Mortgage Talk Tips

October 15, 2020

It's important to be financially fit; especially during times of uncertainty like today. We have put together some tips to help you along with some links to our financial education series. Listen to Gina J and Vice President of Residential Lending at American Eagle Financial Credit Union, Patty Mason, on Wednesdays at 3:40PM.

Check back later too, when we announce our upcoming virtual seminar that we will be hosting later this year on financial security.  For more info, click here.

#1. Three Keys to Financial Security
Three keys to financial security are regular savings, responsible use of credit, and keeping a record of income and expenses. Financial Education lasts a lifetime. 

#2. How Your Credit Report is Used
 It’s important to regularly review your credit report and score. This information is used to decide whether or not you can take out a loan, and impacts your interest rate. It can also be used to determine eligibility for insurance, employment, and renting or buying a home. 

#3. Keys to Financial Security
Did you know that your history of paying back what you owe, and the total amount of money you owe compared to your credit limits comprises 65% of your credit score? These are the top two factors in establishing and maintaining a solid credit score.  

Did you know that you're entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies? Order online at or call 877.322.8228. 

#5. Pay Yourself First
 The best way to save money is to set a goal for a specific dollar amount and pay yourself first. Automatically deposit money from each paycheck directly into a savings or retirement account. Even small savings can pay off big when done consistently. 

#6. Build Your Home Buying Team
Before you start looking for a home, get pre-qualified so that you know how much you can afford. Build a team that includes a trusted mortgage lender, real estate agent, and attorney to avoid costly mistakes. 

#7. How Your Credit Score Affects Your Loan Interest Rate
Credit scores range from 300 to 850. G
enerally, the higher your score, the lower your interest rate on a loan. A lower interest rate can save you hundreds or thousands of dollars in finance charges.

#8. Get Pre-Qualified to narrow your search
Buying a new home can be overwhelming.  Get pre-qualified to help determine your price range before you start looking.