Making Money Personal

3 Reasons to Use Your Mobile Wallet This Summer - Money Tip Tuesday

Summer is one of the busiest times of the year-- kids are out of school, the warm weather beckons you to spend time outside, and there are a wide variety of events and activities to attend!  
In all the hustle and bustle, wouldn’t it be nice if you had one less thing to keep track of while you’re out and about? With mobile wallet, you can carry less and make the most out of your summer adventures.  
Links:
Learn more about how to set up and use your own mobile wallet
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast. 
Here are 3 reasons to use your mobile wallet this summer:  
Quick and Convenient 
Finding credit or debit cards in your wallet or purse can be frustrating, especially when you’re in a hurry. Imagine if you could pull up a card for payment in a few seconds, directly on your phone.  
With the click of a button or a quick swipe, you can typically access your mobile wallet on your smartphone’s home screen which makes checkout at retail stores, restaurants, and event venues quick and convenient.  
Stop spending time looking for your cards and instead spend time enjoying the summer season! 
Secure Payments 
Paying with your mobile wallet is secure.  
There are two layers of security that protect your card information.  
First, your card information cannot be accessed without a pin, fingerprint, face scan, or password which ensures it's protected within the mobile wallet app. If your phone were to get lost or stolen, it’s not possible for anyone to use your mobile device to make a payment which makes it more secure than a physical card or cash.  
The second layer of security is how the payments are processed. When you pay, your phone communicates with the terminal using near-field communication technology which provides encryption and other protections when data is transferred. 
Your credit card number is also replaced with a randomly generated digital ID, referred to as a token, which means your card number is not being transferred at the point of payment.  
If you've held back on using mobile wallet out of safety concerns, hopefully this puts your fears to rest.  
 
Tickets and Other Cards 
In addition to your debit or credit cards, mobile wallet can also store other information, such as loyalty/rewards cards, event tickets, transportation tickets (airline and public transportation), and hotel reservations.  
You no longer need to worry about keeping track of physical tickets. With access to tickets, rewards cards, hotel reservations, and payment cards all within your mobile wallet, you’ll have all you need for a day out in the palm of your hands.  
Paying is a breeze with mobile wallet! If you haven’t set up your mobile wallet yet, it’s easy! Visit trianglecu.org to get started!  
If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org. Like and follow our Making Money Personal FB and IG page, and look for our sponsor, Triangle Credit Union, on social media to share your thoughts.   
Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.   
Have a great day! 
 

Episode 72: Understanding and Overcoming Financial Comparisons

Have you ever found yourself comparing your life or your finances to other people? The truth is it's very common to compare ourselves with others around us, but it can often leave us with a sense of inadequacy or feelings of failure.
In this episode, we're going to discuss a few reasons why we often find ourselves playing the comparison game, how it affects our sense of well-being, and share some thoughts on how to guard against the effects that it might have on our lives. 
Links:
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 

Ways to Save on Your Next Vehicle Purchase - Money Tip Tuesday

Unless you live in an area with public transportation or walkable infrastructure, having a car is essential. Unfortunately, buying a vehicle can be quite an expensive and long process. Here are some tips to save money and cut down on stress when you go car shopping.   
Links: 
Shop now and get pricing at Edmunds, cars.com, and Kelley Blue Book
Check out the vehicle history with Carfax
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.     
The first thing you'll want to do before you ever step foot in a dealership is to do your research. What kind of car do you want? What features are important to you? Once you have figured that out, look online for the average price of your dream vehicle. Websites like Edmunds, cars.com, and Kelley Blue Book will not only show you what a reasonable price is for the vehicle, but also where you can buy that vehicle for the best price.  
Another thing to consider while shopping for a car is its fuel efficiency. Vehicles with higher miles per gallon save you tons of money in the long run. If you live in an area with electric charging stations, consider buying an electric or hybrid vehicle to save even more on powering up your car.   
Buying a car used rather than new will save you thousands of dollars. The second a new car is driven off the dealership lot, it depreciates. Cars also depreciate over time, so you can use this to your advantage when looking for an affordable car.   
However, there are a couple of things to look out for when buying a used car. Check the history of the car. You can do this on websites like Carfax, which will tell you how many owners the car has had, if it's been in any accidents, and more. You should also check the mileage on the car; if it's high, that might cost more for repairs down the road. Before buying a used car, take it to a trusted mechanic to ensure nothing is wrong with it.  
See if you can negotiate the price. Some dealerships are willing to lower the price; just make sure to do your research first. If you notice anything wrong with the car you're planning on buying, bring it up with the salesperson. They might lower the price or offer to fix the issue.  
When shopping for a vehicle, it’s especially critical to avoid impulse buying. Take your time to research the car you're interested in. Look up if the car has any known issues. If you're at the dealership, ask to test drive the car to get a feel for how it drives. If you do impulse buy, you're at risk of paying more than what the car is worth which can severely impact your financial stability.   
If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for our sponsor, Triangle Credit Union, on Facebook and LinkedIn.   
Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.   
  

How to Spot and Avoid Employment Scams - Money Tip Tuesday

The scammers are at it again! This time, they're targeting individuals on the job hunt. If you or someone you know is currently looking for employment, it's essential to understand how scammers use job listings to steal your identity or money.  
Links:
Learn more about Triangle's Better Checking account with IDProtect
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.   
Scams and security threats abound, and it's not surprising that scammers are constantly devising new ways to trick you into handing over your sensitive information or money.   
Some noticeable and sneaky scams that have risen in popularity since 2020 employment scams. 
If you've been searching for a job over the last few months or even years, you must be on guard against scammers trying to collect your information through an employment scam. These types of scams target individuals looking for jobs and, in many cases, target individuals looking for work-from-home jobs.  
You must keep an eye out for some signs someone might be scamming you with a fake job offer.   
One sign is that scammers will only communicate with you through a messaging app like Telegram, WhatsApp, or email rather than a phone number or, in some cases, in person. Legitimate recruiters would connect with the individual through the business phone number or email. If a recruiter communicates with you only through a messaging app or an email from Gmail, Hotmail, or Yahoo rather than a business email address, that's a huge red flag.   
Another sign that it's a scam is that they might ask you for your banking information and personal details right up front. Legitimate companies ask for banking information and other sensitive information after you've accepted the job offer and proceed with onboarding. They shouldn't ask for any of that information before you've accepted the job offer.  
A third flag is if the company lacks credibility across platforms. While researching, look beyond just a simple Google search to review the company. Check that company information on other sites like LinkedIn, Glassdoor, and even the Better Business Bureau's website. Scammers can easily set up fake websites that will appear on a web search but beware if you can't find it on other platforms.   
Another scam tactic is if they require you to pay for your supplies or training. There are stories of people who reported that after they accepted the job, they received invoices for work supplies like laptops and other materials. In other cases, scammers ask applicants to provide payment in advance for specific training programs or certifications required for the job. If you're asked to cover the costs for equipment or training before you're even working, think twice about taking the job. Employers should be covering the costs of your work equipment and certainly for required job training programs. If you discuss training programs and certifications in an interview, ensure you get any agreements for that training in writing before accepting the job.   
A fifth red flag is if the interviewing process seems off. If the interview appears too short and fast-tracked, this is a red flag. Interviews should give you time to learn about the company and plenty of time to ask specific questions about the role you're applying for and your expected responsibilities. You should also be aware of interviews conducted only through text. Legitimate businesses will conduct interviews over the phone, through video calls, or in person.  
What can you do to avoid falling for these scams?  
Stay aware of scamming tactics. Remain diligent and question everything. If you see a job listing or a recruiter, send an urgent hiring message; don't respond too quickly. Messages that require you to act impulsively are deeply suspicious and likely attempts to get you to act immediately without thinking.  
It would help to consider getting identity theft protection as a safeguard. We hope you'll never have to deal with an identity theft incident. However, even the most vigilant user can still become a victim of identity theft. That's why adding another level of protection over your identity with an identity theft protection plan is important. If you're looking for affordable identity theft protection, check out Triangle's Better Checking account with IDProtect. Not only do you get identity and credit monitoring 24/7, but you'll also get theft reimbursement and a case manager if you ever become a victim.
If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org.  Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 

Go Big with Goal Builder - Money Tip Tuesday

Saving money is not easy, especially when facing higher costs of living. The good news is: there are tools and apps that help you plan, track and meet financial targets. Stay tuned as we learn about the online resources available to help you hit your money goals.
Links:
Check out more info about Goal Builder and its tools
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
Transcript:
Welcome to the Money Tip Tuesday from the Making Money Personal podcast!With the cost of higher prices on consumer goods, an increase in consumer debt, and other unexpected circumstances that people face every day, it can be difficult and frustrating to save money. While these are valid concerns, there are many solutions and resources to help you meet your financial objectives. A simple Google search will give you plenty of ideas on how to save money, but if you’re saving money for a specific purpose, we encourage you to look at the online savings tools at your local credit union.For example, at Triangle Credit Union, we have a great savings tool called Goal Builder. No matter what you’re saving for or how much it costs, Goal Builder can help you keep track and hit your goal. In a few simple steps, you can start saving toward your financial goals—let’s take a look at the process for members at Triangle: 1. Set Your GoalOnce you’re in online banking, you select the TCU account you want to link to Goal Builder, you choose your goal type. You can choose from 10 premade goals or even create your own (based on your desired savings goal). Are you saving for a down payment on a new home? Choose Homeownership. Are you hoping to start planning a family vacation in the future? Choose Travel & Vacation. You can use Goal Builder even if you don’t have a specific savings goal in mind. The Rainy Day goal is an ongoing saving goal that has no end so you can continuously save money to use whenever you need or want it! If none of the pre-determined saving goals align with your financial plans, you can Create Your Own Goal with a custom name. 2. Set The AmountAfter choosing the right savings goal for your future financial plans, you can set the total amount of your goal. 3. Set Your Start and Target End DateAfter setting the total amount you want to save towards your goal, you choose the start and end date for your goal! This is valuable information because this will determine how much money will be allocated to your goal based on the frequency you choose.
4. Set The FrequencyThe frequency of the goal is how often you want the money to be set aside. You can choose from a variety of options such as weekly, bi-weekly, monthly, every 6 months, etc. If you’re new to saving and budgeting, it might make sense to choose the frequency that matches how often you get paid. For example, if you get paid weekly, you can choose to contribute to your savings goals weekly. You can also set the rules for each goal. In this step, you are given the opportunity to assign money to your goal immediately. There’s no time like the present, or so they say! There are plenty of options and rules to select from, and you get to choose them! For example, you can choose scheduled or recurring designations, or a certain percentage of each deposit into your account. Both options have their advantages and choosing the right one depends on your specific situation. After you’ve set your goals, you can manage and track progress on a goal summary page. There are three types of tracked goals:• Active Goals are all goals actively allocating funds• Completed Goals are all goals that have been met then closed • Inactive Goals are goals that are incomplete but have been paused by the userIf you’re not sure how much you would need to designate toward your goal by your target date, you can use the goal calculator to determine the correct amount! Simply enter the total amount you wish to save, choose the start and end dates, and select the frequency in which you wish to contribute to the goal (ex. Weekly, bi-weekly, monthly, etc.); following these steps will show you how much you need to contribute (at your desired frequency) to achieve your goal on time!The money that is set aside never leaves your account-- it is simply allocated towards your goals and is accessible at any time. It’s that simple!Whether you’re a Triangle Credit Union member or bank at another financial institution, check out tools like Goal Builder to get your savings on the right track! And remember, every little bit you save, moves the needle in the right direction!If you have any questions or comments about today’s MoneyTip or have suggestions on future topics and tips, please email us at tcupodcast@trianglecu.org. For more great content, remember to subscribe to the Making Money Personal podcast wherever you listen to podcasts and follow us on Facebook.Have a great day!

Tips for Gifting on a Budget - Money Tip Tuesday

When it comes to events where the custom is to bring a gift, like weddings, birthdays, and showers, have you ever struggled to determine how much to spend, especially if you have many events to attend?  Fortunately, there are some tips out there you can use to make sure to give a great gift without going over budget.  
Links:
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.  
If your calendar gets filled up over the year with various birthday parties, weddings, showers, and holidays, you might find it a little jarring to feel constantly dishing out money for gifts. It gets incredibly challenging when you realize the money you wind up spending on gifts is getting dangerously close to blowing way past affordability. However, you genuinely want to give a nice gift to the person or people or honor.   
Here are a few tips to keep your gift-giving within your affordability range.  
 1. The most practical and straightforward way to do this is to set aside a separate budget item for other people's weddings and celebratory events. If you have some of these events coming up over the next year or two, dedicate a separate sinking fund specifically for gifts and throw some money into it over time. This way, you'll have it available when you need it.  2. Set a price cap for the type of event you're buying for. Different events are significant in various ways. What you'd buy for a wedding might differ from what you'd buy for a graduation. Have a dollar amount in mind associated with the specific event you're planning for and stick with it. A simple online search provided a short list of price ranges appropriate for different events. Here are a few quick suggestions:
Weddings: about $100
Birthdays: $15-$30 for acquaintances or kids' parties. Closer friends and relatives  
Bridal/baby showers: $ $50 - $100 
Graduations: $20 - $100 is appropriate 
Retirement parties: Depends on your relationship with the retiree, can be anywhere between $10-$100   
Keep in mind that these are guidelines, not rules.  Regardless of price, any thoughtful gift would be appreciated, so don't stress if this isn't the year to give elaborate gifts.   
3. Think about more than purchasing something. Gifts can be more than items bought at a store or off a registry. There are ways to get creative and offer meaningful gifts that cost you very little money. If you make quality crafts, a handmade gift can be appreciated the same if not more than a store-bought item.   
4. Consider contributing to a collective gift. If a gift you'd like to give is too expensive, consider going in on it with others. Pooling your money with others will give you a more significant, expensive gift without paying for it all yourself. Depending on the event, talk to other friends or family members to see if they'd like to contribute a portion of the funds to give a more expensive gift together.   
Purchasing gifts throughout the year can often pop up unexpectedly and throw a wrench in our budget if we're not anticipating them. With some planning and sometimes creativity, keeping your budget in mind will help you focus on the right things and find the best gift to celebrate life events.   
If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org. Like and follow our Making Money Personal FB and IG page, and look for our sponsor, Triangle Credit Union, on social media to share your thoughts.    
Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.    
Have a great day! 

Episode 71: Balancing the Cost and Value of Vacation

Who doesn't love vacations? If you're a vacation bug or considering planning your next venture this episode is for you. We're going to be discussing the reasons that we go on vacation, the real cost the vacation can be, and whether that cost is worth the money we pay. We'll also share some tips on how to save money on your next trip or your travel plans. 
Links:
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
 

The Importance of Supporting Local Family-Owned Businesses - Money Tip Tuesday

Did you know that family-owned businesses have their own national day? June 23rd is National Family-Owned Businesses Day and we’re sharing a couple of ideas on how you can support the local businesses in your community. 
Links:
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.     
Local businesses are everywhere; chances are you've already shopped at one. The best way to support a family-owned business is to buy and shop locally! Next time you need to purchase anything, visit a small, local store instead of going to a big-box retailer or shopping at Amazon. Not only is it good for the family-owned business, but it also helps boost the local economy.  
When you shop locally, you give money to that business, which means that that money will most likely be invested in your community. An American Independent Business Alliance analysis found that for every $100 spent at a local business, around $53 is recirculated in the community. Compare that to spending $100 at a big-box retailer, where only around $13 recirculates in the community. So not only are you getting your shopping done, but you are also giving back to the community when you shop at local businesses. If you prefer to shop online, check if the local company has a storefront and shop there instead of Amazon.   
Another great way to support local family-owned businesses is to buy a gift card from them and give it to a friend or family member. Not only are you buying from the local business, but you're also incentivizing someone else to go into the store and buy from them. It helps them bring in more income and increases awareness of their business or service through increased market exposure.   
If you're ordering takeout from a local restaurant, the best way to support them is to order directly from them. Third-party delivery services often charge restaurants a commission, anywhere from 6 to 30 percent;  this can take a sizeable cut from the local restaurant's profits, so instead, order directly from them.    
Another easy and free way to support local family-owned businesses is to leave them a positive review. If you enjoy their company, let others know. Businesses with positive online reviews are more likely to get more customers.   
You can support other local small businesses if you own a small business. Use other small businesses as your supplier; this keeps the money local and suits your community. If a customer asks you for something you don't have, refer them to another local business.   
Supporting family-owned local businesses is a great way to shop and supports the community in general. Next time you shop, consider shopping locally instead of giving your money to a large corporation.    
If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for our sponsor, Triangle Credit Union, on Facebook and LinkedIn.  
Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.     
 

Five Savings Challenges to Try This Summer - Money Tip Tuesday

Have you ever thought to yourself, if only I had the money? You may be considering the purchase of a new car, a last-minute trip, or something as simple as a trip to the day spa. If you find you don’t have as much money as you’d like for the things you want, you’re probably realizing it’s time to save more? It may be the right time to try out a few fun and simple challenges to save money this summer.   
Links:
Get your savings started for bigger goals with Triangle's Goal Builder tool! 
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.  
Summer is the time for traveling, exploring, and enjoying the many fun things it brings.   
It’s also a great time to energize yourself and breathe new life into your finances. If you’re looking for a way to save more money this season, try a savings challenge or two to push yourself toward meeting goals that will improve your life. To quote the renowned actor Morgan Freeman, “Challenge yourself; it’s the only path which leads to growth.”  
If you’re looking for a way to improve your financial health by saving more money in a fun way, here are five financial challenges you can try out this summer.   
 
The give-up-something-for-summer challenge. How easy would it be to put something aside for some time? In this challenge, you’d pause a subscription service, sacrifice your daily latte, or hold off on ordering takeout for a determined period. Put any money you would have spent on the item or service you gave up into a savings account. The amount you can save will depend on what you’re giving up, so the more expensive or frequent habit you cut back on, the more you can save over the life of the challenge. 
 
No-spend challenge. Are you brave enough to stop all non-essential spending for a bit? In this challenge, you still pay your bills and groceries but pass on everything else, like entertainment, dining out, drinks, and unnecessary shopping. Set the timeline like a week, two weeks, or even a month of no spending and save that money in a separate account. This challenge can be rewarding as you find new ways to have fun and enjoy opportunities at no additional cost.  
 
Credit card timeout. How long can you go without using a credit card? In this challenge, you put that card, or cards, away and use only cash or your debit card when buying things. This challenge will force you to keep your account balance in mind whenever you spend, which will likely cause you to think twice before checking out. Many studies have shown that people are more likely to spend more money paying with a credit card than with a debit card or cash. If you’re up for this challenge, you’ll likely save money every time you pay due to the payment method alone.  
 
Round-up challenge. How much can change really add up? In this challenge, every time you buy something, round the cost to the next dollar and put that change into an account. For example, if your recent grocery bill was $225.50, round up to the nearest dollar and save the difference. In this case, you’d put $.50 into a savings account. You would do this for every purchase you make for your challenge period, whether a few weeks, 30 days, or even 3-6 months. Because the contributions are so small, they might seem unlikely to build up, but you may be surprised by how much you can collect over time.  
 
52-week savings challenge. Do you have the discipline to keep a challenge for a whole year?  This one lasts longer than the summer season, but it is worth the effort once completed. In this challenge, you save money every week of the year. Each week is numbered between 1-52. You would then save $1 the first week and $2 the next week, and you would increase the savings amount by $1 every week that follows. If you stick with this one, you will have saved a whopping $1,378 at the end of the challenge. That could be enough for a small getaway or even an excellent start to an emergency fund. 
These are only some of the many saving challenges out there to explore as fun ways to test your discipline and resolve. Plus, it’s impressive to see the savings build up over time and know that your effort led to a larger bank account.  
If you’d like to save even more money for long-term goal building, like saving for a vacation, a new car, or your emergency fund, use Triangle’s Goal Builder tool within online banking for a convenient way to automatically set aside money for your goals. Check it out within your online or mobile banking account to get started!   
If there are any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org.  Like and follow our Making Money Personal FB and IG page, and look for our sponsor, Triangle Credit Union, on social media to share your thoughts.   
Thanks for listening to today’s Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.   
Have a great day! 
 

How to Know You're Ready to Buy a Home - Money Tip Tuesday

Buying a house is a huge decision. It takes a lot of planning and preparation. If you hope to own a home someday, you may begin wondering whether you’re ready to start the process. Fortunately, there are some basic questions and steps you can take to gauge whether it’s the right time or if you should prepare a bit more before such a big purchase. 
Links:
Learn more about Downpayment Assistance Programs
Check out Triangle's mortgage resources and current rates
Calculate your payment using out mortgage payment calculator
Get in touch with one of our Mortgage Originators
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.   
When buying a house, you’ll find you’re faced with many choices. Going in new to the game can be intimidating, especially if you’re facing pressure from places like family, friends, or even the economy.  
As you get started, you’ll need to determine a few important things to find out if you’re ready to make such a big purchase.  
First, if you’re feeling ready to embark on this journey remember that you don’t have to do it alone.  
The best way to start is by setting up an appointment or free consultation with a mortgage loan officer. They can review your finances with you, set you up with a plan of action that may include preparing your credit and accounts prior to applying, get you in touch with a realtor, and provide an idea of the price range you should be looking at when shopping.  
Mortgage professionals will help you answer essential questions to determine how ready you are to find the right home.  
First, they’ll help you figure out how much down payment you’ll need. Determining the down payment is an essential step in the home-buying process. The more you put down, the less you’ll need to borrow. But for many people, this is a challenging step because it takes time and planning to save enough of a down payment that will even make a dent in the overall house price.   
Lenders generally require 20% down, which as of this recording is averaging around ninety-five thousand dollars in New Hampshire—difficult for most to obtain. With the benefit of PMI (Private Mortgage Insurance), many lenders can offer a mortgage without that large down payment. Because of this, different lenders also offer a variety of first-time homebuyer programs that accept low down payments, some as little as 5% or even 3% down. That can make a huge difference for someone with little time to save up for a down payment. Being intentional about saving that down payment is critical, and it will make the difference in how much money you’ll have to borrow for your home.  
Second, they may provide insight on whether you qualify for any down-payment assistance programs.   
If you’re struggling to collect enough for a downpayment, you may find help through down payment assistance programs. These are special programs, usually for first-time home buyers, but not explicitly, that can provide funds like grants, particular loans with very low rates or no need for repayment, forgivable loans, and tax credits. These offers are very localized and differ from state to state, but it’s worth researching the opportunities that might be available to you. Remember that you may have to meet specific requirements to get the assistance, and some lenders might not work with all programs, so do your research beforehand to determine your likelihood of receiving downpayment assistance.    
 Third, they’ll help you get an idea of your interest rate and APR. 
The interest rate significantly affects whether you’re ready for a mortgage. Getting as low an interest rate as possible is a top priority for many people. As a prospective homebuyer, you’ll find that you’re not only shopping for houses but that you’re also shopping for the best rate. Rates play a considerable role in how much you’ll pay in interest over the lifetime of your loan, and they vary by lender. But, to get as good a rate as possible, you need to have good credit. Make it a point to know your credit score. This is one of the most significant factors for lenders regarding what interest rate you’ll get, so nurturing a good credit score is ideal. Monitor it regularly and ensure you’re making all payments on time, reduce your debt-to-income ratio by paying down as much borrowed money on credit cards or personal loans as possible, have a good credit mix and a reasonable length of credit history. The better your credit score, the more likely you’ll get a reasonable rate and pay less overall for your mortgage.   
Finally, they'll help you get an accurate estimate of your monthly payment. Once you have a good idea of your down payment and what rates you qualify for, it’s helpful to calculate what you can expect to pay monthly and whether that’s affordable.    
Use a mortgage calculator to determine how different down payments and rates affect your monthly payment. Remember that insurance and taxes should also be factored in for the most realistic payment possible. Use the calculators to determine whether that monthly payment is something you can comfortably afford and if not, your mortgage professional can provide options or insight into how to make it more affordable.  
Determining you’re ready to buy a home should involve careful planning and research. Like many other significant decisions in life, rushing into a home purchase can be dangerous if you’re not ready. However, considering all the factors mentioned earlier, you will be encouraged to ask the right questions to ensure you’re as prepared as possible.   
If you’re ready to buy a home, it’s time to contact a mortgage professional who can help you plan it all out. They’ll walk you through the process of getting pre-approved to finalize the deal at closing. Our team at Triangle is here to help you get the best mortgage option for the home of your dreams.   
If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org, and don't forget to like and follow our Making Money Personal FB page and look for our sponsor, Triangle Credit Union, on Instagram and LinkedIn to share your thoughts.   
Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.   
Have a great day!