Bellwether's Blog on life and money
all about down payments
What is a Down Payment?
A down payment is a payment that you have to put down up front when purchasing an expensive good or service. A new house qualifies as an expensive good or service and therefore often requires a down payment up front to secure the good (the house) you are purchasing.
In some cases, these down payments are nonrefundable, even if the deal falls through. Moreover, the person making the purchase will have to get a loan (called a mortgage when purchasing a home) to cover the rest of the cost of the home at the time which they are purchasing it.
all about credit scores
Today's financial systems are driven by the credit score. Most people realize that having a good credit score is one of the most important tools they have in obtaining credit, and at a reasonable rate. But how much do you know about a credit score and its calculation? Do you know what a good credit score is to have? Let's take a look at this thing we call a credit score.
home buying scams - things to watch out for when buying a home
If you are buying a home, then you're looking at making a huge purchase and a huge step in your life moving forward. So it is perhaps not surprising that home buyers are sometimes targeted by scammers. While some home buying scams are so obvious you wonder who falls for them, others have been known to catch even the otherwise savvy. These scams are especially dangerous if you are tired and stressed, as you are likely to be in the middle of the home buying process!
At Bellwether Community Credit Union, we want to keep you safe from any home buying scams, so we put together a list of common scams to look out for!
watch out for the latest phone scam
Those scammers are at it again. One of the latest scams affecting people today is the mobile phone port-out scam. This is where fraudsters impersonate mobile phone users to have their information transferred to a different carrier, thereby stealing their victims' phone numbers. Once the information has been transferred, the con artist will be able to receive all texts and calls meant for the original user, including those that can be used to access a member's online banking account. If only they could put their creativity to good use
This is obviously bad, and you definitely don't want to fall victim to these fraudsters. So what can you do to ensure some mustache twirling urchin of society doesn't steal your phone number and gain access to your most valuable and sensitive information? Luckily there are a few steps you can take to protect yourself:
tips when buying your first home
While the home buying process can be stressful for anyone, this process can be particularly nerve-wracking for first time homebuyers who may have little to no idea of what to expect. However, doing some homework before you begin your house hunt can help to make the process less daunting and can help the whole thing to run smoother. If you are considering taking the leap by buying your first home, here are just a few home buying tips you should consider before you start looking at houses.