Just Like Mars and Venus, Men and Women View Debt VERY Differently!

Any of our married couples can attest that their view and their spouse’s view on money and debt is probably a little bit (or a lot of bit) different.  Sometimes you probably just agree to disagree.  Every couple is different, but did you know that part of it may be the different ways that men and women view money and debt?  Here are a few of the differences noted on an Experian* analysis from 2013:

• On average, men carry 4.3 percent MORE debt than women.  Regarding pr-approved loan amounts, men’s mortgages were 4.9 percent higher than home loans taken out by women!  Men also use more of their available credit, while women keep lower balances.

• If the time comes to ask for help, women are more likely to recognize this first and seek financial help than men.   Men and women alike should both remember to use their local credit union, like Honor CU, as a valuable resource if they ever do find themselves in a situation.  We can suggest solutions to help consolidate or manage debt (or savings!) more effectively!

• When dealing with budget woes, women will approach a difference in income vs. expenses by eliminating things on the household budget while men will approach by focusing on increasing income and keeping the budget the same.

Do any of these ring a bell in your household?  As with any topic of discussion, it is important to recognize the differences and talk about them to keep the overall peace and approach things like the household income and budget with a unified front.

What other differences do you think exist in how men and women view money?  Let us know on twitter @honorcu using #askhonorcu! 

Listen to the full Mason Jar Monday episode as Scott and Wild Bill talk about the differences in how men and women view money and debt! 

*Source: http://www.bankrate.com/finance/debt/men-women-and-debt-does-gender-matter.aspx

Three Tips To Make Buying A House Less Stressful

Did you know that the months of April through June are the peak seasons for home sales?  We’re right in the middle of this upswing.  As the weather continues to warm up, so is the real estate market.  If you are thinking of making a home purchase yourself, here are three tips to make this huge decision a little less stressful:

1. Get Pre-Approved first!  Before you start shopping and falling in love with different houses at different price points, figure out what your financial situation will allow.  Honor is having mortgage checkups at each of our branch locations, making it easy for you to get all the solid advice you will need to make the best decision for your family.  One of our real estate specialists can help you get the home buying process started on the right track.
2. Make a priority list!  Once you are pre-approved and know what purchase price and monthly payment you are aiming for, sit down and make a priority list.  Once you approach a realtor, being able to provide them with a list of must haves and a couple wish items will make your search and their job a lot easier!
3. Get a good realtor!  You’ve been pre-approved and you have your priority list, now you need someone to help you find it!  A good realtor can make this process a smooth one, from the searching for a house to the placing of an offer and the closing process.  Ask around for recommendations from family, friends, and even your local credit union! 

If you want to schedule your mortgage financial check up and start the pre-approval process today, give us a call at 800.442.2800! And don't forget to follow Honor Credit Union on twitter @honorcu and let us know using #askhonorcu!

Listen to the full Mason Jar Monday episode about making your home-buying experience easier below!

Comment on this post, or follow us on twitter @honorcu and use #askhonorcu to get involved! You can also comment with the topic you want to see discussed next week! It's your money, and we want to talk about things you care about!

Removing The Confusion From Real Estate

When you are thinking about buying your first house, or selling the one you live in now and moving, you may not know exactly where to start.  Real estate loans can be confusing and intimidating if you don’t know where to start.  Well, fear no more, because Honor Credit Union’s Assistant Real Estate Manager, Kim, was the guest speaker on Mason Jar Monday this week.  Here are a couple of her quick tips to clear the air on the world of real estate:

• Many of you may have heard about regulation changes regarding getting qualified for a mortgage.  Basically, the regulation that took effect January 10^th, 2014 simply required lenders, like Honor, to verify that members looking at a mortgage have the ability to repay the loan.  While this regulation has been updated, Honor has always been diligent with this, so not too much changed for us.

• One of the big mysteries that seem to surround mortgages for many people is the down-payment needed.  We know this is vague, but it truly depends on your situation.  Typically, you can purchase a home for as little as 5% down. One of the great things about credit unions like Honor, though, is we will look at your unique situation when underwriting your loan application.  Because Honor offers a full range of real estate products, we have multiple options for our members.  There is no black and white in our underwriting process.  We look at the whole picture of every member’s situation to find the best options for them and their financial success. 

• The best thing you can do when you have questions about real estate is ask!  Whether you are looking for a new construction loan, a refinance loan, a vacant land loan, an investment property, or a home equity loan, know that there are options for you and your situation.  Getting a real estate loan doesn't have to be scary or confusing when you are dealing with the right people!  Our team of experienced professionals will hold your hand throughout your loan process and be there to answer any questions you might have.

You can listen to the full Mason Jar Monday episode on real estate below.  The real estate market is improving, and people are looking to buy and sell again.  If you are one of those people, get pre-approved and talk to someone that can give you the information and advice you need to clear up the confusion from the process.  At Honor, you can get pre-approved on our website, over the phone, or in any branch location typically in less than 24 hours!

Comment on this post, or follow us on twitter @honorcu and use #askhonorcu to get involved! You can also comment with the topic you want to see discussed next week! It's your money, and we want to talk about things you care about!