Category Archives: Home Buying & Selling

A Budget-Friendly Guide to Home Redecorating

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Home renovations and redecorating can transform your space without breaking the bank. With strategic planning and creative solutions, you can achieve your home improvement goals while staying within budget. Keep reading to find out how!

Research and Planning

  1. Find the Right Financing: Before diving into your home renovation project, explore financing options to fund your endeavor. Consider First Financial’s Home Improvement Loan, offering great rates and flexible terms to help you realize your vision affordably.*
  2. Create a Budget: Set a realistic budget for your project, considering expenses like materials, labor, and any unforeseen costs. Stick to your budget to avoid overspending and financial strain. Utilize First Financial’s wide range of tools and resources like our Budgeting Guide and Home Budget Calculator.
  3. Develop a Detailed Plan: Outline the project scope and create a timeline for completion. Research design ideas and gather inspiration to ensure a successful outcome.
  4. Research Codes and Acquire Permits: Obtain necessary permits and familiarize yourself with local building codes to ensure compliance and avoid costly mistakes.
  5. Do Your Own Demo: Save on labor costs by tackling demolition work yourself, prioritizing safety with proper gear and precautions.
  6. Price Matching: Compare prices on multiple retailer websites prior to making a purchase. Many big box stores will price match what you find online in store, so you can snag a great deal and avoid shipping and handling costs.

Doing It Yourself (DIY)

If you plan to tackle your home renovation project all on your own, follow our budget-conscious tips below.

  1. Search for Free Materials: Acquire items for free through friends, family, or online listings to minimize costs and maximize savings.
  2. Find Duplicates: Look for budget-friendly alternatives that mimic high-end materials or furnishings to achieve your desired look without overspending.
  3. Improve Existing Furniture: Refresh old furniture with painting or refinishing. Add new hardware or upholstery for a custom look without breaking the bank.
  4. Update Smaller Fixtures: Upgrade fixtures like cabinet hardware, lighting, and doorknobs to make a big impact on a budget. Changes like these make a huge difference without necessitating a full demo.
  5. Shop Second Hand: Explore thrift stores, flea markets, and online marketplaces for unique finds at bargain prices. You may discover hidden gems that not many other people will have.
  6. Utilize Paint: Give your space a makeover with a fresh coat of paint and easily DIY this on your own. Sometimes a fresh new color is all you need to transform a space.
  7. Declutter: Clear out unnecessary items to refresh a room instantly. Donate or sell items you no longer need to create a clean, inviting space.
  8. Mix and Match: Embrace mismatched furniture and decor to add character to your space and avoid the expense of purchasing pricier pieces. Experiment with different styles, textures, and colors for a unique look.
  9. Swap Party: Host a furniture and decor swap party with friends and family to exchange items and refresh your decor for free. It’s a fun way to acquire new pieces while also decluttering your home.
  10. Do Projects in Pieces: Tackle renovation projects one at a time to manage costs effectively and plan better. Break down projects to secure better deals and complete them efficiently.

By following these tips and leveraging resources like First Financial’s Home Improvement Loan and budgeting tools, you can redecorate your home for less without sacrificing style or quality. Happy decorating!

For more personalized advice and solutions – call us at 732.312.1500, visit a branch, or explore our services on our website at firstffcu.com. Don’t forget to subscribe to our First Scoop blog for more financially savvy insights and tips.

*Available on primary residence only. A First Financial membership is required to obtain a Home Improvement Loan and is open to anyone who lives, works, worships, volunteers, or attends school in Monmouth of Ocean Counties. See credit union for details. 1 Rate will vary based off of applicant’s credit rating. Not all applicants who apply will be approved, subject to underwriting guidelines and credit approval. 2 Lien position and appraisal valuation may affect the maximum loan amount. 3 Not all applicants will qualify for maximum Loan to Value (LTV) ratio. It will be based off of creditworthiness, property type, occupancy, lien position, and loan amount. Rates will be affected by LTV or combined LTV if there is another lien on the property. 4 Loan amounts over $7,500.00 will be required to give First Financial FCU a security interest in their property. Rates will vary based off of lien position and whether the loan is mortgage secured or unsecured. 5 For mortgage secured Home Improvement loans First Financial FCU (FFFCU) will waive closing costs at inception of loan. If loan is terminated within the first 2 years of opening, closing cost waiver is revoked and are required to be paid back by member to FFFCU.

Essential Tips for Navigating the Spring Housing Market

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Why Prepare to Buy in Spring?

The spring housing market, peaking from April to June – is renowned for its heightened activity. The allure of spring lies not just in its weather, but also in the potential for finding great deals on homes that didn’t sell or were not listed in winter. The spring market – fueled by both new listings and the eagerness of buyers who are shaking off the winter chill, creates a landscape filled with opportunity. First Financial is here with 5 essential tips for a successful springtime homebuying journey.

1. Gauge Market Conditions: The spring market’s vibrancy varies, influenced by whether it leans in favor of buyers or sellers, prevailing mortgage rates, and local real estate trends. Keeping a pulse on these conditions can significantly impact your buying strategy. Evaluate each condition closely before making any commitments.

2. Isolate Your ‘Must-Haves’ From Your ‘Wants’: In the bustling spring market, knowing what you’re looking for is crucial. This includes the type of home, desired neighborhood, and essential amenities. However, with heightened demand and high competition, it’s important to isolate what you truly need from the things you want. A well-defined list of must-haves will streamline your search and help you act decisively.

3. Mortgage Preapproval is Key: Securing mortgage preapproval before diving into the housing market not only sets realistic expectations – but also positions you as a serious buyer, enhancing your bargaining power. Preapproval will allow you to know how much home you can realistically afford, as well as lock you in at the best interest rate.

Here at First Financial, we’re here to help you throughout the mortgage process. Stressed about where to start? Schedule a video chat or phone call with one of our mortgage experts with no commitment required! Ready to get preapproved? Simply fill out our quick mortgage inquiry form and a member of our Loan Department will contact you. You can also choose to sign up for our mortgage rate text alerts, and we’ll send you a text whenever our mortgage rates change.+

Finally, when you close on a home with a First Financial mortgage – you’ll receive a $500 Home Depot gift card, your appraisal is on us ($580 value), along with a host of other benefits.* Not ready to apply just yet? Utilize our wide range of website mortgage calculators to help you plan for the future!

4. Leverage Expertise: Collaborating with a real estate agent who understands the nuances of the spring market can be invaluable. They can provide insights into fair pricing, negotiate on your behalf, and even unearth hidden gems in your desired locations. Having a real estate agent on your side will position you ahead of buyers heading the journey alone and take many stressors off your shoulders.

5. Have Your Documents Ready: If you’ve made an offer and are hoping to fast-track the process, make sure you have your paperwork ready to go. The process of compiling all the necessary documents can be longwinded, so be sure to get a jump on things and have all your ducks in a row. Some of the documents you’ll need include:

  • Identification
  • W2s
  • Pay stubs
  • Bank statements

Before making an offer, build a mortgage document checklist to keep track of what you’ll need to close the deal. Our homebuying guide is a great resource!

Embrace the Spring Market with Confidence

The spring housing market offers a unique blend of challenges and opportunities. With strategic preparation, you can navigate this bustling season effectively. Whether you’re gauging market conditions, calculating what you can afford, or securing mortgage preapproval – we’re here to help you achieve your homebuying goals.

Contact us today and embark on your journey to homeownership with confidence. Don’t miss out on more financial tips and advice, be sure to subscribe to our First Scoop blog.

*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties. Qualified borrowers must meet eligibility requirements including, but not limited to, property location, loan amount, loan type, occupancy, property type, loan to value, debt to income ratios, FICO credit scores, refinance with cash out and other variables. NMLS CU ID: 685814. $500 Home Depot Gift Card will be issued at loan closing on any First Financial mortgage, while supplies last. Applicant to pay $580 appraisal fee up front at the time of appraisal. First Financial will credit the $580 appraisal fee back to the member at loan closing.

 +The Text Message Signup box must be checked in order to receive text messages. Standard text messaging and data rates may apply.

Why Winter Isn’t a Bad Time to Sell Your Home

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Contrary to popular belief, winter isn’t necessarily a bad time to sell your home if you are looking to put it on the market. Most would assume spring and summer are the best times of the year to list your home, but keep reading to find out why it may also benefit you to sell in winter.

  • Not as Much Competition

There are fewer homes on the market in the winter, so you most likely can be more aggressive with your pricing – being that there’s less out there to compete with.

  • Your Home May Get More Attention

By listing in the winter when there are usually fewer homes on the market, yours may pop up for those doing a home search must faster than it could in the spring or summer. In addition, if you’re using a realtor – chances are they have more time to devote to your listing in the winter than they would during prime spring housing market (March/April/May). You might even get to close faster in winter months because the calendar is typically less filled to complete appraisals, inspections, and get mortgage applications processed from lenders.

  • Potential Lower Costs

Some will say that contractors could offer better prices on home repairs or maintenance during winter (weather permitting of course), as well as moving companies may charge you less too. Do your research, and see if you can score a winter deal!

Once you’re ready to list your home, be sure it’s in the best shape to get you the best offer. Here are a few areas to stay on top of:

  • Cleaning – Before any listing photos are taken or any showing appointments are made, thoroughly clean your house. Vacuum, dust, wash the floors, and clean your bathrooms. An unclean home is sure to turn potential buyers away and fast.
  • Repainting – If there are any spots that need touching up or it’s easy to make a room that’s not a neutral color more neutral, get to repainting. It’ll be easier for potential buyers to envision the space in neutral colors or how they might make it their own.
  • Lighting – A lighter, brighter home is an attractive home and will typically help you sell faster.
  • Decluttering – Less is usually more, especially when it comes to selling your house. Buyers want to envision their own items out and around the home, not see yours. Nor do they want to open up your closets and have everything fall out on them. Declutter as much as possible before scheduling any showings.
  • Make small repairs – If you can quickly and easily repair any small cracks, polish your floors, re-grout, or remove carpet stains – do so.
  • Consider curb appeal – Make your home inviting for possible buyers. Pick any weeds, mow the grass if needed and the weather cooperates, clean up any leaves from the property, maybe even add outdoor plants or porch décor if applicable.

If you’re in the market for a home in Monmouth or Ocean Counties, First Financial is here for you! With competitive rates, lower fees, and personalized service – we’ll make your home buying journey a less stressful one. Our mortgage experts are also available to answer any of your home buying questions with no commitment required. Simply complete our quick online appointment form to get started. And if you’re just starting to shop but not ready to apply for a mortgage, complete our mortgage preapproval form to find out how much you can finance. We’re happy to help get you into your dream home this year!*

*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.

Strategies to Afford Your First Home Down Payment

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Buying a home is a pivotal milestone and a cornerstone of the American dream. Yet for many, the daunting hurdle of a down payment can seem insurmountable. The good news is that with careful planning and strategic saving, homeownership can become a reality sooner than you think. At First Financial, we’re here to guide you through the journey of saving for your first home’s down payment.

1. Open a Dedicated Savings Account and Automate it

One of the key steps to successfully save for your down payment is to open a dedicated savings account. By keeping your down payment fund separate from your regular savings, you will gain clarity on your progress. Consider opening a high-yield savings account to maximize interest rates and let your money work harder for you.

To make saving seamless, automate your contributions. Set up direct deposit or automatic transfers from your checking account to your dedicated savings account. Consistency is key – even modest contributions can accumulate over time and help you reach your goal faster.

2. Really Look at Your Income

Scrutinize your budget with a discerning eye. Trim discretionary spending wherever possible. Can you live without certain luxuries temporarily? The power of ruthless budgeting lies in redirecting these funds toward your down payment savings. For dual-income households, explore the possibility of living off of one income temporarily and saving the other. Remember, it’s not about deprivation – but about redirecting resources toward a meaningful goal. Your disciplined efforts will pay off when you step into your very own home.

3. Put Every Spare Dime Toward it

Windfalls, bonuses, tax refunds – seize every financial opportunity. Allocate these unexpected inflows directly to your down payment fund. Adopt a ‘spare change’ mindset by enrolling in bank programs that round up debit transactions to the nearest dollar, with the difference automatically transferred to your savings. A popular strategy is to apply the “spare change” concept to your regular finances. Whenever you receive a chosen amount in change, funnel it into your down payment fund. These seemingly small contributions can add up over time.

4. Look at Assets, but be Smart

While liquidating non-cash assets can provide a boost to your down payment fund, be cautious. Stocks, bonds, and CDs can be converted – but tapping into retirement accounts might compromise your long-term financial security. It’s essential to strike a balance between immediate needs and future financial well-being.

5. Set Specific Goals

Before embarking on your savings journey, establish clear goals. Determine the total amount you need for the down payment, closing costs, and other post-purchase expenses. A down payment calculator can help you gauge the target amount.

6. Scour Your Spending

Take a closer look at your expenses and identify areas for savings. It’s not about giving up life’s small pleasures, but about minimizing unnecessary spending. Compare insurance rates, bundle services, and eliminate unused subscriptions to free up extra cash. Tracking your spending for a month can reveal areas where you can cut back.

7. Automate to Maximize Savings

Automate your savings by setting up recurring transfers to a high-yield savings account. Keep short-term savings in secure options like money market accounts or certificates of deposit. Align the maturity of CDs with your anticipated home purchase timeframe to optimize returns.

8. Earn Extra Income

Explore side gigs or freelance opportunities to supplement your income. Be cautious of potential scams and do thorough research before committing to any income-generating opportunity. Additional income streams can significantly boost your savings efforts.

9. Keep Your Eye on the Prize

Regularly review your savings progress, celebrating each milestone achieved. Utilize tools like NerdWallet’s app to monitor your journey. Visual aids such as a savings chart on your refrigerator or images of your dream home, can provide motivation during challenging moments.

At First Financial, we understand the significance of homeownership. Saving for a down payment may require careful planning, sacrifice, and time – but the rewards are plentiful. By implementing these strategies and seeking our expert guidance, you can confidently work toward your first home purchase, turning your dreams into a tangible reality.

If you’re a first-time homebuyer in Monmouth or Ocean Counties, ask us about our Home Possible Advantage Mortgage Program.* Stop into your local branch or contact us to get started today!

*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.

How Much Homeowners Insurance Do I Need?

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Your home is likely one of the biggest purchases you’ll ever make. That’s why protecting it is so important. When it comes to homeowners insurance though, many new buyers might not know where to start. Between securing a realtor, finding the right house, and understanding your mortgage options, there’s a lot to process. And with insurance on top of that, homeowners must make a lot of decisions fast. That’s why we’re here to help.

So, how much homeowners insurance will you actually need? It depends. Insurance premiums differ based on where you’re located, the condition and value of the home, claim history, the amount of coverage, deductible, and more. Insurance companies develop their pricing models based on the level of risk, which is why there are many factors determining what homeowners will pay. Let us explain.

Related Article: Looking to Buy Your First Home? Here’s Where to Start

Types of homeowners insurance coverage

There are three basic types of insurance that homeowners will need to choose from, which all have varied coverage and costs.

  • Actual cash value: Coverage based on your home’s current worth, not what you paid.
  • Replacement cost: Coverage based on what the home is currently worth up to the policy’s value.
  • Guaranteed cost: Provides coverage for the home and its contents up to a particular percentage above the policy’s maximum, based on the current cost to repair or replace them.

Overall, the more coverage you buy, the less you will have to pay out of pocket if you have damages to your home or its contents. Personal liability coverage is also an important piece too, as it will protect you in the case of someone else getting hurt on your property. Your mortgage company or insurance carrier may require you to insure your house for a certain limit as well.

What affects homeowners insurance costs

What you will pay for a premium varies by state. Factors in New Jersey include:

  • Construction types – Homes made of brick for example, will have lower rates since they aren’t as vulnerable to fires.
  • Newer houses typically have lower premium rates compared to older houses.
  • The overall condition of the home – Has it been maintained? What work needs to be done?
  • The home’s proximity to a fire hydrant or local fire department may also play a role.
  • The higher the deductible, the lower the premium.
  • Some carriers offer discounts for homeowners with ample smoke detectors or security systems.

There are savvy ways homeowners can lower their premiums. As a rule of thumb, the higher the deductible – or the amount you pay out of pocket, is the easiest way to lower your premium. For example, raising your deductible from $500 to $1,000 can save you up to 25% on your premium. Making additions or repairs to your home may also lower what you pay. Upgrading plumbing, your fire-protection system, security, and the roof can also help since those repairs lower the risk to your home.

Working with an expert

At First Financial, we offer our members TruStage insurance products through Liberty Mutual Insurance so they can protect what matters most.* As a mortgage lender, we typically know what is required and can assess what additional protection you’ll need to ensure you have all your bases covered. Through the Trustage program, we are also able to offer accidental death & dismemberment insurance, auto insurance, and life insurance.

Don’t let securing the right homeowners policy get overwhelming. The team at First Financial is here to help. To discuss your options, call us at 732.312.1500, email info@firstffcu.com, or stop by any of our local branches.

Want to see more articles like this? Subscribe to First Financial’s monthly newsletter for financial resources and advice.

*TruStage insurance products and programs are made available through TruStage Insurance Agency, LLC. Life insurance and AD&D insurance are issued by CMFG Life Insurance Company. Auto and home insurance are issued by leading insurance companies. The insurance offered is not a deposit, and is not federally insured, sold, or guaranteed by your credit union.

Ways to Save on Home Improvements this Fall

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If you own a home, you know renovations and improvements will eventually be on the horizon. Whether it’s remodeling your home with newer appliances or prioritizing bigger fixes ahead of the colder months, all those repairs will add up – especially if you’re hiring a professional. Some home improvements are necessary for function and some help build equity down the line. No matter what’s on your to-do list, you can look to these tips for managing a home project on a budget.

Focus on building home equity

Don’t just think about saving money in the short term, consider projects that will increase your home’s value and help you avoid unexpected expenses later on. According to Remodeling Magazine’s 2022 Cost vs.Value Report, home improvement projects like garage door replacements, stone veneers, window and siding replacements, and minor kitchen remodels will get you the fastest return on your investment. In New Jersey, there may also be tax benefits and incentives which certain home improvements could qualify for. Of course, there are upgrades you can make throughout your home to save money on utility bills as well.

Don’t put repairs off

We’ve all done it. Putting off an annoying repair is too easy to do – until the issue becomes a major (and expensive) problem. Even more importantly, ignoring repairs can eventually become a safety hazard. Home repairs that involve water, electricity, pests, peeling paint, cracks, and HVAC could end up costing a lot more than if you just took care of the problem initially.

Prioritize routine maintenance

Doing routine maintenance on your home is another way to save on big expenses in the long run. Preventative measures ahead of the cooler months is necessary for the safety and longevity of your home. Ahead of winter, we recommend removing leaves from your gutters, getting your chimney cleaned, installing monitoring devices on your water pipes, and clearing your dryer vents. This helps prevent damages and even house fires.

Look for home improvement loans

There are many strategies when it comes to funding your home project, like building a savings account over time. Sometimes though, there’s an emergency or unexpected expense that you might not have the savings for. That’s when a home improvement loan becomes a good option. At First Financial, we offer home improvement loans with great rates and a fixed monthly payment.*

Regardless of what your goals are or what projects you need to accomplish, the team at First Financial is here to help with financial advice, savings account options, and loan decisions. Contact us to get started, or stop into your local branch to speak with a representative today.

Want to see more articles like this? Subscribe to First Financial’s monthly newsletter for financial resources and advice.

*Available on primary residence only. A First Financial membership is required to obtain a Home Improvement Loan and is open to anyone who lives, works, worships, volunteers, or attends school in Monmouth of Ocean Counties. See credit union for details. Rate will vary based off of applicant’s credit rating. Not all applicants who apply will be approved, subject to underwriting guidelines and credit approval. Lien position and appraisal valuation may affect the maximum loan amount. Not all applicants will qualify for maximum Loan to Value (LTV) ratio. It will be based off of creditworthiness, property type, occupancy, lien position, and loan amount. Rates will be affected by LTV or combined LTV if there is another lien on the property. Loan amounts over $7,500.00 will be required to give First Financial FCU a security interest in their property. Rates will vary based off of lien position and whether the loan is mortgage secured or unsecured. For mortgage secured Home Improvement loans First Financial FCU (FFFCU) will waive closing costs at inception of loan. If loan is terminated within the first 2 years of opening, closing cost waiver is revoked and are required to be paid back by member to FFFCU.