Category Archives: Home Buying & Selling

How to Save on Maintenance and Repairs as a Homeowner

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Owning a home brings many rewarding moments, but it also involves a steady commitment. From regular seasonal maintenance to unexpected repairs, homeowners can benefit from having a thoughtful plan to keep their property in great condition without overburdening their budget.

The great news is that with a bit of planning, you can make home maintenance much easier. When you know what to expect, save a little money regularly, and stay on top of small problems – it becomes much more manageable.

1. Build home maintenance into your budget

A common rule of thumb is to set aside about 1% of your home’s value each year for maintenance and repairs. For example, if your home is valued at $350,000, that means plan to save around $3,500 annually, or about $292 per month.

That number won’t be perfect for every homeowner, but it provides a helpful starting point. Actual costs will depend on your home’s age, size, location, and condition. Older homes may often need more repairs, and coastal or harsh-weather areas may need extra exterior maintenance.

Instead of waiting for something to break, treat home maintenance like any other regular expense. Consider opening a dedicated savings account for home repairs so the money is there when you need it. A First Financial Special Savings Account is designed for exactly this kind of goal-based saving, separate from your everyday spending.*

2. Focus on preventive maintenance first

Preventive maintenance helps you avoid more expensive repairs later. Small tasks such as cleaning gutters, replacing air filters, checking for leaks, and trimming branches away from your roof protect your home’s major systems.

A simple seasonal checklist can help you stay on track:

  • Spring: Check your roof, gutters, siding, windows, outdoor faucets, and air conditioning system.
  • Summer: Inspect decks, patios, landscaping, sprinkler systems, and exterior paint or sealant.
  • Fall: Clean gutters, service your heating system, test smoke detectors, and seal gaps around doors or windows.
  • Winter: Watch for frozen pipes, check insulation, monitor your roof after storms, and keep walkways clear.

You do not have to tackle everything at once. Start with the areas that protect your home from water, weather, and safety issues first.

3. Know which repairs need attention right away

Not every repair is urgent, but some issues should not wait. Water leaks, electrical problems, roof damage, plumbing issues, and heating or cooling failures often become more expensive if ignored.

When deciding what to fix first, ask yourself:

  • Could this create a safety issue?
  • Could this lead to water damage or mold?
  • Could waiting make the repair more expensive?
  • Could this affect the value or livability of my home?

If the answer is yes, prioritize that repair. Cosmetic updates, such as new paint, upgraded fixtures, or decorative landscaping, can usually wait until your budget allows.

4. Get multiple estimates for larger projects

For major repairs or improvements, get more than one estimate before you move forward. Comparing quotes helps you understand the fair price range, evaluate materials and avoid rushing into a costly decision.

When reviewing estimates, consider more than just the total price. Ask what’s included, if permits are needed, the duration of work, and if labor or materials are guaranteed. A lower estimate might not save money if it omits key details.

Check reviews, ask for references and confirm that the contractor is licensed and insured when required. A little research upfront can help you avoid bigger headaches later.

5. Learn which repairs you can handle yourself

Some home maintenance tasks are simple enough for many homeowners to manage on their own. You can often replace air filters, tighten hardware, seal small gaps and change smoke detector batteries without hiring a professional.

However, DIY has limits. Electrical work, major plumbing, roofing, structural repairs, and HVAC issues usually need trained professionals. Attempting to save money on unmanageable repairs can cause safety risks or costlier damage later.

A good approach is to handle simple maintenance yourself and call a professional when the repair involves safety, permits, or specialized equipment.

6. Plan ahead for big ticket replacements

Every home has major systems and appliances that will eventually require replacement, such as your roof, water heater, HVAC system, washer, dryer, refrigerator, and windows – all of which have a limited useful lifespan.

Start with a list of your home’s major systems and their ages, then research replacement costs to estimate upcoming expenses.

If your water heater is near the end of its life or your roof shows wear, start saving now. Planning ahead offers more control and helps you avoid high-interest credit in emergencies.

7. Use financing carefully when savings are not enough

Even with a solid savings plan, some repairs are too large or urgent to cover out of pocket. In those cases, review your financing options carefully before you make a decision.

Review the total borrowing cost, including the monthly payment, interest rate, repayment period, and whether your home secures the loan. Compare these financing options with your savings, emergency fund, and overall household budget.

For planned renovations or larger home projects, a First Financial Home Improvement Loan may be worth considering, with terms up to 10 years and no pre-payment penalties.**

8. Keep an emergency fund for surprise repairs

Your home maintenance fund can cover expected costs, but a separate emergency fund for surprises like a broken furnace, burst pipe, or storm damage, which can occur at the worst moment.

Even a small goal, such as $500 – can make a difference. From there, you can continue to build over time. Setting up automatic transfers can help you stay consistent, even if you start with a modest amount each paycheck.

Take care of your home and your financial peace of mind

Home maintenance isn’t always exciting, but it protects your big investment. Budgeting for repairs and seasonal upkeep helps you make informed decisions, reducing stress and costly surprises.

Start small. Create a maintenance checklist, set up dedicated savings and review upcoming repairs before they become emergencies. A proactive plan helps keep your home safe, comfortable and ready for the years ahead.

*A First Financial membership is available to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties.  A $5 deposit in a base savings account is required for credit union membership prior to opening any other account. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the program. View full Rewards First program details. Some restrictions apply, contact the Credit Union for more information.

**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 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.

What Are Closing Costs? What Homebuyers Can Expect

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Buying a home is an exciting milestone, but beyond your down payment – there’s another important expense to plan for: closing costs. Understanding what they are, how much it may cost you, and what’s included can help you avoid surprises and feel confident on closing day.

What Are Closing Costs?

Closing costs are the fees and expenses required to finalize your mortgage and complete your home purchase. These costs are separate from your down payment and are typically paid when you officially “close” on your home and receive the keys.

They cover everything from lender and title services, to appraisal fees, escrow, legal paperwork, and local county property-related recording and notary expenses that ensure the transaction is secure and legally complete.

How Much Are Closing Costs?

Most homebuyers can expect closing costs to range from 2% to 5% of the home’s purchase price.

For example:

  • $250,000 home → approximately $5,000 to $12,500
  • $350,000 home → approximately $7,000 to $17,500

The exact amount also depends on factors such as:

  • Location
  • Loan type
  • Lender fees
  • Property taxes and local regulations

What Do Closing Costs Include?

Closing costs are made up of several categories. While they will vary by transaction, below are the most common ones:

1. Lender Fees

Charged by your mortgage lender for processing your loan:

  • Loan origination fee
  • Application and underwriting fees
  • Credit report fee

2. Property-Related Fees

Ensures the home is properly valued and legally transferred:

  • Appraisal fee
  • Title search and title insurance
  • Survey fees (in some cases)

3. Government & Legal Fees

These fees are tied to recording by your local government and transferring ownership:

  • Recording fees
  • Transfer taxes
  • Attorney fees (required in some states)

4. Prepaid Costs

Any upfront payments for ongoing homeownership expenses:

  • Property taxes
  • Homeowners insurance
  • Prepaid interest

These prepaid items aren’t necessarily “fees,” they’re typically expenses that are initially collected upfront at your closing.

Who Pays Closing Costs?

Both buyers and sellers will have closing costs, but buyers typically will pay the majority of loan-related fees, while sellers usually often cover agent commissions and potentially some taxes.

In some cases, you may be able to negotiate:

  • Seller concessions (the seller covering certain costs)
  • Lender credits
  • Local or state assistance programs

Be sure to discuss this with your lender and your real estate attorney throughout the homebuying process, so that you will be informed and prepared along the way.

When Are Closing Costs Paid?

Most closing costs are due on closing day, when you sign your final paperwork.  However, a few expenses like the appraisal or a credit check, may be paid earlier on in the homebuying process.

How to Prepare for Closing Costs

Planning ahead can make a big difference. Here’s how to stay prepared:

  • Review your Loan Estimate & Closing Disclosure to understand the expected costs
  • Budget beyond your down payment
  • Shop around for lenders and servicing providers
  • Ask about assistance programs if you’re a first-time buyer
  • Negotiate where possible

Even small differences in fees can add up to significant savings.

We’re Here For Your Homebuying Needs

Closing costs are a normal and important part of buying a home. While they can feel overwhelming at first, understanding what’s included and planning ahead will help you move through the mortgage process with confidence.

At First Financial, we’re here to guide you on your homebuying journey every step of the way, from pre-approval to closing day – so there are no surprises, just smart financial decisions. If you live, work, worship, volunteer, or attend school in Monmouth or Ocean Counties in NJ and would like to learn more about the homebuying process or schedule a call with one of our mortgage experts with no commitment required, start here.

*Subject to credit approval. Credit worthiness determines your APR. 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 mortgage loan amount is $100,000. Available on primary residence only. Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, and 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, volunteers, or attends school in Monmouth or Ocean Counties.

Thinking About Buying a Home This Spring? Start With These 5 Questions

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Spring is one of the most popular times to buy a home and for good reason. Inventory tends to increase, the weather makes moving easier, and it’s the perfect season for fresh starts. But with more buyers entering the market, it’s also one of the most competitive times to purchase. If you’re thinking about buying a home this spring, taking a step back to ask the right questions can help you feel more prepared, confident, and financially secure throughout the process.

Here are five important questions to consider before you begin house hunting:

1. Am I financially ready?

It’s important to understand your financial foundation. This includes your income, savings, monthly expenses, and how much you can comfortably afford to pay for a mortgage payment. Beyond your down payment, you’ll also need to account for closing costs, moving expenses, and an emergency fund for unexpected repairs. Getting pre-approved for a mortgage is a great first step, as it gives you a clear picture of your budget and shows sellers you’re a serious buyer. If you’re local to Monmouth or Ocean Counties in NJ, we can help you get started on a pre-approval.*

2. Do I understand my credit?

Your credit score plays a major role in your homebuying journey. It can impact not only whether you qualify for a loan, but also the interest rate you receive. Before applying, take time to review your credit report, check for any errors, and understand where you stand. Even small improvements to your credit score can make a meaningful difference in your long-term costs. Learn more about this in our recent article on ways to help boost your credit if you’re looking for a home loan.

3. Have I planned for ongoing costs?

Owning a home comes with more than just a monthly mortgage payment. It’s important to plan for ongoing expenses like property taxes, homeowners’ insurance, utilities, maintenance, and potential repairs. Thinking through these costs ahead of time can help you avoid surprises and ensure your home remains a source of stability, not stress.

4. Am I prepared for a competitive market?

Spring often brings more listings, but also more buyers. That means homes can move quickly, and you may face multiple-offer situations. Being prepared is key. This includes having your financing in place, knowing your must-haves versus nice-to-haves, and being ready to act when you find the right home. Working with a trusted real estate agent and lender can help you navigate the process with confidence.

5. Do I have the right local support?

Buying a home is one of the biggest financial decisions you’ll ever make, and having the right support system matters. Working with a lender like First Financial means you’ll have access to personalized guidance, competitive loan options, and a team that understands the local market. From pre-approval to closing, having mortgage experts by your side can make the entire experience smoother and less overwhelming.

Ready to Take the Next Step?

Looking for a home this spring can be an exciting opportunity, but preparation is everything. By asking the right questions and building a strong foundation, you’ll be in a better position to find a home you love and a mortgage that fits your budget. Be sure to also take our guide to happy homeownership along with you!

If you’re ready to get started, we’re here to help guide you every step of the way. You can even schedule a video chat or phone call with one of our mortgage experts to get your homebuying journey started, with no commitment required. Happy spring house hunting!

*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 mortgage 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, volunteers, or attends school in Monmouth or Ocean Counties.

Ways to Boost Your Credit if You’re Looking for a Home

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The weather isn’t the only thing heating up – the spring homebuying market will soon be, too. Whether you’re considering making your move this spring or further down the road, your credit score will have a direct impact on your ability to obtain a mortgage and what you will pay for your home over time. Keep reading to learn potential benefits to boosting your credit score and some different ways to do so, before applying for a mortgage.

What is your credit score important when applying for a home loan?

As you probably know, a credit score is the number lenders use to determine your creditworthiness. Check out our guide to understanding your credit score to see all the factors that make up your score. When looking to finance a home, lenders will use the information on your credit report to decide if you’ll qualify for a mortgage and if you do – how much you can afford to pay and the interest rate that will be offered to you.

What are the potential benefits of increasing your credit score before applying for a mortgage?

  • You’re more likely to qualify for a mortgage. Lenders want to see that you have been, and can continue making on-time payments if they were to lend to you. Additionally, they want to ensure you can comfortably take on your mortgage payment along with the other payments you are making on any outstanding debt.
  • Lower interest rates. The interest rate offered to you by a lender is again based on your credit profile. Qualifying for a lower mortgage rate can save you thousands of dollars over the life of the loan.

How can you boost your credit score?

  1. Pay Your Bills in Full and On Time

Payment history shows whether you’ve made on-time payments on your reported loans and if not, how late any previous payments were made. This has the biggest impact on your credit score – making up 35%. If a payment is late, it generally impacts your score negatively and delinquency can stay on your credit report for up to seven years. Over time, the impact of late payments on your score will decrease.

Making your loan payments on time will continue to improve your credit. Additionally, making all payments on past-due accounts can help you avoid further delinquency on your report and build positive payment history.

  1. Lower Your Credit Utilization

Your credit utilization is the amount of available credit you are using. To calculate yours, divide your total credit card balance by your total credit limit, then multiply that number by 100. As a rule of thumb, try to keep your credit utilization for each credit card to 30% or less. To lenders, higher utilization signals a higher risk of missing payments and defaulting on your debt – as it shows you are relying on borrowed money and could be struggling financially.

There are two ways to lower your credit utilization – pay down debt or request credit limit increases. Paying down debt brings the total amount down, while a credit limit increase brings your available credit up. However, try to avoid spending more to match any credit limit increase so you don’t find yourself in more debt.

  1. Slow Down on Applying for & Opening New Accounts

Opening numerous loans and credit cards in a short time can hurt your credit score. New accounts are tied to factors that make up your credit score, such as length of credit history and new credit.

Length of credit history considers factors like the average age of your accounts, and your oldest and newest accounts. Generally, a longer credit history is better for your credit and shows you’ve successfully managed your debt over time.

When you apply for new credit, an inquiry is placed on your credit report. An inquiry shows that a lender requested your credit information, likely to make a lending decision. Depending on other factors in your report, this inquiry may temporarily drop your score.

  1. Review Your Credit Report

Before applying for any type of loan, it is always best to obtain a copy of your credit report and verify that the information is accurate and up to date. This will help you catch potential errors, which you can correct by contacting the credit bureaus before applying for a loan. Federal law allows you to get a free copy of your credit report every 12 months from each credit reporting agency. You can request your free credit report at AnnualCreditReport.com.

If you’re located in Monmouth or Ocean Counties in New Jersey and considering springing into the homebuying market this season, we can help welcome you home with a First Financial Mortgage! Our mortgage loans have terms up to 30 years, personalized service, low fees, and no pre-payment penalties.* If you’re just getting started and have questions, schedule a no-commitment video chat or phone call with one of our mortgage experts. You can also register for our text alerts to see when our mortgage rates change. We’re happy to help with your homebuying journey every step of the way!

*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 mortgage 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. Rates and APRs listed are based on a mortgage loan amount of $250,000. 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, volunteers, or attends school in Monmouth or Ocean Counties. 

Renting Your First Apartment: The Process, Costs, and Everything in Between

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If you’ve decided that you’re ready to rent your first apartment, you might be excited – but you might be equally as nervous. With the number of factors there are to consider, even seasoned renters should brush up on the steps to take before they begin the search for a new place to call home. Keep reading for a step-by-step guide on how to secure your first apartment, from start to finish.

1. Create a Budget

Whether you’re going out on your own or renting with a roommate, it’s time to crunch the numbers. Creating a budget before searching for an apartment – is important for a few reasons. You’ll first want to find an apartment that you can currently (and hopefully continue to) comfortably afford. This will also help during your search by setting parameters and narrowing down your options. If the maximum rent you can afford to pay is $1,800 per month, you wouldn’t tour a unit that’s going for $2,500 a month. Many landlords also have income requirements that must be met to be approved for a rental. A common income requirement is the tenant(s) having a combined monthly income of at least three times the monthly rent. For example, if you are renting a $1,500 per month apartment by yourself – you would need a monthly income of at least $4,500 to qualify. However, just because you meet the landlord’s income requirements doesn’t mean the apartment is a good financial fit for you – only your budget can tell you that. Aside from the cost of rent, also consider your new monthly expenses like utilities and groceries.

If this is your first time creating a budget, check out our recent blog post on how to get started with one. We also have a fillable PDF budgeting worksheet if you’re ready to jump right in.

2. Consider Any Additional Upfront Costs

You will have certain expenses you can expect to pay each month such as your rent, utilities, and groceries. Aside from your recurring expenses, you’ll also want to prepare for those one-time costs that are unique to moving into a rental unit.

  • Application Fee. This is collected when you apply for a rental and covers the landlord’s costs associated with making sure you meet the requirements to be a tenant. They will often check your credit and perform a background check.
  • Security Deposit. This is usually collected prior to moving in and is held by the landlord to cover any damages you may cause to the unit during your lease. It is usually returned in full if you left the rental in reasonably good shape.
  • Pet Fee/Deposit. For those of you who have (or will have) furry friends – a pet fee is usually non-refundable and typically applies to cats and dogs to cover any potential damages they may cause in the rental.
  • Pet Rent. The monthly fee you may be asked to pay on top of your rent if you have a pet.
  • Renters Insurance. This is renewed annually (and usually paid upfront or in monthly installments) and protects you from a wide range of covered problems.
  • Moving Expenses. This includes the cost to move your belongings to your apartment.
  • Unless your rental comes fully furnished, you will need to plan to buy furniture.

3. Check Your Credit Score

Aside from income, your credit score is another factor that landlords will consider when deciding whether to approve you. A general rule-of-thumb is to have a credit score of 600 or higher in order to be approved to rent an apartment. This varies based on landlord, location, and rental type – but the higher your score, the better. There are ways to boost your chances of approval if your score doesn’t quite meet the mark, such as getting a co-signer or offering to pay a larger security deposit.

4. Make a List of Your Requirements and Narrow Down Your Search

Once you have your budget and expenses planned out, it’s time to make a list of apartments that meet your requirements. Do you want in-unit laundry or an on-site laundry facility? Which floor do you want to live on? Once you know the things you can’t compromise on, start making a list of rental units that check off all your boxes. The hunt for an apartment is conducted almost entirely online now, and websites like Apartments.com and Zillow.com are good places to start.

5. Begin Touring and Applying for Apartments

When you have a shortlist of units to tour, begin scheduling appointments with the landlord or property management team. Come prepared with a list of questions to ask on tour day, especially if you were unable to find the answers online. For example, you’ll want to know how you would pay rent and how you would request maintenance.

Once you found the “one,” start the application. Landlords may have different application processes – some may conduct the application entirely through an online portal, and others may only have the good-old-fashioned way – on pen and paper. Aside from the application fee, you will typically also need to provide proof of income and identification.

6. Congratulations! You’re Ready to Sign a Lease

If your rental application gets approved – congratulations! Once you decide to move into a particular apartment, you will receive the lease. It is always recommended to review the lease prior to signing, as it is a contract between you and the landlord. It will outline what is expected of you during your time occupying the unit. Not abiding by the conditions within the lease could impact you later, such as not receiving your security deposit back.

This is also the time when many of those upfront expenses start coming due. For example, many landlords will require that you purchase renters insurance prior to moving in.

7. Move-in Day

Once the big day arrives, make sure you come prepared. Many people like to deep clean their apartment before moving any belongings in. You can also hire a company or individual to do this for you. The landlord or property management team will usually meet you on move-in day to wrap up any loose ends like providing you with keys, instructions for portal setup, or sometimes even a small welcome gift.

First Financial wishes you the best of luck if you are embarking on this new journey. Should you wish to talk to one of our financial experts to review your budget before you get started, call us at 732.312.1500 or visit your local branch.

6 Tips for Downsizing Your Home and Finances

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Downsizing isn’t just about moving into a smaller space, it’s about creating room for what matters most, both physically and financially. Whether you’re preparing for retirement, looking to reduce expenses, or just ready for a simpler lifestyle, downsizing can be a powerful step toward financial freedom and peace of mind. Here are six essential tips to help guide your downsizing journey.

1. Identify Your Why

Start by identifying the reason behind your decision to downsize. Are you aiming to save money, reduce stress, or transition to a more manageable space? Knowing your purpose keeps you focused and motivated throughout the process.

2. Declutter with Intention

Don’t try to pack or remove things all at once. Go room by room and create categories – keep, donate, sell, toss. Start with closets, the kitchen, or storage spaces. Ask yourself, have I used this in the past year? Does it bring value or joy? Also consider digitizing photos and important documents to reduce physical clutter.

3. Measure Your New Space

If you’re moving, make sure to measure your new home to determine what furniture and belongings will fit. This helps avoid hauling items you won’t be able to use and encourages smarter decision-making.

4. Sell or Donate What You No Longer Need

Downsizing is a great opportunity to give your belongings a second life. Host a garage sale, use resale apps like Facebook Marketplace and Poshmark, or donate to local charities.

5. This is a Chance to Downsize Financially Too

 Downsizing isn’t just about your physical space, it can also apply to your finances:

6. Plan with Trusted Experts

From real estate to finances, downsizing involves big decisions. Connect with trusted professionals, like our team here at First Financial – to explore mortgage refinancing options, equity strategies, or budgeting tools to help you make the most of this transition.

Ready to downsize your space and upgrade your financial future? Let’s chat. We’re here to help you navigate the process with confidence and clarity.

*A First Financial membership is required to obtain any account or loan and is available to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. See credit union for details. A $5 deposit in a Base Savings Account is required to establish membership prior to opening any account/loan.