Posts in category 'Tips For Buyers'

In one way or another, we're all chasing the American Dream. Not the white picket fence per se, but the sense of security that comes with it. You know, the relief of paying your bills on time. The pride that comes with covering your kids' tuition. The satisfaction of owning a home you love.

That's the American Dream. And it's expensive. The good news is you may have more buying power than you think. With a Home Equity Line of Credit (HELOC), you can borrow against your home's equity to access extra funds, often tens of thousands of dollars.

You can bet that kind of power can lead you closer to your own American Dream … or further from it. We're here t...

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When faced with an important decision, which route do you usually take: the tried-and-true option or the one off the beaten path?

Believe it or not, your answer might affect your homebuying strategy, particularly when choosing a mortgage. Fixed-rate mortgages are time-tested and traditional, while adjustable-rate mortgages (ARMs) offer more flexibility and potentially lower rates.

But which mortgage is best for you? Stick with us to learn the differences between fixed rates and ARMs, plus the ideal buyer for each.

At a Glance

• ARMs start with lower interest rates than...

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One of the biggest struggles in the Idaho home buying market right now is affordability for the first-time home buyers. Lenders are scrambling to find ways to help more buyers qualify for a mortgage and Idaho Central is excited to announce our 40-year First Time Homebuyer loan.

An Idaho Central Credit Union 40-Year First-Time Homebuyer 100% Financed Loan* is designed for lower household income first-time homebuyer(s). This fixed-rate loan offers a longer term which equates to lower monthly payments. Product highlights include 100% financing*, No monthly PMI, Gifted funds allowed, and local underwriting and loan servicing.

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Putting on a garage sale may seem like a pretty straightforward task. However, spending a little extra time and attention to a few details may make the difference between turning your unwanted clutter into fast cash or a fast flop.

Get the Word Out

Advertise early and everywhere! Place ads in Craigslist, local newspapers and all social networking sites you can think of. Most communities have Facebook Groups specifically catered for local garage sales. Create flyers and place these on bulletin boards in schools, offices and grocery stores. Make sure to start advertising at least one week ahead of time.

Start Early

Instead of starting on Saturday, start your sale on Friday. A lot of people have Fridays off or will stop by at lunch or on...

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You Can Achieve Your Personal Finance Goals

Think fast: What's your current credit score?

If you don't know the answer off the top of your head, you're not alone. According to a recent study, more than 35 percent of Americans don't. In fact, only 2 of every 5 people can confidently report that they have the credit score necessary to successfully achieve their financial goals.

But see, that presents a problem for Idaho Central Credit Union. Here at ICCU, our mission is to help our members achieve financial success — and we can't do that if you don't have the right tools or know-how. That's why we've assembled resources that will help you with not only credit, but every stage of your financial journey.

Here are three FREE personal finance tools we've made exclusively for you, our members.

1. My Credit

My Credit gives you the ability to check your credit report daily — with no impact to your credit score. It can notify you when your score changes, help you predict your score in the future, and show you personalized offers.

How to find it: If you're a member at ICCU, all these capabilities and more are in your eBranch Online Banking or Mobile App. You can locate it by clicking More (mobile) > Planning and Investments > My Credit.

Score Analysis and Credit Report

If you're the kind of person who likes to stay on top of your credit, these features are for you. Score Analysis shows you each puzzle piece of your credit score (credit usage, inquiries, account mix, etc.) and ranks them with a letter grade. That way, you can tell which pieces you need to improve with a quick glance.

The Credit Report option reports similar information but in much more depth. This is where you'll find a full list of your accounts, inquiries, collections, and more.

Got loans? The Credit Report will show you your current balance and how much you've paid off. Got credit cards? It will show you the percentage of credit you've used for each card. (Tip: Stay below 30% credit utilization for a better credit score!)

Score Simulator

If one of your New Year's goals is to improve your credit score, you're in luck. My Credit's Score Simulator quickly shows you how to reach your dream credit. Or, if you're thinking about making a decision that might affect your credit score, you can get a glimpse of how much it will improve or decrease your score.

Take Sadie*, for example. She has a 762 credit score and wants to see how her monthly payment activity affects that number. With the Score Simulator, she finds that if she misses her monthly payments on all her accounts for one month, her score will drop to 674, an 88-point drop. If she pays off all her credit card balances, however, she realizes her score will raise to nearly 800, which most lenders consider 'Excellent'.

2. Financial Wellness

Expenditures. Bleh. The word can put you to sleep if you're not careful. But businesses track their daily expenditures for a reason, and if you want to achieve financial stability, you may want to, too. Fortunately, the Financial Wellness widget in eBranch is here to make even the most monotonous tasks quick and easy while still giving you a complete rundown of both your spending and savings goals.

How to find it: If you're a member at ICCU, all these capabilities and more are in your eBranch Online Banking or Mobile App. You can locate it by clicking More (mobile) > Planning and Investments > Financial Wellness.

Spending

The Spending tab shows your monthly costs, transactions, and recurring expenses. It splits your payments into several categories so you can see what area is hurting your wallet the most.

Worried you spent too much eating out last month? We've been there. Look at the Categories section to see how much of your budget it's eaten. Not sure what subscriptions you're paying for anymore? No worries. The Recurring Expenses section shows you exactly what you pay for month after month.

Savings Goals

This is where the Financial Wellness tool shines. The Savings Goals tab lets you set different savings goals for each savings account. Just set a due date and watch your goals progress the more you save. Voila!

3. Financial Education Center

If you've ever thought to yourself, "Why didn't they teach me about personal finances in school?" then you're in luck. We're here to do just that.

Idaho Central's Financial Education Center has a variety of playlists about specific personal finance topics. Each has 5–10 quick videos that explain the how-to's of, say, owning a home or growing your small business.

Can't find a topic that fits your own finance goals? The Financial Education Center lets you create your own customized playlist.

How to find it: You can access the Financial Education Center on iccu.com by clicking "Education" or "Financial Education" in the top menu(s).

What Are You Waiting For?

Three free personal finance tools, right at your fingertips. As a member at Idaho Central, you get unlimited access to My Credit, Financial Wellness, and the Financial Education Center. These tools help individuals, like you, to take control of their financial future and provide a comprehensive approach to managing personal finances. We can't wait to see how these tools help support you on your journey to achieving financial success!

Interested in purchasing a home? Contact one of our home loan specialists to discuss your options.