First Peoples Community FCU

Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. We can help you determine exactly how much you can afford.

When you are ready to buy a home you must consider that the monthly mortgage cost is not the only cost you will face. Maintenance costs such as appliances needing repair and utility bills will also come out of your pocket. You should also consider homeowner's insurance as well as association or condo dues depending on your location. Lastly, be sure to remember to allow for property taxes which may be rolled into your monthly payment.

With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM will likely change. There are advantages and disadvantages to each type of mortgage. The best way to select a loan product is by talking to us.

Knowing that the house is yours brings you satisfaction in itself. You can enjoy the savings that can come when you deduct your property taxes and mortgage loan interest on your federal income taxes and in most cases your state income taxes too. Because interest will make up a large portion of your monthly mortgage, for many years you will easily see how home ownership can save you on your taxes. With every payment, you build more equity in your house. This equity is like a savings account which you can cash in when you sell your home or use it to borrow against.

There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. We can help you evaluate your choices and help you make the most appropriate decision.

At closing, you, your agent, the seller, the sellers agent (in most cases), and the settlement agent, will sit down to go over the legal documents regarding your new home. A good settlement agent will explain what each document means. You should make sure you understand what you are signing and ask questions if you don't. After all the paperwork is signed, you will pay closing cost money and down payment to the settlement agent.

When you apply for a personal or business loan, First Peoples pulls your credit score, credit history and any accompanying information from major credit reporting companies such as Equifax, Trans Union, and Experian. This data helps First Peoples access creditworthiness and ultimately, your loan approval or denial. Unfortunately, First Peoples cannot opt you out of calls or emails from agencies who obtain your information from these credit reporting companies. 

Under the Fair Credit Reporting Act (FCRA), the Consumer Credit Reporting Companies are permitted to include your name on lists used by creditors or insurers to make offers of credit or insurance that are not initiated by you. The FCRA also provides you the right to "Opt-Out", which prevents Consumer Credit Reporting Companies from providing your credit file information for Firm Offers.

You can choose to opt-out of the sale of your personal information and data, opt out of processing your data for targeted advertising, and limit the use of your sensitive information. This is not related to your credit report, and will not affect your credit score.  

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Experian Opt-Out
By telephone:  Call 1-833-210-4615
On the web:  Visit https://www.experian.com/privacy/opting_out 
By mail:  Experian
 PO Box 703
 Allen, TX 75013
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Equifax Opt-Out
By telephone:  Call 1-866-295-6801
On the web:  Visit https://www.equifax.com/personal/my-privacy/ 
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TransUnion Opt-Out
By telephone:  Call 1-866-310-8783
On the web:  Visit https://service.transunion.com/dss/opt-outStep1.page