CEO Discusses Buying Her First Home
Theresa Mann, President and CEO, Introduces First Time Home Buyer Program and HomeAdvantage® Service
June 7—Remember your first house? I remember it like it was yesterday, the nervous jittery feeling that I got when I applied for my first mortgage loan. Could I really afford to do more than pay rent? Were the tax benefits worth the stress? Would I still be able to save money, what if something unexpected happened? Would I be able to sell it if I needed to?
Luckily at the time I worked for a Credit Union who had a partnership with a group of realtors that agreed to give me a percentage of their commission after settlement. Too good to be true? A quick calculation told me that I would get enough money back to rebuild some of my savings that I was using for my down payment (which I appreciated after my hot water heater broke the day I moved in).
My realtor took me to see what I could afford and helped me to narrow down the choices. Did I want to live in a building with other people, or did I want a patch of grass to call my own? Many choices all leading to the day I would find “the one”. I had already qualified for an FHA loan, which is great for first time homebuyers and allows a purchase with a low down payment, requiring minimal closing costs. The offer was accepted and closing scheduled. It was no time before I was in my new townhome.
Like many of you, the decision to buy my first home was not easy and living in it was not always inexpensive. But it was an investment in my future where I was able to build savings in the equity in my home which helped me to accumulate wealth that I could use in the future when I would need something larger for a family. And ultimately my short term cash flow was improved thanks to the ability to deduct taxes and interest that I paid monthly (instead of rent that did not get me anything).
June is National Homeownership Month. What better time for The Partnership FCU to introduce our First Time Homebuyer Program. We are offering both traditional FHA loans, as well as a special 100% loan with no money down. And, if you need a realtor, you now have access to HomeAdvantage® – a FREE service exclusive for members of The Partnership FCU, designed to make home buying and selling easier! HomeAdvantage® can help you search, buy, sell and save on your next home! And like my experience, when you use one of the agents in our network, you can earn Cash Rewards — an average of over $1,500 in savings! How does this work? Whether you’re buying or selling a home, you can work with any agent in the HomeAdvantage® network. The Cash Rewards are equal to 20% of your agent’s commission.
It’s like 1994 all over again except rates are lower now, and I’m a whole lot older. If you or someone dear to you is thinking of buying a home (for the first time or the 21st time) check out all of our loan programs, rates and low fees. And start growing your future wealth right now!
Theresa B. Mann