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ON THE MARKNuMark Credit Union NewsSPRING 2024IN THIS ISSUEHOMES, MORTGAGE ANDINTEREST - OH MY!SO YOU GOT YOUR TAXREFUND - NOW WHAT?NUMARK NEWS -2024 SHRED DAY DATESANNUAL MEETING NOTICEHOMES, MORTGAGE AND INTEREST– OH MY!SCAM WATCH -TEXT MESSAGE PHISHINGSpring is approaching, and Summer isn’t farbehind, which means that in the next few monthsthere’s going to be a shift in the housing marketas people start putting their homes up for sale,and others are looking to buy them. Buying ahome can be a daunting experience, especiallyif it’s your first time. Our Vice President ofMortgage Lending, Harry Stewart, wants to give you some information about mortgages and the housing market to help prepare you for this next step in your journey.Q: What kinds of changes do you foresee happening in the futureregarding mortgages and the housing market?Harry: I think that short term rates might move lower, with a potentialincrease in refinance activity, but of course at this time I can’t say thatwith absolute guarantee. If rates drop an additional 100-150 basis points from where we are now, I think we would be really busy again. If thathappens, that would mean there would be lower monthly mortgagepayments and more opportunity to qualify for those looking to purchasea home. So far, the market is definitely looking up-beat this year.- Article continues on the next page
Q: What are some mistakes that you often see home buyers making?Harry: A big one that I see a lot is that they don’t choose the right lenderor professional. With all the moving parts, it’s important that you taketime to find the right one. I’ve seen some home buyers who chose towork with a part-time realtor instead of a full-time one, which isn’tbeneficial. When you work with a part-time realtor, they don’t alwayshave the time or wherewithal to really dedicate to jumping on acontract and helping you out.Q: What is the importance of escrow, and is it really necessary whenpurchasing a home?Harry: I would say for first-time buyers, escrow is absolutely a necessity,especially if you’re putting down less than 20%. You technically don’tneed an escrow, but there are many moving parts when it comes tobuying a home, having an escrow makes the process easier. You’re not going to want to worry about where or how you pay your taxes, and escrow can help with that. Each institution and state has its own rules about escrow, so be sure to ask about how it works in the area.Q: What other kinds of advice would you give to a young person looking to buy their first home?Harry: I think that a lot of people are usually on the fence about the rate, which is why you might hear some people repeat the phrase, “date the rate, marry the house.” It’s silly, but there is truth to it. The rates are something that’s relative, so when they do come down, you can always refinance. When you really think about it, even a 6% mortgage rate is better than 100% rent, where you’re really just paying for your landlord’s mortgage.NuMark is currently oering free appraisals for every member of the credit union who’s looking to purchase a home.* If you would like to discuss starting the process of finding a new home, give Harry and his mortgage team a call at 815-744-7497or visit numarkcu.org.*Free mortgage appraisal oer is non-transferable and is for mortgage applications received between 04/01/2024 and 05/31/2024 with financing secured at NuMark Credit Union and will be credited back at closing. Must close by 07/31/2024. Up to 95% loan to value. Not all borrowers will qualify. Loans subject to credit approval. Limited time oer. Some restrictions apply. Oer subject to change without notice. Credit Union NMLS #405831
It’s that time of the year again – the dreaded tax season. While nerve-racking for many people, it can be especially stressful for younger people new to the process of filing their own taxes. Not only can it be a challenge preparing your tax return, but it can sometimes be more challenging to figure out the best way to use the potential refund. Below are a few ideas on how you canuse that refund – several of which can help you over the long run.SO YOU GOT YOUR TAX REFUND – NOW WHAT?Retirement FundingAlthough it can seem like it’s still a long time away, it never hurts to start planning for your retirement and making sure that you’re able to live comfortably once you’re no longer working. Even if it’s not the full amount of your refund, putting some of the money away will certainly be helpful in the long run. If you’re interested in adding your refund into your retirement plan, consider utilizing a Roth or Traditional Individual Retirement Account (IRA).Planning for the FutureAside from planning for your retirement, you might be a young couple planning a wedding, or newlyweds looking to save up for a downpayment on a house. You might even be planning to start your family.It’s never a bad idea to put some of that refund money into your shared wedding fund, or save for the down payment on your future home. Maybe you’re even a bit farther down in your journey and are ready to start saving for your children’s college funds. Your refund is a great opportunity to add to those savings and help reach your goals.Take Care of that Credit CardThis option can be a little tricky, but is beneficial when done with the right caution. While using your refund to pay o yourcredit card can be beneficial if you have a high balance, it’s important to make sure that you’re not racking up a big bill againonce it’s paid o. Proper planning and discipline is needed when using your refund to pay your credit card bill. Consider usinga portion of the money on one of the other options listed, before using the rest to pay o your credit card.Utilize a Savings AccountAnother idea for your refund check is to put it into a savings account. By putting the money into a savings account not onlyare you making it less likely that you’ll spend it, but the interest on the account will make the amount grow. Maybe you already have an account opened to save for a trip you’ve been wanting to take, or for a down payment on a car. You can even utilize the account as a “rainy day” fund for emergencies like car accidents or flooding after a storm. Putting some or all of your refund into a savings account is a great idea that can always come in handy when you need it.Tax season can be, well, taxing on many people – but it doesn’t have to be. There are lots of options and resources availableto make tax season more productive for you and less stressful!
Have you ever received a text that seems just a little o? Maybeyou received a text about a missed delivery for a package youdon’t remember ordering, or you got a message claiming thatyour bank is closing your account.Regardless of the topic, all these text messages have two things incommon – they’re going to give you a link to follow, and they’re allscams to get your personal information.Text phishing scams have become more prevalent over the pastfew years. According to Bolster, who “gathered more than 10 billionthreat intel data points,” there has been a 94% increase in phishingand scam activity since 2020 – a number that continues to grow.Using this tactic, fraudsters are able to trick victims by pretending the message is from a business or person that you would know, and creating a sense of urgency in the hopes you respond without thinking twice. The information you provide allows them to commit fraudulent purchases, takeover your bank account, or even steal your identity.The biggest thing to watch for is a link in the text. Clicking the link will take you to a website where it will ask you to providethe information they need to access your accounts.Here at NuMark, we care about your personal and financial safety, which is why we encourage you to follow the advice of“Stop, Think & Verify.” When you receive a text message that seems a little suspicious, take a step back and think about the message you’re receiving. Where does the message claim to be coming from? Does it seem like a legitimate issue?Please remember NuMark will never call or text you to ask you to verify any confidential information. If a team memberneeds that information, they will ask you to call us back so you can rest assured that you’ll be talking with your trustedfinancial partner.If you suspect that you’ve fallen victim of a text phishing scam, please contact us at 815-729-3211.SCAM WATCH – TEXT MESSAGE PHISHING
WHERE YOU ARE FAMILYContact UsSr. Editors: The NuMark Marketing Dept.Ask@numarkcu.orgHoliday Closings:Memorial Day - Monday, May 27Juneteenth - Wednesday, June 19Independence Day - Thursday, July 4Visit numarkcu.org for branch locations and hours. NUMARK NEWS NUMARK ANNUAL MEETINGThe Annual Meeting for our members for the election of directors and other business will be held at Ashbury’s at Boughton Ridge, 335 E Boughton Rd, Bolingbrook, IL 60440 on Tuesday, April 30th at 4:00 p.m. Members are encouraged to attend. Refreshments will be provided.SAVE THE DATE2024 Shred DaysShredding old personal information is a great way toprevent identity theft. We are happy to announce thatwe have partnered with Document Destruction LLC to bring back our Shred Days again for 2024!Watch your documents get destroyed before your eyes! Click here for a list of which items to keep and which ones to shred. YOU CAN BRING UP TO TWO BOXES OF PAPERS & ELECTRONICS.* *Closed bags and boxes with lids only. Tube televisions, clothor metal items, glass, monitors and clothing are not accepted.Saturday, April 27thWarrenville Branch3S555 Winfield Rd.9:00am-11:45am(NEW DATE)Saturday, May 18thCountryside Branch9809 W. 55th St.9:00am-11:45amSaturday, June 8thCrest Hill Branch2380 Caton Farm Rd.9:00am-11:45amSaturday, August 10thTinley Park Branch8001 W. 159th Street9:00am-11:45amSaturday, July 20thEarlville Branch137 N Main Street9:00am-11:45amFederally Insured by NCUA.