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Home Ownership in Today's Economy

The current headlines regarding the housing market can be overwhelming, and certainly raise questions for those who own or are considering the purchase of a home. Rising foreclosures. Mortgage modifications. Negative equity. Property abandonment. Strict qualification requirements. These topics are prominent in the media, and we understand that members might wonder how this impacts them. While every member has a unique circumstance and perspective, there are several key points that should be considered by all.

Cyclical Nature of the Housing Market

What goes up goes down, and what goes down eventually goes back up. This can be tough to remember, especially when the market experiences decline.

Your Home is More than an Investment

At the end of the day, your home is your home. Be wary of viewing it solely as an investment that can be “walked away from” when the value falls, as doing so will make buying a home in the future difficult.

Home Ownership after Foreclosure

The foreclosure alternative has a long, lingering and negative impact on the future ability to get any type of credit – including difficulty in obtaining a mortgage – for a minimum of 7 years. After that time any subsequent interest rate, credit score and down payment requirements will be extremely stringent as the financial services sector will not want to repeat the “Mortgage Crisis of 2008.”

Message to Members

If a member owns a home and has the means to make their payment – and a desire to stay in their home – by all means continue to make payments. We understand that there are circumstances that may cause members to fall behind on their monthly payments, and encourage those individuals to contact us to see what options might be available to get them through their financial difficulties. Those members who are in a position to purchase a home are encouraged to contact us, as we’re ready, willing and able to provide you with a mortgage to suit your needs.