MoneyWisdom Blog

4 Things Every Homebuyer Needs to Know About Adjustable Rate Mortgages (ARMs)

Posted by Hanscom Federal Credit Union on Feb 20, 2019 10:16:57 AM

childrens blocks spelling ARMIf you’re shopping for a home for the first time, you’ve probably heard of an Adjustable Rate Mortgage, or ARM. It’s a type of home loan with an interest rate that changes over time.

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Topics: Home Ownership, mortgage

Before Applying for a Mortgage: 5 Steps to Organize Your Finances

Posted by Hanscom Federal Credit Union on Feb 12, 2019 8:54:28 AM

You really want to buy a home — after all, it is still a part of the American Dream — but the finances of it can seem overwhelming. That’s why it’s so important to do some thorough prep work before you start looking for a mortgage.

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Topics: mortgage

Pre-Qualified or Pre-Approved. What’s the Difference?

Posted by Joshua Rakiey on Feb 12, 2019 8:05:00 AM

In the past, realtors and people selling homes were looking out for buyers who were pre-approved. Pre-approved was a broad term that could mean anything from a potential buyer who applied for a loan to a buyer whose underwriting was done and they had been approved for a specific amount of money. Pre-Qualified and Pre-Approved were essentially interchangeable.

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Topics: mortgage

Welcome Home to Our First 100% Financed Mortgage Home Buyers

Posted by Diana Burrell on Sep 17, 2018 9:08:00 AM

Like many young couples, Bryan and Allysann looked forward to owning their first home together. They quickly discovered, however, the financial requirements for home ownership can be daunting … even a bit discouraging.

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Topics: Home Ownership, mortgage

Introducing Hanscom FCU's No-Money-Down Mortgage

Posted by Diana Burrell on May 3, 2018 2:14:17 PM

Maybe you’re tired of writing rent checks each month, knowing that your hard-earned salary funds your landlord’s real estate investment. Or that living below a bunch of hard-partying college kids has worn thin, along with your apartment walls, which are more like Egyptian papyrus — and as old, too!

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Topics: mortgage, Home Ownership, Money Management

First Steps for Seniors in Debt

Posted by Hanscom Federal Credit Union on Dec 24, 2017 11:22:56 AM

Many seniors avoid seeking help for their money problems, citing reasons such as not wanting to bother people, not knowing who to trust, and feeling ashamed. Yet trying to deal with debt issues alone is often not the best approach. While money problems may be uncomfortable to talk about, there are resources where you can find valuable assistance.

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Topics: mortgage

Costs to consider before buying an investment property

Posted by Phil Purcell on Nov 9, 2017 5:00:00 PM

In order for this to be an enjoyable, rewarding and lucrative experience, it’s vital that you’re fully aware of what’s involved and required to be successful. While this article not meant to deter you, it is meant to honestly depict all the responsibilities of property ownership.

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Topics: Investment Property, Investment, mortgage

How do I secure financing for an investment property?

Posted by Phil Purcell on Nov 9, 2017 4:00:00 PM

Now that you’ve found a property, it’s time to start looking for financing. Talk to several lenders, compare terms and rates and decide if this is someone you can comfortably work with. Yes you need to like them, but you also need to make sure they are someone who can help you understand all the issues associated with purchasing investment property. Pick someone you trust and find easy to work with.

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Topics: Investment Property, mortgage, Money Management

How to Prepare for Home Ownership

Posted by Hanscom Federal Credit Union on Oct 27, 2017 8:46:00 AM

Buying a home is a major commitment. It’s a bit like, well, getting married: you’ve got to be ready and you have to find the right “one.” And, like a marriage, homeownership is a dynamic experience that requires a tremendous amount of care and attention.

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Topics: Home Ownership, mortgage

Common Real Estate Scam Hits My Family

Posted by MaryJo Kurtz on Jul 12, 2017 9:29:27 AM

My son is not renting his Boston condo, though you may see it listed for rent on Craigslist. Yesterday, an astute woman searching for an apartment in the city spotted the scam ad and contacted my son. It turns out his is one of many properties featured in a common real estate scam. 

“When the woman was asked to wire money to a routing number, she became suspicious,” he told me. “She found my name as the owner of public record and reached out to me on Facebook to find out if the ad was legit, and that’s how we discovered the scam. It’s a little unnerving.”

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Topics: scams, mortgage

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