If you missed the Home Building Seminar, you're in luck!

One of the area’s top builders, realtors, title and homeowner’s insurance agents, and mortgage lenders came together on October 21st to answer a range of home building questions, some of the most common of which are listed below. 

· Will my home fit on my lot?
· Which plan is best for my family?
· How much can I customize?
· What will my new home really cost?
· What are the best rates and financing programs?
· What is the building process?

If you missed the live event, you're in luck!  We recorded the seminar and you can watch each segment now on YouTube, just click the link below!  From shopping for a builder and a lot, to securing a construction loan and taking draws, to your end mortgage financing and insuring your new home, our seminar covered it all!

Horizon Community Credit Union Home Building Seminar 2014

If you have any questions after watching the recording, or if you would like to start the home building process, feel free to reach out to any of the participants listed on the contact sheet!

Green Bay Home Building Seminar 10/21/2014

Does your house still fit you?  Have you always wondered what it would be like to have a layout that you designed?  Are you afraid to tackle the building project because you don’t know who to turn to for questions; or maybe you don’t know what questions to ask?  Building a new home can be a daunting task.  We do not want you to tackle that alone.  How would you feel if there were experts available in one spot on one evening in October?

October 21^st, at 5:30 p.m. Horizon Community Credit Union (HCCU) will be hosting a free informational meeting at our Voyager Drive office.  We have assembled some of the best experts in the Green Bay area for a home building seminar.  One of the area’s top builders, realtor, title and homeowner’s insurance agents, and mortgage lenders will be present to answer all of your questions, ranging from some of the most common (listed below) to whatever issue is giving you a headache as you think through the process.

· Will my home fit on my lot?
· Which plan is best for my family?
· How much can I customize?
· What will my new home really cost?
· What are the best rates and financing programs?
· What is the building process?

HCCU is excited to host and be a part of this educational opportunity.  Bring along your questions and thoughts.  If you are planning to attend, you can RSVP by emailing info@horizonccu.com or calling 920-433-0122.  If there is a specific question or topic that you would like covered, please include that as well.  Not sure if you'll be able to make it?  No problem if you find out last minute that you can attend!  All are welcome - you do not need to be a member of Horizon Community Credit Union to take advantage of this educational opportunity!      

We look forward to seeing you.  We are here to help with life’s challenges.  Your success is our destination!

Post by: Pat J

Tips for the First-Time Home Buyer

Do you have dreams of buying your first home?  Whether you’re ready now, or even if you don’t think you’ll be ready for a year or two, it never hurts to be prepared.  Talk to a loan officer about different loan options and look over your current debt.  If you need to, take the steps now to boost your credit rating or pay down debt.  When you ARE ready to start shopping for a home, stop in to chat with that loan officer again and get pre-approved for financing.  This will help you determine the price range of homes that you can afford before you start looking.  You should also talk to a real estate agent about what you’re looking for and get signed up with email listings.  You’ll stay up-to-date with new properties while at the same time getting an idea of the types of homes within your budget.    

One thing that will help you from the start is saving. If you know you’ll be in the market to buy a home in the next couple years, you’ll want to start to save what you can. Putting down 20% will help you avoid having Private Mortgage Insurance (PMI) added on to your monthly mortgage payments.  PMI is insurance that allows lenders to safely accept a lower down payment than it would normally require.   Basically, it is a financial guaranty that protects the lender from losses in the event that you would default on the loan.  

On the other hand, if you don’t have 20% to put down, you can still buy a home with PMI.  As long as you have a conventional mortgage, once your loan is paid down to 78% of the home value the PMI will automatically drop off. 

Start making a list of what you do and don’t want in a home, similar to what you see on all those home buying TV shows.  This is an investment – and a pretty expensive one!  Keep in mind what you can and cannot change in a home.  You can always remodel the kitchen or put in hardwood floors but you can’t change the neighborhood or make the lot bigger. 

We’d be glad to help from start to finish on making your first home your dream home.   Call or make an appointment to talk to a loan officer to go over your finances or apply for a mortgage.  And once you’re in your home, we can even help you turn your house into your dream home by financing your remodel!  

Post by: Sara D

Image courtesy of phanlop88/ FreeDigitalPhotos.net

Home Equity Loan vs. Home Equity Line of Credit...what's the difference??

Both products allow you to borrow money using the equity you have in your home as collateral.

With a home equity loan, you receive a lump sum of money at closing. You are then required to make monthly payments on the loan. You will not be able to draw fund from the loan again.  Since the funds are disbursed in full at the closing, your monthly payments will be fixed.   Horizon Community Credit Union's home equity loans are adjustable rate loans, with the rate adjusting annually based on the terms spelled out in your loan.  This can impact your monthly payment amount some, but generally it's not a large change.

The other way to borrow against your home’s equity is with a home equity line of credit (HELOC). This works more like a credit card – you have a credit limit, and you only pay on the funds you draw out. Monthly payments are 1% or 2% of the outstanding balance on the line.  Much like a credit card, you can draw on the line multiple times.  Horizon Community Credit Union's HELOCs are adjustable rate loans, with the rate adjusting annually based on the terms spelled out in your loan.

On both products you can borrow up to 80% of the appraised value of your home. For example, if your home is valued at $200,000 with a mortgage of $100,000, you would be able to apply for a home equity loan in the amount $60,000.

What could you use the equity in your home for??
Debt consolidation
Home Improvement
College tuition
Autos, motorcycle, Recreational vehicles
Vacation

Post by: Kelly B