Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CUNA Advice In USN&WR: Don't Delay Buying Home To Get Better Rate
MADISON, Wis. (9/13/13)--First-time homebuyers got some advice from the Credit Union National Association in Wednesday's U.S. News & World Report about what not to do when buying a home.
 
One mistake homebuyers should avoid is delaying the buying process in hopes of obtaining a better rate, said Mike Schenk, CUNA's vice president of economics and statistics, in the article "Here's How A New House Goes From 'Solid Investment' To 'Worst Decision Ever.'"
 
Adjustable rates are now at rock bottom at 3%, Schenk said. If a homebuyer is ready to make the commitment, talk to a lender about securing a loan at an adjustable rate instead of a fixed rate, the article said.
 
Other mistakes first-time homebuyers make, said the article, include:
  • Searching for the dream home before getting prequalified for a loan;
  • Thinking short-term, instead of about the resale value of the home;
  • Making an emotional decision that ignores problems; and
  • Overlooking hidden costs, such as maintenance, utilities and property taxes.
The article also appeared in Businessinsider.com. Use the link to access the full article.


RSS print
News Now LiveWire
30+ states allow #creditunions to act as public depositories, another Northeastern state may soon follow suit #CUNA http://t.co/EV1dB3phTH
56 minutes ago
New #databreach at Michaels & associated business Aaron Brothers may have impacted 2.6m cardholders http://t.co/jYeFs8okao
1 hours ago
#creditunion-community ties stressed during public funds depository testimony by @MassLeague See #NewsNow http://t.co/K7OrwuvhxM
1 hours ago
Large CU stress testing on the agenda for the April @theNCUA open meeting http://t.co/2TUcnmCmPi
11 hours ago
#FinancialLiteracyMonth Test your college financial aid knowledge @nasfaa http://t.co/xgrDmHaw8W
19 hours ago