USC Credit Union Blog

USC Credit Union Blog

How To Trim $500 From Your Monthly Spending

Posted by Alexa on Aug 6, 2014 9:09:00 AM

Think about how much sooner you might be able to accomplish those big financial goals you've been dreaming about — buying a new car, saving up enough for a down payment on a house, or finally finishing that home improvement project — if you could just find another, say, $500 to spare in your budget each month.

We know what you're probably thinking: That sounds great in theory — but it's practically impossible to achieve. Well, that's exactly what 33-year-old psychotherapist and Ph.D. candidate Lanada Williams is striving to do.

Williams wants to save up to buy a house in Washington, D.C., to share with her partner and 6-year-old son. But the country's capitol tends to be an expensive place to live, so she's finding it difficult to put away enough every month to reach her goal.

Fortunately, even the best-built budgets typically have room for some improvement. A tip? Learn to pinpoint those improvable spots and then make small adjustments that don't feel disruptive. "No one starts training for a marathon by running 26 miles," explains David Blaylock, CFP® withLearnVest Planning Services. "So you need to set a goal you can work toward over time."

To prove it may be possible to free up extra cash on a tight budget, we asked Williams to share her monthly expenses with us, so Blaylock could help retool her priorities in order to work on saving more for the house of her dreams.

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The Home Buying Experience

Posted by Alexa on Jul 14, 2014 10:35:00 AM

 

 

The prospect of buying your first home is really exciting. It’s also a complex process that becomes simplified when you partner with USC Credit Union. We will provide you with the education and guidance you need to buy your first home with confidence. 

1. Get your home loan pre-qualified before house huntingCompleting the home loan pre-qualification process demonstrates to the seller that you are a serious buyer and can more quickly obtain a home loan, thereby reducing your chances of losing out to another buyer.

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Tips to Qualify for Your Home Loan

Posted by Alexa on Jul 7, 2014 10:21:00 AM


1. Keep good records of your finances, including bank statements, tax returns, W-2s, investment accounts and any other assets you own. 

2. Don’t make large purchases with a credit card or loan before applying for and closing on your home loan—it may affect your loan approval.

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Qualifying For a Home Loan

Posted by Ivonet on Mar 21, 2014 5:07:54 PM

 

How does a lender determine if you qualify for a home loan?

The prospect of buying your first home is really exciting. It’s also a complex process that becomes simplified when you partner with USC Credit Union. We will provide you with the education and guidance you need to buy your first home with confidence. You can learn more by downloading our Free Home Buyers Guide.

While lenders look at a lot of different information to determine whether you’ll qualify for a home loan, ultimately, it comes down to four things: credit, down payment, income, and assets. If any of these areas are not as strong as they should be, don’t be discouraged. Your USC Credit Union home loan expert will provide you with the guidance you need to move to the next level.

Check These 4 Items To Help You Qualify For a Home Loan

1) Your Credit

Your credit is one of the most important things that will be considered when determining if you qualify for a home loan. Your credit history is the way a lender judges the likelihood that you’ll pay back your home loan. The lender will look at the length of your credit history, how reliably you’ve paid on your accounts and if you’re maxed out on your. Credit scores for a home loan range from 620 (low) to 850 (high). A healthy credit score is generally considered to be above 740 and a poor credit score is below 600. The higher your credit score, the better the interest rate you’ll likely be offered.
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