not, consider starting one, depositing a specific amount into that account with each paycheck. Start by putting at least 1% of each paycheck into an emergency fund. Aim to save enough to cover 3 to 6 months of household expenses. This will provide you with peace of mind in the event of a sudden loss of income or a major repair bill.
The Mid Oregon Credit Union Saver’s Club is perfect for starting your emergency fund. Saver’s Clubs can also help build more quickly the one you already have. You may be familiar with Christmas Club accounts? While similar the Saver’s Club has more flexibility and can be used for other purposes as well! Just visit Mid Oregon’s Savings Accounts page, and click on the “Certificates” tab to see the details.
So get your financial check-up done soon, and move forward on your way to better financial health!