Issue link: https://digital.copcomm.com/i/124458
Your pocketbook Tips for buying a home in today's market early If it's a requirement of the . loan, ask about other products that don't contain this type of penalty . • Ensure documents are correct and complete. Beware of anyone offering to falsify your income information to qualify you for a loan. Never sign documents that have incorrect dates or blank fields. - from www.statepoint.com f you're considering buying a home, some experts think you should get a move on it. Interest rates are at 65-year record lows, and national home prices have finally hit bottom and are on the rise. Despite what you may be hearing, loans are available for those with good credit histories, stable income and sufficient savings. But don't jump right in unprepared. Whether you're a seasoned buyer or a newbie, there are strategies that can help you throughout the home-buying process. I Stick to your budget Determining how much "home you can afford" depends on several factors, including your annual gross income, credit history, current mortgage rates and the amount of your down payment. In today's market, you can expect a down payment to generally be between 5 to 20 percent of the purchase price for a conventional mortgage. Lenders recommend that your mortgage payment (principal, inter- est, taxes and mortgage insurance) be less than 28 percent of your monthly gross income. Before looking for a home, consider calling a Department of Housing and Urban Developmentapproved housing counselor for free and confidential financial assistance. Avoid borrowing pitfalls Unscrupulous lenders can damage your credit and cause you financial hardship. Here are some ways to avoid becoming a victim: • Say 'no' to easy money. Beware if someone claims that your "credit problems won't affect the interest rate." If a solicitation is really appealing, get it in writing and seek a second opinion. • Talk to several lenders to find the best loan. • Know if the loan offered to you charges a fee if you pay it off • Ask for written estimates that include all points and fees. When you get to the closing table, if any fees or charges differ from what was previously disclosed, delay closing until all terms are understood. • If you're taking equity out of your property, only take the minimum. Equity typically builds slowly over time, so it's important to try to preserve it. • If you're not sure, don't sign! Get advice first from a reputable consumer credit counseling agency or housing counselor. Know the mortgage process Mortgages are serious long-term financial commitments. Selecting the right mortgage may make a big difference in your monthly payments and overall cost of your loan. To determine the best term for your personal situation and one that aligns with your financial goals, talk with your lender or financial professional for guidance. More home-buying tips can be found at www.FreddieMac.com. Use your DSEA membership card for discounts www.dsea.org www.neamb.com • To get to the DSEA Discount List, log in to the DSEA website at www.dsea.org. • You may get to the NEA member benefits site by logging in to www.dsea.org and going to the "Discount List" • You will need to sign in to the Members Only site. The very first time you go to the site, you will need to register using your membership number. • After you register, you may log in subsequent times by using your email address and password that you set up when registering. OR • You may go directly to www.neamb.com and register at that site using your name, date of birth and contact information. Family members may also register at this website. 20 March/April 2013 DSEA ACTION! Hot deals and discounts from NEA Member Benefits for April and beyond EA Click & Save, the online discount buying service for NEA members, highlights select retailers and merchants each month. Check out these featured "Buy-lights" for April. N Reebok: Get 20% off Sears: Save $35 off $300 One90One (men's apparel): Get up to 30% off Zales.com: Save $50 on orders over $300 Tickets2Fun: Save up to 50% off select admissions tickets Join the 286,000 NEA members already registered for NEA Click & Save. Go to www.neamb.com/click andsave or www.neamb.com/shop ping-discounts/nea-click-and-saveretail-discounts.htm and start shopping today . Special discounts from H&R Block good until April 30 Get up to $15 off tax preparation of your Federal Form 1040 or 1040A, either in H&R Block retail offices or online at Block LiveSM. Also, H&R Block has special offers on At HomeSM for do-it-yourselfers. Get the details on special pricing and download your discount coupon at www.neamb.com/hrblock. Celebrate your next special occasion with a gift from 1800FLOWERS.COM or 1800BASKETS.COM NEA members can get 20% off their orders—from 1800Flowers. com and 1800Baskets.com. For more information and to place your order, go to www.neamb. com and look for 1800Flowers.com under the Shopping and Discounts tab. NEW: 20% discount at Red Roof Inns • After you register, you may log in subsequent times by using your email address and password that you set up when registering. With nearly 350 properties in 36 states, Red Roof® offers NEA members a 20% nationwide discount. For the latest Red Roof information, go to www.neamb.com/home/ 1211_5090.htm. www.dsea.org