الجمعة، 16 أغسطس 2019
First Tech Mortgage Rates Review
- One of the largest credit unions in the Pacific Northwest
- Developed and implemented the very first online banking system in 1989 and an early mobile banking system in 2000
- Offers fixed- and adjustable-rate mortgages, Jumbo loans, and other options
- Emphasizes financing for technology industry workers, although qualifying individuals who aren’t tech employees can also join
- Branches located on the campuses of technology companies around the country
First Tech Overview
Founded in 1952 as Tektronix Federal Credit Union by workers at Tektronix, First Tech’s history has deep ties to the technology industry. The credit union prides itself on its identity as an early adopter of innovative technologies in financial services and continues to seek new technological advances to implement in the banking industry.
First Tech’s mortgage options include conventional fixed and adjustable-rate mortgages as well as Jumbo loans.
First Tech History
In 1952, First Tech was founded as Tektronix Federal Credit Union in Beaverton, Oregon by Tektronix employees. Initially, First Tech had $25 in deposits and seven members and was located onsite at the Tektronix plant. From the early history of First Tech, the credit union has distinguished itself as an early adopter of technology.
First Tech began using ATMs in 1979, developed and used the first online banking system in 1989, and began offering mobile banking in 2000. Since it primarily serves employees of the technology industry, being tech-focused is a strong point of pride for the credit union.
Membership opened to employees of other technology companies in 1986. Since then, various other groups have become eligible for membership, including local residents of Beaverton, Oregon and members of organizations such as the Computer History Museum.
The credit union is somewhat strict with lending options and qualification requirements, favoring applicants with strong credit histories and overall qualifications. It does not emphasize alternative loan programs, so borrowers seeking these loans may not get the best offers or qualify for the best terms.
First Tech provides services to people working in technology or related areas and offers Jumbo loans to assist with financing in high-value home markets. This lender has extensive information about loan options on its website and allows applicants to look up loan officers and schedule appointments.
Currently, First Tech is not on Trustpilot. The credit union’s BBB rating is A+ with customer reviews averaging 1/5 stars.
Loan Specifics
Fixed-Rate Loans
Fixed-rate loans maintain the same interest rate throughout the entire loan term. This can be excellent for borrowers looking for predictable monthly payments. If market rates increase, fixed-rate loans remain the same. It also means, however, that if market rates drop, the mortgage rate won’t decrease without refinancing.
For borrowers who want to lock-in a low rate on a First Tech home loan or refinance, fixed-rate mortgages may be beneficial. First Tech offers 10, 15, 20, and 30-year fixed-rate mortgages. Conventional loans will probably require borrowers to put 20 percent down.
Adjustable-Rate Loans
With an adjustable-rate mortgage, market conditions may cause the loan’s rate to change over time. This means that mortgage rates may increase later, and borrowers can end up paying more than they expected for their loan. Rates may also decrease, however, and often start with a low rate at the beginning.
Borrowers who may sell their home soon after purchase or who already plan to refinance may benefit the most from an adjustable-rate loan. At First Tech, borrowers can choose to start their loan with a fixed interest rate for 3, 5, 7, or 10 years before the first rate adjustment.
Jumbo Mortgage Loans
High home values often require a larger loan, and that’s exactly what Jumbo mortgages are designed for. These loans are generally available for homes worth $450,000 or more.
Markets, where homes are typically worth much more than a traditional mortgage, can cover may be affordably financed through a Jumbo loan. Both fixed and adjustable-rate Jumbo loans are available through First Tech.
First Tech Mortgage Customer Experience
First Tech has a few different mortgages available and extensive loan guidance available both on their website and in-person. Applicants can use the First Tech website and meet with a loan officer at one of First Tech’s branches located throughout the country.
Although they can start the process online, prospective applicants must apply in-person with the help of a loan officer. First Tech allows prospective borrowers to calculate their payments and find out approximately online, but to get more accurate quote applicants will need to talk with a loan officer.
Schedule an in-person appointment and meet with a loan specialist to start the prequalification process.
First Tech requires documentation for mortgage loan applications, as most lenders do. Prospective borrowers should prove they can afford their home’s monthly payments by providing sufficient documentation.
For instance, they may be required to submit bank statements, W2 forms, tax returns from past years, pay stubs, asset documentation, and other evidence as requested. Exact requirements and credit standards will vary depending on the loan program. Mortgage specialists at First Tech work with borrowers to determine overall ability to repay the mortgage.
Lender Reputation
First Tech is not listed on Trustpilot yet. The credit union’s BBB rating is A+ with customer reviews averaging 1/5 stars.
- Information collected December 19, 2018
Mortgage Qualifications
|
Credit score |
Quality |
Ease of approval |
|
760+ |
Excellent |
Easy |
|
700-759 |
Good |
Somewhat easy |
|
620-699 |
Fair |
Moderate |
|
620 and below |
Poor |
Difficult |
|
n/a |
No credit score |
Difficult |
When applying for a mortgage at First Tech, it helps to know your credit score. Applicants who have credit scores of 760 and higher will probably have the easiest time choosing and applying for a loan. Borrowers with scores in the 700 to 759 range may not receive the best loan options, but will probably have a few different choices available to them.
Applicants with “fair” credit may find it harder to get a favorable offer from the credit union. Few options at First Tech are available for borrowers with no credit history or low credit scores.
To qualify for the best First Tech mortgage options, it also helps to have plenty of income and asset documentation for the loan officer to review.
|
Debt-to-income ratio |
Quality |
Likelihood to get approved by a lender |
|
35% or less |
Manageable |
Likely |
|
36-49% |
Needs improvement |
Possible |
|
50% or more |
Poor |
Unlikely |
First Tech offers the best terms to borrowers who have debt-to-income (DTI) ratios of 30 percent or less. Applicants with higher DTIs may find it more challenging to obtain a good offer.
Phone Number & Additional Details
First Tech Phone Number and Additional Details
Homepage URL: https://ift.tt/L2oKny
Company Phone: 1-855-855-8805
Headquarters Address: 3555 SW 153rd Dr, Beaverton, OR 97006-5169
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Using Serendipity to Maximize Frugality
There’s nothing better than an unexpected positive event happening purely by chance. What’s even better? Serendipity when the price tag is very small or nonexistent, or when you’re able to multiply the value of your dollar enormously.
The challenge, of course, is to put yourself in situations where serendipity is likely to occur without inherently having to spend a lot of money. For example, you might experience serendipity in the aisles of an electronics store, but the price tag is going to be steep. As a frugal person, you’re better off seeking serendipity elsewhere.
So what can you do to open yourself up to frugal serendipity? Here are eleven things you can do to widen the possibilities without emptying the wallet.
Keep an eye on community buy/sell/trade forums (Craigslist, Facebook groups, Freecycle, and so on) Check out the Craigslist for your area and keep an eye on it. Do the same for Freecycle. See if there are any buy/sell/trade groups for your community and join those groups. Look through those groups consistently. Remember, your goal isn’t to just find stuff to buy, but for serendipity to arrive when you see something you’re actually looking for at a great price or something you know you can flip quickly at a nice profit.
Keep a pocket notebook and pen with you (or a note app on your phone) and get in the habit of noting everything of interest and reviewing your notes frequently This is something I do. I write down people’s names when I meet them, along with contact info if given and some things to remember about them. I write down useful tidbits I learn throughout the day. I write down ideas. I write down things that should be done and things I ought to do. Then, once or twice a day, I review them. This keeps serendipitous things from slipping through my fingers – things like great ideas or information about someone I met that I may want to follow up with or things I really should do that I might forget.
Intimately know the value of a lot of specific items in a certain niche (or multiple niches) If you have this, then it’s easy to stumble across huge bargains on a surprisingly frequent basis. I have quite a bit of knowledge of the value of vintage video games, some types of trading cards, and a few other odds and ends, and you’d be surprised how often I run across such items at secondhand shops and other places, picking things up at 1% of their value and then quickly flipping them for a profit. Simply having that knowledge is a big part of the equation (as is being in places where you can often capitalize, which is part of some of the other tips on this list).
Visit secondhand stores frequently These are great places to capitalize on knowledge of niches as well as well-priced items on things you actually need (like, say, lamps). The vast majority of what you’ll see is junk that you don’t want, but there is serendipity all over the place in such shops, especially if you go frequently. If you go equipped with some specific areas of expertise and a few items you actually need for yourself, serendipity will strike.
Hit yard sales and estate sales regularly This follows the same logic behind visiting secondhand stores. They’re just great places for serendipity to strike, especially if you’re familiar with the value of niche items and also if you have a particular personal need. Most of the time, you won’t find anything that matches up, but the odds of serendipity striking go way up if you make such events a regular part of your schedule.
Go out with food in your bag and flexible plans that include something free to do One of my favorite things to do in the evening when I was single and lived in a city was to simply throw some food in my backpack and go out wandering around. I’d usually have something in mind that was free to do, but I didn’t have to do it if something better came along. Strangely enough, something better often did. I would wander by a concert or something and someone would just give me a ticket because they couldn’t go to the show, or they would be selling cheap tickets or giving them away to fill seats.
Wander the aisles at the library Whenever you’re bored for entertainment, just go to the library and wander through the shelves. Go through the DVD and Bluray sections. Wander through the multitudes of books. Just look at the shelves and snag anything that looks interesting. You might just find your new favorite book or movie, or you might find a guide to a new hobby that you would have never explored otherwise. Libraries are great for this because everything there is essentially free. Plus, you’ll sometimes stumble upon programs and meetings of interest, too.
Go to community events and meetups and just talk to people, particularly if you’re a beginner This is such a powerful opportunity for serendipity! People love to feel like experts and have an opportunity to help a new person out, which means that there is no better opportunity to dig into something new than by going to a local event related to that topic and simply asking questions. I’ve been given home brewing equipment, piles of yeast, a used guitar, and all kinds of other things at events like these, and I’ve made a ton of strong relationships over the years, too. Simply check out Meetup and your community calendar and go to some events in your area.
Be generous with non-financial resources when asked If someone you know can really benefit from you sharing some information or making a personal or professional connection or sharing some time and energy with them, give it without question (as long as it’s not a major negative impact on your life). This opens people up to helping you in the future and creates tons and tons of serendipity potential. I have friends out there who will share finds of potential interest at yard and estate sales and secondhand shops. I have friends who will practically jump at the chance to lend a hand when I need it. I have friends who slip me useful information on a more-than-daily basis. How does that happen? I give to all of them when I can help, too. It feels sometimes like good things fall out of the sky because of it.
Go to the grocery store exclusively looking for in-store specials and sales If you’re visiting a grocery store, simply look around for in-store specials and sales on various things. You’ll often find things like highly discounted produce that’s quite ripe or overstock sales, and if you’re flexible with your meals and with food storage, you can really take advantage of this. Many vegetables can be preserved, as can many fruits. I’ll often go do this when I have some spare time for food preparation as I can almost always find things to use for dirt-cheap meals, sometimes even in bulk.
Be appreciative when others help you People really like to be appreciated and recognized for their efforts, so give that appreciation. If someone helps you, thank them for it, and even do it publicly sometimes. This does nothing but solidify that relationship and encourages them to be helpful in the future, increasing serendipity, and it also encourages others to do the same, as people want relationships with others who appreciate them. Let the appreciation flow and you’ll never regret it! You’ll find people dropping useful things on your lap and jumping to help you when you need it all the time.
These little steps vastly increase the opportunities for frugal serendipity in your life. Good things come in all shapes and sizes, and these ideas help to make sure that many of them come to you without a big price tag attached.
Good luck!
The post Using Serendipity to Maximize Frugality appeared first on The Simple Dollar.
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Swagbucks Review: Can You Really Make Money With Swagbucks?
It can be tough to weed through all the noise online to find actual sites that can help you make money. And since I'm guessing your time is valuable (am I right?), it's our pleasure to research Swagbucks for you so you can move on to doing the tasks that will actually make you money. […]
The post Swagbucks Review: Can You Really Make Money With Swagbucks? appeared first on The Work at Home Woman.
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Dear Penny: I Have No Credit History. How Do I Get Started?
Dear P.,
Let’s start by acknowledging an annoying Catch-22: It’s hard to get credit when you don’t have a history of using credit responsibly.
When we talk about credit, we’re basically talking about borrowing money. If you have good credit — which is reflected in how high your three-digit FICO score is — you’ve shown you can manage debt responsibly, and your creditors have relayed that information to the three credit bureaus. Lenders see you as statistically likely to pay back the money you borrow.
Layaway isn’t a form of credit. You make regular payments until you’ve paid for your purchase. If you don’t make your payments, you simply don’t get the goods. Either way, the credit bureaus don’t get involved.
It gets trickier with bills for things like phone, utility and internet accounts. Most providers don’t report your on-time payments to the credit bureaus. But if you get behind on payments and your account goes into collections? You can be sure the bureaus will hear about it.
OK, that was a long-winded way to say that your friends are confused about how to build credit. But fortunately you didn’t pick the Phone-a-Friend option on “Who Wants to Be a Millionaire,” so this isn’t game over. You have plenty of options for establishing credit.
Getting a credit card is usually the easiest option. To open one, you need to be at least 18. If you’re under 21, you’ll have to show that you earn sufficient income. (Technically, you could also qualify with a co-signer, but cards that allow co-signers are increasingly rare.)
The interwebs are filled with marketplaces that let you quickly compare cards and apply for offers. If you have an account at a bank or credit union, you could also ask them about their options.
Look for starter credit cards, which are designed for people with no credit or poor credit. They usually have low credit limits — say $300 or $500 — and don’t come with many perks, but that’s OK. Your goal right now is to build credit, not to fly around the world with rewards points.
You may need to start with a secured credit card, which requires you to put down a security deposit and use your deposit for credit. Usually, after about six months to a year’s worth of on-time payments, your bank will let you switch to an unsecured card and you’ll get your deposit back.
A store credit card (the kind that doesn’t have a Visa or Mastercard logo and can only be used at a certain retailer) may be an option. Just know that these have several risky features, including higher interest rates.
A less-common option is a credit-builder loan, which is where you borrow a relatively small amount — say $1,000 — and the money is placed in an account. You make payments on the loan, and once you’ve finished making your payments, you get your money. Look for credit-builder loans online or at credit unions and smaller banks; big banks are less likely to offer them.
Once you’ve gotten that first credit card or loan, the most important thing you can do is make your payments on time, because your payment history determines 35% of your FICO score — more than any other factor.
If you get a credit card, aim to pay off your balance in full each month. If you need to carry a balance, keep it as low as possible. Experts usually recommend using no more than 30% of your limit to build a good credit score.
Establishing good credit takes time, but if you’re diligent about making payments and keeping your spending in check, you’ll usually see your credit limits increase, and you’ll qualify for bigger loans.
A little proactivity goes a long way with credit. By taking a few easy steps now, you’ll be in a great position later on should you want to make a larger purchase, like a car or home.
Robin Hartill is a senior editor at The Penny Hoarder and the voice behind Dear Penny. Send your questions about building credit to AskPenny@thepennyhoarder.com.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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I pay my grandsons’ school fees. How do I ensure there is no tax bill when I die?
I pay both my grandsons’ school fees, which amount to £20,000 a year. The fees are paid out of my income. How do I ensure that this is not taxed as a gift when I die? How do I keep records for HMRC to show these amounts are paid within my income?
You claim that the fees are paid out of your normal income. If that can be proven, the ‘normal expenditure out of income exemption’ should mean that the money you pay out on a regular basis for your grandsons’ school fees should not be taken into account for inheritance tax (IHT) calculations on your death.
The exemption applies on three conditions:
- The fees formed part of your normal expenditure.
- It was all met out of your income (taking one year with another).
- It left you with enough income to maintain your normal standard of living.
The ‘gifts out of normal income’ exemption will not be allowable if, as a result of paying your grandsons’ school fees, you then had to dip into savings in order to meet your normal living expenses.
To help prove that you meet the criteria, note down your normal living expenses in comparison to your net income and make sure that you keep that paperwork safe with your will.
Your paperwork should prove that your normal living costs are in no way hampered by the outgoings that you are incurring to pay the school fees.
I would also suggest paying a regular amount each month into a dedicated account that has been set up to pay the school fees. This is a much better idea than just transferring large sums of money when they are due each term, providing an audit trail that is much easier to trace.
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