With today’s low rates, are you thinking about buying your first home or refinancing your current one? Follow these steps to help you through the mortgage process:
- Complete an online application using this link: https://audreyspencer.zipforhome.com/
- Be responsive and stay in touch with your lender – Extra documents are normally required—be sure to promptly get any required documents back to your lender to keep the process moving forward
- Get your pre-approval and start shopping for what you can afford
- Be sure to have homeowner’s insurance lined up – Proof of insurance will be required before final approval
- Do not take out an additional debt – During the mortgage process you will want to avoid taking out any additional debt as this can change your debt to income ratio and affect your approval
- Do not change jobs without consulting with your lender first
- Be open and ask any questions you have during the process
In today’s world, most people have their payroll directly deposited into their checking accounts or use cash apps like Venmo or PayPal. On the off chance that you end up with a paper check, did you know you can deposit it into your account with just a few pictures with your smartphone?
Welcome to the world of Mobile Deposit, or Remote Deposit Capture as some institutions call it. Mobile Deposit is so convenient and easy to use. It takes just a few minutes to complete, which sure beats taking a trip out to the Credit Union—especially in these uncertain times.
According to Statista, 75% of Americans use their mobile banking services from their couch, and 47% check their account from their bed. That sounds like a good deal to me!
Tips for using mobile banking:
- Checks can only be deposited into a checking account—don’t have one? No problem, we can open one today by applying here: https://www.midlandcu.org/accounts/
- Make sure the photo quality is as clear as possible—be in a well-lit space and do NOT use the flash
- Set the check on a flat contrasting surface
Learn more about our mobile banking services here: https://www.midlandcu.org/e-services/mobile-banking/
3 Tips – Increase your Credit Score using a Credit Card
Your credit score is important, especially if you’re wanting to purchase a large ticket item such as a vehicle or a home in the future. It’s simple, have a higher credit score, pay less money when you need to borrow money. Your credit score is like renovating your home, it’s not going to improve overnight, but an easy starting point is to get a credit card! If you’re planning to get a credit card, here are some tips:
- Have a high credit limit, with a low balance: Prove you can use your credit responsibly. It shows that you’re not living beyond your means and you’re able to re-pay.
- Utilize apps: Check your balance daily and make payments to ensure you’re below that 50% balance at the time your institution reports to the credit bureau.
- Start your credit history early: Long term open credit cards show on your report, and it makes you look good.
Apply today for our Midland Credit Union Credit card!