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Newsletter Home Mid-Atlantic Federal Credit Union Privacy Pledge to Our Credit Union Members Business Members – Are You Paying Too Much to Accept Credit/Debit Card Payments? Demand for Small Business Loans Is Up Organize Your Records and Save on Taxes Prioritize Your $pending in Five Easy Steps Why Non-correlated Assets Are Important in These Volatile Times Are YOU Ready to Buy a Home? CommunityCorner |
| Holiday Closings December 24 Christmas Eve – close at 1 p.m. December 25 Christmas Day December 31 New Year's Eve – close at 1 p.m. January 1 New Year's Day January 18 Martin Luther King Jr. Day February 15 Presidents Day  Branch Locations 555 Quince Orchard Rd., Gaithersburg 12820 Wisteria Dr., Germantown 4831 Cordell Ave., Bethesda 11140 New Hampshire Ave., Silver Spring |
Are YOU Ready
to Buy a Home?
to Buy a Home?
A growing family, freedom from renting, space to entertain or run a home business – there are plenty of compelling reasons to leap into homeownership. Still, you need more than good intentions to manage a mortgage. See how you measure up in the following categories.
qualities of a prepared homebuyer
Past employment: Two years or more on the job. This shows the stability of your employment and income. Two or more years spent obtaining a post high school degree can also help borrowers who have recently graduated and do not yet have a full two years on the job.
Future plans: Live in the area five years or more. If there's a chance you'll need to relocate for work or other reasons, renting may be a better option than buying.
Existing savings: A respectable down payment. First-time homebuyers may qualify for Federal Housing Administration (FHA) loans with a 3.5% down payment. A 10% down payment is even better (and may be required for a conventional mortgage).
Emergency savings: Enough to last three to six months. Maintain a reserve of money to pay the mortgage and other expenses in case of a job loss or other emergency.
Home budget: Property taxes, insurance and repairs. The costs of owning a home far exceed the mortgage amount. Estimate all of these costs and build them into your budget.
Sweat equity: Time and money for home upkeep. Depending on the home, you could spend a small fortune (and/or many hours) on repairs, refinishing and redecorating. And there also may be ongoing maintenance such as mowing the lawn, cleaning the gutters, etc.
It's important to feel good about your decision to buy. At Mid-Atlantic FCU, we can help determine if you're qualified to buy and how much you can afford. Call one of our mortgage specialists at 301-944-1800, option 3 to get started.
Ready or Not?
Which of the following milestones show that you're ready to own a home?
- You have a steady job.
- Your high-interest credit card debt is paid off.
- You saved $10,000 for a down payment.
- All of the above – and more.
MAFCU's Gift to You
Double ScoreCard Bonus Points on Qualifying Purchases!
This holiday spending season, get more bang for your buck when you use a MAFCU Visa® credit or debit card to make your holiday purchases. Between December 15, 2009, and January 15, 2010, you will receive double ScoreCard Bonus Points on signature-based purchases made at the following types of merchants:
Double ScoreCard Bonus Points on Qualifying Purchases!
This holiday spending season, get more bang for your buck when you use a MAFCU Visa® credit or debit card to make your holiday purchases. Between December 15, 2009, and January 15, 2010, you will receive double ScoreCard Bonus Points on signature-based purchases made at the following types of merchants:
- Department stores
- Clothing stores
- Discount stores
- Electronic stores
- Book stores
- Bed and bath stores
