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   What's Inside The Taxman Cometh – File the Easy Way – with TurboTax® 80th Annual Meeting and Board of Directors Election Meet The Endura Financial Investment Services Reps 
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House Hunting? Save for the Down Payment During the housing boom, when home prices were on the rise and interest rates on the decline, 100% financing options allowed many Americans to buy their first homes without a down payment. In fact, 43% of first-time homebuyers between August 2004 and July 2005 put no money down, according to a National Association of Realtors® survey. But as the housing market fizzles and delinquencies and foreclosures surge, mortgage lenders have revamped their lending guidelines and backed away from offering zero-down-payment loans. Tips for Saving Putting money down on a home has its advantages: you may be able to secure a lower loan rate, enjoy smaller monthly payments and, in some cases, avoid paying private mortgage insurance. But accumulating a substantial sum will take time and discipline. Here are some suggestions to make saving easier. Formulate a plan. Once you decide how much you want to save and how quickly you want to save it, break it down into manageable goals. For example, if you want to save $15,000 over three years, you would need to save $400 a month in an account earning 3% interest. Make it automatic. Save effortlessly by requesting that a portion of your paycheck be automatically transferred to your savings account. Spend less. Buy fewer clothes, eat out less often, hold off on buying a new car, cancel your cable service and seek out free sources of entertainment. Funnel the savings into your down payment fund. Save more. Depositing bonuses, raises, overtime pay and tax refunds directly in your savings account can be a painless way to save. When you pay off a loan, continue to make the payments to yourself. We Can Help Saving your down payment in an Endura Financial insured savings account such as a Get Ahead Savings or money market account assures you the money will be there when you need it. And when you're ready to start house hunting, begin your pre-approval process online at www.endurafinancial.com/apply_now.asp. Endura Financial Mortgage Services 952-738-7676 1-800-533-4004 ext. 7676 mortgageservices@endurafinancial.com |
 This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. ©2008 Endura Financial Federal Credit Union. |
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