I’m excited to assist Connexus Credit Union with its blog for members living throughout the U.S. Devoted to keeping members financially fit, Connexus nationally serves the insurance, education, and health care industries. The first thing I noticed about Connexus? Its wonderful branding strategy.
Welcome to the first of our six-part blog series dedicated to improving your financial wellbeing. It’s also Financial Literacy Month. Part I will help you to understand how a mortgage works, your alternatives with a mortgage from Connexus, and ways you can save.
Consider this: the average consumer spends $49,638 a year buying both needs and wants. Not surprising, the largest expenditure of the average household is housing, which comprises 34.1 percent of the yearly budget. (Source: U.S. Department of Labor, 2010)
A mortgage, defined by Wikipedia, is a loan secured by property by use of a mortgage note. It enables you to obtain financing to purchase a home. As a buyer, you can acquire financing from various sources, including a bank or credit union or other agents, such as a mortgage company. While all can help you to secure a mortgage, features of the loan can range significantly.
Features can include the size of your mortgage (the amount you finance); its maturity (how long you have to repay); the interest rate (your cost to use the funds); and, your choice of repayment options (direct deposit, online or in-person).
When you learn about your options, and how these options can affect your budget, you’re empowered to make a more informed decision. It also gives you confidence to get the home – and the loan – you want. At Connexus, we offer a full range of mortgages with experts to help you better understand the mortgage process.
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