Consumer Tips

Do you know where your money goes?

Budgeting is about understanding how much money you have and where it goes, then coming up with a spending plan that works best for you. Making even small changes can have a positive impact on your overall financial situation.

Budget Benefits

A budget is a practical, hands-on planning tool that can help you:

• Gain control of your money.
  When you have a budget, you know how much you have to spend, and where and when you spend it.
   
• Ensure you are living within your means.
  A budget will help you implement smart spending and saving habits.
   
• Achieve your goals.
  A budget is an action plan that can help your homeownership goal become a reality. 

 
Getting Organized

Creating a budget and sticking to it doesn’t have to be complicated, but it does require some discipline. Here’s what you’ll need to do:

• Note all of your sources of income.
• Make a list of monthly expenses.
• Break expenses into three categories:
  • Fixed — essential expenses that are not likely to change, such as rent, car payments, and utility bills
  • Flexible — also necessities, but the amount may change from month to month, such as groceries, gifts and medical bills
  • Discretionary — money you choose to spend but don’t have to spend, such as movies, new clothes, and eating out
• Total your monthly income and expenses.
  If you are showing higher expenses than income, it means some changes will need to be made.
• Make adjustments to expenses.
  Look at your flexible and discretionary expenses to find areas to cut.
• Review your budget monthly. Compare what you spent vs. what you planned to see where you did well and where you may need to improve.

Let Your Budget be Your Guide

Budgeting sets up money management guidelines for you to follow. It also uncovers hidden opportunities to get closer to your goals. But it needs to be flexible and realistic. Remember it’s a plan to help you reach your goals. It should not feel like a punishment. Small changes to your spending habits can make a big difference!

Ready for a home? Union Plus can help! The Union Plus Mortgage program can help you purchase a home while also receiving special benefits by virtue of your union membership, and save $1000's when you buy or sell with the Union Plus Real Estate Rewards.

This low down payment, fixed-rate mortgage could help you become a homeowner sooner than you think. And even if you’re not a first-time homebuyer, this program is available to you!

A Unique Opportunity to Earn a Lower Interest Rate

Preparing for the responsibilities that come with homeownership is both important and encouraged. That’s why with yourFirst Mortgage, when you complete a formal homebuyer education course — and your down payment is less than 10% — you can reduce your final mortgage interest rate by 0.125%. Depending on what type of course you prefer, there are both online and in-person options offered.

More Features That Could Help You Qualify

• Your down payment and closing costs can come from your own savings, monetary gifts, and assistance programs
• The home seller can also contribute toward your closing costs
• Your income may include the income of others who will be living with you, like family members
• Your credit history may come from traditional sources like a credit report, and non-traditional sources like tuition, rent, or utility bill payments

One thing to keep in mind is that with a low down payment, mortgage insurance will be required, which would increase your monthly payment and the cost of the loan. There are options available that a knowledgeable Union Plus Mortgage Specialist can explain further, so that you can choose what works for you.

This is an exciting new loan option for homebuyers, whether it’s your first or next home. Contact a Union Plus Mortgage Specialist to discuss loan amount, loan type, and property type requirements to ensure eligibility.

And after closing on a home purchase or refinance loan through the Union Plus Mortgage program, you could be eligible for special benefits that include receiving a $500 My Mortgage Gift^SM award from Wells Fargo approximately 6 weeks after closing, and access to mortgage assistance through Union Plus in times of hardship such as layoff, disability or strike. Keep in mind that parents and children of union members are also eligible for certain benefits.

Learn more about the Union Plus Mortgage program.

Request a Consultation Or Call 866-802-7307 To request a personal consultation