Strategies

Sep 17, 2020
new homeowners wonder is 20% down required to buy a home?

new homeowners wonder is 20% down required to buy a home?

The precautions stemming from the coronavirus outbreak exist to keep us safe, yet the sudden slowdown forces everyone to pause, focus, and reevaluate their priorities. For many, the goal is to buy and/or sell a home. Eastex has a few tips on how to get your home ready to sell and succeed by putting these safety precautions into action.

Buy a Home or Find Lodging First

Most of the country is a seller’s market, meaning the seller has control of the industry due to fewer homes on the market and more buyers. The remainder is more 50/50 with inventory and buyers. Since homes will sell quickly, when able sellers should buy a home first before selling the current home. A contingency such as “the home sells when the seller finds a new home” is a case-by-case basis rather than a guarantee. Adding a contingency may drive buyers away rather than toward it. If you must stay in the home while selling said home, expect to leave the home on short notice often.

Go Virtual With Tours and Staging

Virtual tours are already a major, yet optional part of home listings, but now it’s mandatory. A virtual tour is a video showcasing the home in detail. Some virtual tours are 3D, and the rest are 2D. Some offer 360-degree views, and others choose to attach several photographs. Continue to incorporate professional, breathtaking photographs and a captivating home listing as both are first impressions toward the virtual tour.

Take it further by incorporating virtual staging to the mix. This technique includes digitally adding home decor to the photographs or the virtual tour video. A real estate agent knows how to sell your home using this technique. If not, the agent should refer buyers to a virtual staging professional.

DIY Everything

Since staying at home is commonplace, sellers should reduce contact by forgoing cleaning companies and staging professionals and do the cleaning and staging themselves. Basic cleanliness such as mopping, vacuuming, and sweeping floors is a good start. Dust cobwebs off walls and remove dust from furniture, lighting, and shelves are second examples. The home must be immaculate to impress buyers, so what is clean now needs continuous cleaning until it sells. The agent will inform you what else needs cleaning and how to stage the home properly.

Also, the outdoors requires a makeover as curb appeal is the first impression of seeing a home offline. Keep the lawn tidy and neat. Sweep driveways, porches, patios, walkways, and decks. Remove debris. Replace light bulbs. These steps contribute heavily toward a sale.

Open the House

To reduce surface contact, buyers cannot touch anything in the house. In turn, sellers need to acquiesce agent’s and the buyer’s job easier. Turn on all lights in the home. Open all interior doors in the home, including bedrooms, bathrooms, closets, attics, and basements. Ask the agent whether it’s fine to open drawers and cabinets.

Practice Patience

Because of coronavirus, home tours are going at a slower pace. Buyers are coming at spread-out 30 minute or 1-hour intervals rather than back-to-back or overlapping buyers (i.e., open houses). The slow pace means the listing needs more time on the market to attract buyer interest.

Prepare for Delays

Here’s another reason to practice patience: Delays will occur due to the pandemic. Improvise. Prepare for delays such as closing date, home inspection, appraisal, weather, coronavirus guidelines, and infection. It will make the situation easier to manage. Flexibility is how to sell your home in today’s environment.

A home sale in the real estate industry during this hectic time is possible. Eastex is here to guide members to the best home loans in East Texas and assist members on how to get your home ready to sell. Contact us online or by phone for more information about real estate, finances, or joining our credit union.

Sep 10, 2020
photo of piggy bank on top of a pile of money

photo of piggy bank on top of a pile of money

A money market account is exactly like a savings account but with some checking account features. They typically have a higher minimum deposit or balance requirements than a savings account. So, it’s important to look at your options before choosing a money market. You will usually see them come with checks or debit cards that allow a limited number of transactions per month. For banks, money market accounts are insured by the Federal Deposit Insurance Corp., and for credit unions, they are insured by the National Credit Union Administration. Eastex is privately insured by American Share Insurance. This way, if your financial institution happened to go out of business, you won’t lose your deposits.

Money market accounts vs. other accounts

Don’t get confused on what a money market account actually is. A money market account is NOT a money market fund or a checking account.

  • A money market fund is an investment that can lose value if the market falls. Money market accounts are insured.
  • A money market account has a lot of the same features as a checking account. But, you are limited to six transfers or withdrawals per month. This includes check, debit card swipe or online transfer.

Are money market accounts worth it?

Let’s talk about the pros and cons.

Pros

  • Receive some of the best rates from your financial institution.
  • Ability to access funds much easier than a savings account. This is helpful if you’re caught in an emergency.
  • You are protected by insurance, so your money is safe.

 

Cons

  • You may be more likely to spend the funds.
  • Some accounts require high minimum balances to open or avoid fees.
  • Most of the time, savings accounts pay just as much interest.

 

It’s important to pay attention to the rates of each at your financial institution. You may be better off sticking with a savings account to avoid high minimum balance requirements.

How to choose a money market account

If you choose a money market account, make sure it has a high interest rate, no monthly fee and a reasonable minimum balance. You will find that some require $10,000 or more to open an account.

Is a money market account right for you?

Eastex CU offers high interest rates that will give you a better return on your money. If you think this may be right for you or you would like to hear more about them, contact us!

Jun 11, 2020
newlywed scene at wedding ceremony

newlywed scene at wedding ceremony

Getting married can be a dream come true for many. While you may have visions of happily ever after, you do need to consider the reality of your finances. There are some common financial hurdles that most newlyweds find themselves facing at one point or another throughout their marriage.

Not Knowing Each Other’s Financial Story

Finances are one of those areas that people tend to clam up about. We’ve all made financial mistakes in the past and admitting them is the first step in getting rid of them. For this reason, it’s important that you sit down with your significant other and discuss your financial history. This will help you both understand each other’s experiences with money in the past and the attitudes you’ve developed towards it.

When you can understand your partner’s experience with finances, you can better determine how to approach them in the future. You may find that your spouse likes to eat out often. After you talk about your financial history, you may find out that as a kid they were always told they couldn’t eat out because their parents couldn’t afford it. The fact of them wanting to eat out often nowadays is likely due to the fact that they feel wealthier and more capable than their parents.

Poor Credit Secrets

If you’ve never talked about your finances with your partner, you may be in for a rude awakening. Poor credit issues, high credit card debt, and even charged-off accounts can lead to difficulties in the future. When you go to apply for a mortgage or a new car loan, you don’t want to find out that your partner has horrible credit. It’s better to discuss credit issues now so that you both know how to approach credit situations in the future. It’s never good to keep money secrets from your partner as it will just resurface at some point in the future.

Sticking To A Budget

When you’re in love, it can be very easy to do all that is in your power to make your spouse happy. However, this love can fuel unhealthy habits with respect to your budget. Many newlyweds find it difficult to stick to a budget in the beginning. This is usually a result of poor planning. It’s best to take some time to set some financial boundaries that will keep you both on track.

A great one is to set a specific dollar amount that you both agree on and not spend above unless you check with the other partner. Depending on your budget, this can be as little as $50 or as high as $250. It’s really up to you, your partner and budget. Take some time to work on budget boundaries so that you’re both on the same page when it comes to spending your income(s).

Not Planning Financially For Children

Children are a large financial expense that will last for at least 18 years or more. You need to take the time to plan out how you’re going to fund children in the future. Many couples avoid this conversation because they believe it’s too early to talk about kids. The truth is that it’s never too early to discuss children and how they’re going to alter your financial future.

Newlyweds face a lot of issues together in their first few years of marriage. Finances tend to be one of the biggest. By understanding the top financial hurdles above, you and your partner can better prepare your financial future to avoid these hurdles.  Connect with a financial advisor at Eastex CU to overcome potential hurdles.

Aug 15, 2018

Photo of coin jar collecting money for charity for community involvement

Donating to charity, whether to your religious organization or an independent non-profit, is a great way to give back to your community. Despite the fact that we are biologically wired for giving, studies have shown that when you donate to charity, or volunteer your time, positive physiological reactions result in your brain. Especially as holidays approach, charities will start their outreach to potential donors, and it may become overwhelming to know which charitable program to pick. No matter whether you donate once a year, or once a month, it’s always important to ensure that you are being responsible with your decisions and getting the best value for your donation.

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AUTO LOANS

RATES AS LOW AS

2.95%

APY*

CREDIT CARDS

RATES AS LOW AS

9.90%

APY*

MONEY MARKETS

RATES UP TO

0.40%

APY*

CERTIFICATES

RATES UP TO

1.01%

APY*

IRA

RATES UP TO

0.75%

APY*

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