It’s the American dream – owning your own home.
And it can be close at hand, thanks to interest rate and financial advice and mortgages offered by the Greater Alliance Federal Credit Union.
“Greater Alliance offers a number of mortgages and homeownership loans to meet virtually any need,” said Sheryline Ingersoll, Director of Marketing. “Along with flexible terms and an easy pre-approval process, Greater Alliance mortgage loan officers guide clients on the path to homeownership.”
For first-time homebuyers, a good way to start down this route is through the Credit Union’s Home Buyers Program, in which clients open a savings account and deposit at least $ 100. per month in the account for 15 months.
“It helps our customers get into the habit of saving money,” Ingersoll said. “They also get advice on buying a home, so they’re prepared and pre-qualified for a mortgage when they start shopping.”
Greater Alliance mortgage representatives and financial advisors work closely with clients throughout the process. Once a client has successfully completed the process, they can receive $ 1,000 for closing costs, if they take out a mortgage with Greater Alliance, Ingersoll said.
First-time home buyers can also take advantage of the Greater Alliance’s Home Ready program. This is designed for people living in households earning up to around $ 65,000 per year.
“We provide financial advice and support clients in all aspects of home buying,” Ingersoll said. “We want to make sure they know all of the expenses associated with buying a home so they don’t get into trouble with mortgage payments later.”
The program allows buyers to make a down payment of just 3% of the cost of the home. Buyers using this option must also pay for private mortgage insurance (PMI). This protects lenders in the event a homeowner is unable to make payments and is usually on top of monthly mortgage payments.
In addition to conventional fixed rate mortgages, Greater Alliance also offers a five-year adjustable loan, offering a very low rate for the first five years. The rate changes in the fifth year, then remains constant for the next five years.
Greater Alliance advises clients to make sure they are ready to buy a home, including determining how much of the home they can afford. Potential buyers can use the online credit union calculator to answer this question and explore different financing options.
A good credit rating can help buyers secure a mortgage with a lower interest rate. Buyers with low credit scores should do their best to improve their credit rating before buying a home, Ingersoll advised. Paying off credit card debt and working with credit counselor can help improve credit scores.
Greater Alliance is also partnering with GreenPath Financial Wellbeing whose mission is to empower people to lead financially healthy lives. Through this partnership, potential homebuyers can receive housing advice, as a HUD approved housing counseling organization GreenPath can help with pre-purchase training, reverse mortgage counseling or issues. prevention of seizures.
Potential buyers can plan a phone or appointment Zoom with a bilingual mortgage representative to see if now is the best time to buy a home and what the best mortgage option is for them.
To be eligible for the Greater Alliance home buying programs, potential buyers simply open an online savings account with at least $ 100. Potential buyers must also be a U.S. citizen or permanent resident and live, work, own a business, attend school, volunteer, or worship in Bergen or Passaic counties.
Founded in 1937, the Greater Alliance Federal Credit Union was originally a way for teachers to save money and manage their finances. Over the years it has grown to serve the communities of Bergen and Passaic counties and continues to be a strong and stable credit union.
Credit unions are non-profit financial institutions that generally offer lower interest rates on loans and higher interest rates on deposits.
“We work closely with our members to make sure they walk into a home and get the financial advice they need to make it work for the long term,” Ingersoll said. “For Greater Alliance, it’s not just a business. We meet the financial needs of each client. “
For more information, call Greater Alliance Federal Credit Union at (1-800) 963-1937 or visit www.greateralliance.org.
– Nancy Parello