Tips for Getting Your First VA Loan

Military families have many advantages in getting a home loan. VA mortgage loans can usually be guaranteed and you need to put no money down. You also do not need to have private mortgage insurance. If you are going to get a VA loan, please keep these tips in mind:

1. Check credit. About 70% of US credit reports have errors in them. Your lender will examine your credit score to make lending decisions. So, be sure that your credit report is as accurate as possible.
2. Go for pre-approval. Once you are pre-approved, you will know how much you have been approved for. This will give you a leg up on other buyers as you are looking for your new home. Get your VA loan St Louis for the best savings.
3. Choose between fixed or adjustable loan. Which is best for you depends upon your situation. A fixed loan in a rising market can provide you with more piece of mind. However, an ARM can provide you with considerable savings. Whichever way you go, do not take the first loan offer you get. Do your homework and choose between several options.

Getting a VA home loan is one of the big advantages of military service. If you follow the above suggestions, you will end up with a great, affordable loan for your new home.

Responsible Use of Credit

Community Credit Union of Florida has seen some big changes in American spending. It was a little over a decade ago that America got slammed by the Great Recession. What we saw was a change in buying habits, as people started drawing back on their spending and using their credit cards less. It was actually a significant change, since Americans had become used to buying on credit and paying for their purchases later. Some even got into the very bad habit of buying on credit and then paying back only the bare minimums. That was one of the reason so many people were hit hard by the onset of the recession.

Jobs have started coming back to the country and people are spending again, but now they seem to be a little more responsible. The biggest improvement is that Americans are deciding against buying as much on credit as they once did. They’re also getting better at paying off their credit debts by the end of the month. These two changes in habits have helped many people recover from debt and to repair their finances. Still, people do have a tendency to forget. Only time will tell if people can remember that credit cards are a responsibility, and that they can’t be used without proper planning.

Why Savings Accounts Make Excellent Gifts for Children

Throughout childhood, many parents and grandparents will purchase assorted toys, books, and games for children. While requested, each only has a limited lifespan and before long, these toys are often broken, discarded, or hidden under beds. What if there was a way to give a longer-lasting gift to a child that could be used for the future?

Giving newborns and young children the gift of savings accounts allows parents and grandparents to start educational, personal, or emergency funds for children. While many children have college funds, there are other considerations as the child ages. What if he or she was interested in traveling abroad and studying or performing mission work? Having a cushion, that builds over time, makes these goals possible.

Once established, annual birthday, holiday, or other celebrations can be deemed time to contribute to existing funds. If interested in investing, there are many insured options parents can pursue to earn a higher return on the account. When old enough, children can receive financial literacy information and can donate some of their allowances to these accounts. As this cycle continues, children will grow up to be responsible, financially-conscious adults and can continue to pass the tradition of gifting a child’s savings account to the next generation.