Last updated 1 day 21 hours ago
At Westmark Credit Union, our financial experts are always looking for new ways to personalize financial services for our members. We’re pleased to offer our members the ability to customize their debit or credit cards with ePix card services! With ePix, you can apply your favorite photo of your pets, kids, other family members, or yourself directly onto your card. If you have a card for your business, you can improve your company’s professional image by having your business logo printed on the card.
To get started, all you need to do is visit our website and view our debit and credit card services. Select the type of card you wish to personalize and follow the instructions to upload your favorite photo. You can also choose from a gallery of different backgrounds. Image guidelines are available on our website. If you have any questions about the process, contact a friendly representative at ePix customer support.
Westmark Credit Union has been helping Idaho Falls-area residents strengthen their financial futures since 1954. If you would like to learn more about becoming a member or using our services, call our credit union at (208) 523-1071.
Last updated 8 days ago
Before you sign the mortgage paperwork for your new home, there are a few questions you should ask yourself. First, consider whether you’ve saved enough for a down payment. Ideally, mortgage lenders prefer a 20 percent down payment, which means you’ll put down 20 percent of the home’s value. Putting down 20 percent or more will help ensure that you get the lowest possible interest rate on your mortgage.
For a couple of additional helpful questions to ask, watch this video. This financial expert explains the responsibilities that come along with homeownership and discusses additional expenses you’ll incur as a homeowner.
Westmark Credit Union is a full-service financial institution that offers a range of mortgage options for prospective homeowners. Residents in the Idaho Falls area can contact us at (208) 523-1071 or visit our website for our current offers.
Last updated 12 days ago
Determining the right time to buy your first home can be tricky. Your finances play a much more important factor in your decision than the current housing market. When evaluating your finances, you may wish to speak with a financial expert at a credit union to help you determine if it’s the right time for you to take out a mortgage.
You Practice Good Money Management Skills
Good money management skills are essential for home buyers. If you live well within your means, follow a reasonable budget, and set aside money for unexpected expenses each week, you’re on the right track toward homeownership.
You Have a Solid Credit History
It’s always a good idea to check your credit history annually. You’ll need a solid credit history and high credit score to take out a mortgage. Scrutinize your credit reports for any errors that could count against you. If your credit score is a little lower than you’d like, take steps to boost it. For example, make sure you pay all of your bills on time.
You Have Steady Income
Mortgage lenders prefer to lend to prospective homebuyers who have proof of steady income. Evaluate whether you’ll still be able to make payments on your mortgage during the next 10+ years.
You Have Significant Savings
Homeownership has undisputable rewards; however, it also comes with a great deal of responsibility. You’ll need to pay for unexpected expenses, such as roof repairs and furnace replacements. You’re more likely to obtain a mortgage if you have a substantial savings account – in addition to what you’ll need for the down payment.
If you’re considering taking out your first mortgage, talk to the experts at Westmark Credit Union. We’ll explain the home buying process and give you the tools you need to make an informed decision. Stop by one of our 10 convenient locations in the Idaho Falls area or give us a call at (208) 523-1071 to speak with a friendly representative.
Last updated 22 days ago
There are a lot of factors involved in securing a home loan, such as becoming prequalified and making a down payment. You should also ask your mortgage lender about closing costs. Closing costs are fees that are typically paid to the lender when you close on your new home. Closing costs include fees such as the appraisal fee, title charges, state taxes, and local taxes.
Closing costs also include third party fees. Third party fees are those that are paid to another involved party, rather than to the mortgage lender. These may include the survey fee, title insurance fee, credit report fee, and flood certificate fee. Sometimes, the mortgage lender will collect all of the closing costs and then pass along the third party closing costs. While some fees do not change among various mortgage lenders—such as state and local taxes—others are variable. These are the lender fees and they include loan processing fees and document preparation fees. It’s a good idea to consider these variable fees when comparing mortgage lenders.
At Westmark Credit Union of Idaho Falls, our home loan experts will complete extensive research to calculate a highly accurate quote for your closing costs. We welcome your questions about our home loan process; please call us at (208) 523-1071.
Last updated 29 days ago
If you think you’re ready to buy a home, you have a lot of choices to make before you meet with a real estate agent and browse through listings. One of those choices involves determining how expensive of a house you can afford. When you go to a credit union to explore your mortgage options, the lender will evaluate your income and a few other factors. Read on to learn how to determine a home budget.
Check Your Credit History
It’s a good idea to check your credit reports on a regular basis, particularly if you are planning to buy a house. Lenders examine your credit history and scores to assess the potential risk of offering you a mortgage. If your credit score isn’t favorable, you can increase it by acquiring a secured credit card and making on time payments. Additionally, make sure you pay all of your other bills on time.
Make a Budget
Your next step in determining how much home you can afford is to create a budget, if you haven’t already done so. Before you create a budget, determine your total income. Then, write down all of your expenses, such as credit card payments, utility bills, and child care. Your budget should leave plenty of room for savings and unexpected expenses. Then, multiply your annual income by 0.28 and divide it by 12. The result is 28 percent of your monthly income. Determine whether your budget leaves room for a mortgage payment of at least this dollar amount. Many mortgage lenders prefer not to issue home loans to those whose mortgage payments would exceed this number.
Your next step is to become prequalified. Visit a lender at a credit union and bring all of your financial information with you. The lender will review your credit history and your income. He or she will also evaluate your debt ratio, which is a comparison of your debts to your income. The debt ratio would also include your mortgage payment. Ideally, you should have a debt ratio of no more than 36 percent.
Westmark Credit Union offers a wide range of mortgage options to residents of Idaho Falls. You could qualify for a mortgage with a five percent down payment. Call us today at (208) 523-1071 to speak with a financial expert or visit our website to view our array of mortgage options.