SCE FCU News

You’ve found a house you love, and now you’re ready to make an offer. This is where the process really begins to get serious and the paperwork starts to build.

Buying a home isn’t a handshake deal; verbal agreements just don’t count. That’s why everything is important – in fact, any little detail expected to be a part of the terms of sale must be written down and specifically agreed to. There are no shortcuts.

A well-written business plan should include a mission statement, business and management structure, a marketing plan, and financial projections.

A business plan can make or break a small business. A strong, detailed plan provides a clear road map for the future, forces you to think through the validity of a business idea, and can give you much greater understanding of your business’ financials and the competition.

Buying a home can be nerve-racking, especially if you’re a first-time homebuyer.

These tips will help you navigate the process, save money and avoid common mistakes.

Most Americans know the fundamentals of good health: exercise, proper diet, sufficient sleep, regular check-ups, and no smoking or excessive alcohol. Yet, despite this knowledge, changing existing behaviors can be difficult. Look no further than the New Year's Resolution, with its 9% success rate.¹

Generally, negative motivations are inadequate to affect change. (“I need to quit smoking because my spouse hates it.”) Motivation needs to come from within and be positively oriented. (“I want to quit smoking so I see my grandchildren graduate.”)

Buying a home involves many important steps, though few will matter if you can’t get financing. A loan officer will closely evaluate how large of a mortgage you can afford, and that amount can change up to the day the mortgage note is signed. Because the loan process involves examining factors such as your credit, income, debt and assets, you want to avoid or postpone several common activities that could change these figures while your home loan is being processed.

From games to $mart Quests to printables, Money Mammals is constantly creating banking activities for kids. These entertain and engage children early (elementary school or before) with topics aimed to provide financial education for kids.

You’ve been searching online for just the right home, cruising neighborhoods looking for the “that’s it!” house and picturing yourself on your shady new porch. You know there’s plenty to do before you get to the really serious house hunting, but it’s hard to resist.

Hang on, you’re almost there. You’ve got to have one thing in hand before the fun begins: your preapproval letter.

The Center for Financial Empowerment, the nonprofit organization founded by SCE Credit Union, empowers high school youth and young adults by teaching real-life financial lessons through activities and classroom workshops. One of the most basic workshop topics is about making choices with money.

Making healthy financial choices involves understanding the difference between needs and wants, as well as the concept of opportunity costs. While it may be important foundational knowledge for teens, everyone can benefit from a reminder of the basics from time to time. 

The traditional target for a home down payment is 20% of the purchase price, but that’s out of reach for many buyers.

Mortgage insurance makes it possible to hand over a much smaller down payment and still qualify for a home loan. It protects the lender in case you default on the loan.

Asking “How do I pay for college?” is like asking, “How do I get healthy?” or, “How do I learn another language?” There are lots of answers, but there’s not always one clear path.

If you’re like most students and families, you’ll cobble together funds from multiple sources. Some types of financial aid are better than others, so use the following advice in this order: