8 Steps of Home Buying

Becoming a homeowner can be stressful. You are looking for the perfect home in the best neighborhood, and then, on top of it all, you need financing. We are going to give you a few tips to make the process easier for you. Whether this is your first home or your fifth, read on to make the process less stressful. Step 1: Understanding Your Credit Score Having good credit is extremely important when buying a home. Your credit score helps determine your mortgage interest rate, so the higher your score, the better. Here are a couple of resources to help you understand and improve your score: FICO Score Breakdown: Understanding Your Credit How to Escape “Finacial Quicksand” You can access your credit score in home banking using SAVVY MONEY. Step 2: Setting a Budget Think about what you think you can afford as a monthly payment. One rule of thumb is that your debt-to-income (DTI) ratio should not exceed 43%. To calculate your DTI, add your monthly debt payments and then divide that total by your gross monthly income, which is what you make before taxes and deductions. For example, if each month you pay $1,200 for your mortgage, $250 for your car, $300 for your student loans, and $100 for credit card debt, your monthly debt payments total $1,850. If your gross monthly income is $5,000, your debt-to-income is 37% ($1,850 divided by $5,000 is around 37% DTI). Debt to Income Calculator Stop 3: Get Pre-Qualified By getting pre-qualified for your mortgage loan, it will give both you and your Realtor an idea of your homebuying budge. When it comes a time to make an offer, you will know you are pre-qualified for the loan and know your monthly payment. To get pre-qualified for a Brewery CU Mortgage, call our team at 414-273-3170. Ask for Robert, our Mortgage Loan Specialist. Step 4: Find Your Dream Home Time to tour! With your Mortgage pre-qualification in hand, you can start shopping for and touring homes. Look at local listings, go online, and talk to your Realtor to find the right home for your needs. Step 5: Make an Offer This is a big step — and it pays to be prepared. Your real estate agent will provide guidance and help you write an offer to purchase. Step 6: Securing Your Loan Yahooo — an accepted offer! Now, you need to finalize the financing and choose the right Mortgage for you. There are fixed rates, adjustable rates, and several term options. You won’t need to navigate this step alone — the Brewery Mortgage Team will help determine which financing option works best for you. Step 7: Get an Inspection You need a professional inspection of the home before closing. This step can uncover any unseen (and potentially costly) issues with the home, so don’t skip it. Step 8: Closing Time You are officially a homeowner when the papers are signed and the deal is done. Getting into your new home is a bigaccomplishment. Congrats! Our Mortgage team is here for you every step of the way, to ease the stress of buying a home. Get started today.
Stop Social Security-Related Scams

Recognize the four basic signs of a scam. You should always hang up on scammers and consider reporting fraudulent or criminal behavior. If in doubt on a call, hang up and call the Social Security office direct from a number you know is legitimate. You can report Social Security-related scams to the SSA’s web site at www.ssa.gov/scam. As always, if you have any questions about scams or think you may have been a victim of a scammer, please call or stop by one of the Brewery Credit Union branches.
Smart Ways to Shop Safely Online

If you are scammed…

Precautions for all Need to get in touch with one of the three major credit bureaus?Use the links and contact information below to submit disputes and fix errors on your credit reports. EquifaxEquifax.com ExperianExperian.com TransUnionTransUnion.com(800) 916-8800
Unlock your financial potential with our Credit Score feature. Get SavvyMoney!

Did you know 1 in 3 credit reports have errors? Are you one of them? Don’t let errors impact your credit score! Our FREE credit score solution allows you to review, download, and dispute errors anytime, anywhere. Take control of your financial health – enroll now and check today! Brewery Credit Union’s SavvyMoney Credit Score is available through online and mobile banking. SavvyMoney Credit Score is a free service offered to help you understand your credit score, give access to your full credit report, provide credit monitoring alerts, simulate and learn ways to improve your score and see ways you can save money on new and existing loans. Click here to learn more