Credit Union Vs Banks
How are CU different from banks?
CU are non-for-profit
CU are member owned
Lower fees - high dividends
What are your financial goals?
Be specific and realistic.
Why should one have a great credit?
Loan approvals
Better interest rates
Employments
Insurance discounts
Rent approvals
Security deposit waivers on utilities
What is the key to mortgage and home ownership?
Preparation
Why is the river so rich?
It has 2 banks.
What is the philosophy of the the Credit union movement?
People helping people!
Name several ways of saving and cutting costs?
Use coupons, eat at home, shop for insurance, shop with a list and not hungry, refinance, sign up for rewards, set alerts, monitor your account
Name ways INOVA Federal can assist you build credit?
Credit Builder loan
Secured visa credit card
Debt consolidation
Debt management- GreenPath
What are the 4 Cs for mortgage approval?
Capacity
Credit
Capital
Collateral
Name 2 great places to be employed at?
INOVA or Bashor Children Home
Reasons why one would choose a CU over a bank.
Lower fees
Member owned
Not-for-profit but for members wellbeing
Higher interests rate for saving accounts
What are the 2 main ways of improving your budget ?
Decrease spending and increase income!
What are some ways to improve or boost you credit score?
Pay bills on time
Do not max your credit
Budget
Avoid pulling credit unnecessarily
Describe your dream home?
Any flavor!
When does it rain money?
When there's a change in the weather.
What is INOVA's mission?
To improve our members' financial wellbeing.
What is financial freedom?
In control of your finances day to day
On track for your financial goals
Capacity to absorb any financial shock
Freedom to make choices that allow you enjoy life
How long does a late payment stay in your credit report?
7 years
Costs associated with buying a house?
Closing costs, down payments, moving costs, appliances purchase, inspection and appraisal costs!
When you throw a blue stone in the red sea, what does it become?
Wet
What are financial services/products offered at a CU?
hecking and saving accounts
Personal loans, business loans, auto loans
Mortgages
Investment options
Insurance
What is the path to financial freedom?
Discipline and diligence
Save more spend less
Follow a spending plan consistently
Invest early and frequently
Payoff debts
Build assets
What is your credit score calculations based on?
35% -payment history
30%- Credit utilization
15%- Length of credit history
10% - Credit mix
10% -New credit- hard pulls
What are the steps to home ownership?
1-Get -educated and finances in order. May consult HUD-certified housing counselor.
2-Obtain pre-approval or pre-qualification with a lender.
3- Find a real estate professional.
u4- Start shopping for homes- 4 wks. to 6 m.
5- Make a purchase offer.
6- Shop and apply for mortgage.
7- Once approved do not make changes to the 4 C`s of lending: Capacity(income/work), capital (down payment or bank accounts), Credit report, and collateral (Home itself).
8- Schedule a home inspection.
9- Take care of other contingencies.
10- Obtain homeowner`s insurance.
11- Consider getting flood or earthquake insurance if applicable.
12-Conduct a walk-thru of the home
13 Plan for closing service and consider buying an owner`s title insurance policy.
What is owner`s title insurance?
14- Read and understand documents and attend closing.
15- Consider purchasing a home warranty.
Home warranty vs homeowner`s insurance
16- Get the keys!
What does a dollar and the moon have in common?
4 quarters.