Westmark Credit Union
We are a full-service financial institution, owned by our members & committed to the development of their financial future. We have 12 convenient locations.

Learn About The Home Loan Process With These Helpful Resources

Approved mortgage application

Getting approved for a home loan before meeting with a realtor will help you understand what your options are.  Work with your lender to decide upon the best type of mortgage to suit your needs.  For more information about the mortgage process, read these articles.

The Federal Reserve Board offers this comprehensive guide to adjustable-rate mortgages.  Read more about how the payment structure is determined.

Protect your credit history and finances by learning more about identity theft with this guide from the Internal Revenue Service.

USA.gov offers this helpful chart on the different types of home loans, including fixed-rate and adjustable-rate mortgages.

Read this handy checklist from RealSimple.com to learn more about the process of buying a home and negotiating with the seller.

Have you begun establishing an emergency fund yet?  Read more about how to get started with this article by CNBC.

The friendly representatives at Westmark Credit Union can discuss financial solutions that meet your needs.  Contact us today at (208) 523-1071 and ask about our home loans and savings accounts, or visit one of our convenient locations in Idaho Falls, Blackfoot, Pocatello, Rigby, Rexburg, Meridian, Nampa and Eagle.

Happy Valentine's Day

Valentine's-Day

Happy Valentine's Day from Westmark Credit Union!

Personal Finance Basics: The Importance of Building an Emergency Fund

Do you have an emergency fund?  If so, are you confident that it is adequate to keep you afloat during a prolonged time of hardship?  Experts used to say that every family should save at least three to six months of living expenses for emergencies.  In today’s economy, that may not be enough.  Talk to your bank or credit union representative about your finances.  In the meantime, read about important reasons to establish an emergency fund below:

Three glass jars holding coins

Unexpected Expenses

Life is often unpredictable, and unexpected expenses and bills can adversely affect your budget.  Your car might break down and require a costly new transmission, or you might need to pay for an emergency room visit.  Home repairs are another major expense that you might not have planned for, or the payments for your adjustable-rate mortgage might suddenly increase.  An emergency fund allows you to address these expenses without having to put them on your credit card.

Sudden Loss of Income

Job security is no longer a sure thing.  Even if you are in a two-income household, it’s important to plan for every contingency.  An emergency fund is something to fall back on so that you can continue to make your mortgage payments and pay your car loan.

Possibility of Bankruptcy

If you incur an unexpected expense or suffer the loss of income, it can be difficult to stay on track without an emergency fund. You may have to take out loans, rack up more credit card debt, or even declare bankruptcy.  Protect your credit history by building a rainy day fund.

Gradual Saving

Calculate how much you’ll need to cover all of your expenses for one month and begin saving toward that goal.  Setting aside even $25 per week will help, but try to gradually increase the amount you save each week.  Once you meet your goal, work toward saving two months of expenses, and so on.

At Westmark Credit Union in Idaho Falls. Blackfoot, Pocatello, Rigby, Rexburg, Meridian, Nampa and Eagle, we’re committed to helping our members reach their savings goals.  Our credit union representatives can provide information about our savings accounts, which can help you build an emergency fund.  Call us at (208) 523-1071 or view our range of financial products on our website.

Exploring the Different Types of Mortgages to Finance Your Home Purchase

When you’re ready to purchase a home, it’s important to review all of your options carefully.  Discuss the terms of each mortgage option with your lender and consider whether your finances are likely to change in the future.  Here are three of the different types of mortgages to consider:

Mortgage Loan Application

Fixed-Rate Mortgage

A fixed-rate mortgage means that the interest rate will never change, regardless of future inflation.  Your monthly payments will also hold steady until the loan is repaid.  This provides stability; you’ll know exactly what to expect, and there will be no surprises.  However, it also means that when interest rates fall, you’ll need to refinance to take advantage of lower rates.  A traditional fixed-rate mortgage has a term of 15, 20, or 30 years.

Adjustable-Rate Mortgage

An adjustable-rate mortgage (ARM) features fluctuating interest rates.  The borrower may enjoy lower payments at first; however, those payments will later increase or decrease with every adjustment period.  An adjustment period can occur every month, year, or other time period, depending on the loan.  If you’re considering this type of loan, think about whether your finances will allow for larger payments in the future.

Interest-Only Mortgage

With this type of loan, you’ll only be required to pay toward the interest at first, not the principal.  These payments will be quite low and will last for the first few years of the loan.  After that, the payments will increase significantly when you begin to pay toward the principal.  An interest-only mortgage might suit you if you’re starting out in a profession in which your income is expected to rise substantially in the next few years.

Are you thinking of buying a home? The knowledgeable representatives at Westmark Credit Union located in Idaho Falls, Blackfoot, Pocatello, Rigby, Rexburg, Meridian, Nampa and Eagle can help you explore your options.  Visit our website to learn more or call us at (208) 552-1035.

Get to Know Your Mortgage Options

When you’re shopping for a mortgage, you’ll read through plenty of different options to finance your home.  It’s important to work closely with a lender who can explain exactly what your options are.  Many borrowers choose a fixed-rate mortgage because the payments will never increase. The term of a fixed-rate mortgage may be 10, 15, 20, or 30 years.

Watch this video to learn more about your mortgage options.  The expert in this video explains the benefits of a fixed-rate mortgage and discusses the definition of a balloon payment.

At Westmark Credit Union located in Idaho Falls, Blackfoot, Pocatello, Rigby, Rexburg, Meridian, Nampa and Eagle, we work closely with every borrower to help them realize their dream of home ownership.  Give us a call at (208) 552-1035) to discuss your mortgage options.

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2520 Channing Way
Idaho Falls, ID 83404

Hours of Operation:

  • Closed Sunday
  • 9:30 AM to 5:00 PM Monday
  • 9:30 AM to 5:00 PM Tuesday
  • 9:30 AM to 5:00 PM Wednesday
  • 9:30 AM to 5:00 PM Thursday
  • 9:30 AM to 6:00 PM Friday
  • 9:00 AM to 1:00 PM Saturday