Consumer Tips

Whether your mom has a secret mattress stash of money she’s been saving for your first home, or if you made a special request to your wedding guests to forego the toasters and instead give money toward your new love nest, gift funds can be a big help when it comes to buying a home. Although utilizing gift funds for a down payment on a new home is very common, many don’t realize that the source of the gift is an important factor when going through mortgage financing. There are some things to be mindful of in the process to ensure as a buyer you receive the funds in such a way to satisfy lender guidelines.

The scrutiny by lenders around gift funds is to ensure you are not “borrowing” funds which could, in turn, add to your indebtedness. 
Although cash gifts are most often seen given to first-time home buyers, other buyers ‘moving up’ will occasionally use them as well. The extra cash may be desired to help reach a 20% down threshold which could translate to better interest rates as well as no private mortgage insurance (PMI) which has become quite costly in recent years.

When a borrower qualifies through Fannie Mae guidelines for a conventional loan and has FNMA Desktop Underwriter (DU) approval, often the entire down payment can come from gift funds from family. In the past FNMA has required a borrower to have at least 5% of their own funds into the transaction. FHA loans also allow for all of the minimum down payment of 3.5% to be gift; however, there are some additional guidelines around exactly who can give the gift.
It’s important to know how to structure your gift funds to be sure that you are able to meet lender guidelines.

For instance, a gift letter will be a part of the required documentation requested by your lender. The letter should ultimately be short and simple. Typically, the lender will ask that a borrower include the following information: 

• Address of property to be purchased
• Amount of gift
• Relationship of the gifter and giftee (should be a relative)
• Declaration that this is a gift and does not need to be repaid

Outside of the basic gift letter there are a few other things to keep in mind: 

• Make copies of the front and back of each check. Your lender will need it. 
• Deposit your gift check in an actual brick & mortar bank versus via a smartphone. This process may seem archaic to some, but it helps with the paper trail. 
• Keep a copy of the deposit slip. You may be asked to provide it for the underwriter.
• The gifted check should go into the same account you are using for your closing. The last thing you need is to have to run around and provide new bank statements right before closing.
• If the gifter is shifting funds around in order to give the gift, ask them to make sure there is a clear paper trail. It may need to be verified.

When you know in advance that you will be using gift funds to help with your down payment, be prepared to document it for your mortgage company. 

If you’re ready to purchase a new home and would like to start earning cash back with a SIRVA referred agent, contact us today at 800-284-9756.
 

Spring is in the air! And so are pesky allergens that can cause allergies in every family member including your four-legged friends. While dogs and cats, like humans, can have allergies any time of year, they can also have seasonal allergies. These arrive with the warm weather as nature comes out of hibernation and pollen fills the air.

My Dog Has Allergies!

Dogs can have allergic reactions to a variety of common environmental and household substances but are prone to spring allergies. This is due to the extra pollen in the grass and air. Other common causes of pet allergies include dust, dust mites, grass, ragweed, mold, dander, feathers and flea bites.

Allergies are more common in Terriers, Retrievers, Setters, and dogs with short snouts including Pugs, Bulldogs, and Boston Terriers.

Can Cats Have Allergies?

Cats can also develop seasonal allergies, especially those that spend time outdoors. Like dogs, cats can have allergic reactions to pollen and other allergens that are more active in the spring. Reduce the chance of your cat having a spring allergy by keeping them indoors, particularly on dry, windy days. Also, keep kitty inside after mowing the lawn, weed pulling, or gardening. Using the air conditioning instead of fans will also reduce the pollen in the air indoors, as well as dusting and vacuuming frequently.

Keep an eye out for the following symptoms that may indicate your pet has an allergy: itching (including excessive scratching, hair loss, red skin or skin irritation); red, watery eyes; excessive paw licking; ear infections (watch for excessive head shaking or scratching of ears), or sneezing (and “reverse sneezing” in dogs, and rarely in cats, when air is inhaled rapidly through the nose)
If your pet is showing any of these five common signs of allergies you should consult your veterinarian.

How Can I Relieve My Pet’s Allergies?

Sometimes symptoms for seasonal allergies will overlap with food allergies or other environmental allergies so diagnosis may be difficult and is best managed by a veterinarian who can prescribe medication if necessary. Diet can help treat allergies such as feeding your dog Omega 3 fatty acids, and yucca for cats and dogs. To treat itching or skin conditions due to allergies, make sure to wipe your pet’s paws after walking outside, and use shampoos that contain pet friendly moisturizers or soothing emollients. Antihistamines are effective in only 20% of pets, and you should consult your veterinarian before administering any medication to your dog or cat. Enjoy the spring with healthy pets, not sneezing pets.

How Can Pet Insurance Help with Allergy Care?

Don’t wait until your pet’s allergies have already developed as pet insurance doesn’t cover pre-existing conditions. Protect your wallet by covering your pet before illness or accident happens.

The Union Plus Pet Insurance program is powered by Pets Best and offers plans to fit all budgets and coverage needs.

Visit unionplus.org/pets to learn more about
which plan is best for your pet!
 

Learn how you can identify allergies in your pet and help them cope with the symptoms.

Common Causes of Pet Allergies 

Pets are just like people in that they can have allergic reactions to a variety of common environmental and household substances. Common allergens include:

• Pollen
• Dust
• Dust mites
• Grass
• Ragweed
• Mold
• Dander
• Feathers
• Flea bites

Look out for these common symptoms that may mean your pet has an allergy:

• Itching (including excessive scratching, hair loss, red skin or skin irritation)
• Red, watery eyes
• Excessive paw licking
• Ear infections (watch for excessive head shaking or scratching of ears)
• Sneezing (and “reverse sneezing” in dogs, and rarely in cats, when air is inhaled rapidly through the nose)

How Can I Reduce My Pet's Allergies?

Reduce the chance of your pet having a spring allergy by keeping them indoors, particularly on dry, windy days. It's also important to keep pets inside after mowing the lawn, weed pulling, or gardening.

Use air conditioning instead of fans to reduce the amount and movement of pollen indoors, as well as dusting and vacuuming frequently.

Ways to Help Treat Your Pet's Allergies

Sometimes symptoms for seasonal allergies will overlap with food allergies or other environmental allergies, so diagnosis may be difficult and is best managed by a veterinarian who can prescribe medication if necessary. Diet can help treat allergies such as feeding your dog Omega 3 fatty acids, and yucca for cats and dogs.

To treat itching or skin conditions due to allergies, make sure to wipe your pet’s paws after walking outside, and use shampoos that contain pet friendly moisturizers or soothing emollients. Antihistamines are effective in only 20% of pets, and you should consult your veterinarian before administering any medication to your dog or cat. 

If your pet is showing any signs of allergy symptoms, consult your veterinarian.

Enjoy the spring with healthy pets, not sneezing pets.

With Union Plus Pet Health Insurance, you can consult a veterinary expert about your pet's allergies with the Pets Best 24/7 Pet Helpline! Accident Only¹ plans are only $6/month for cats and $9/month for dogs. If you'd like to include illness coverage, there are comprehensive BestBenefit Accident and Illness plans² available. 

Learn MORE ABOUT
Union Plus PET HEALTH INSURANCE

One of the clearest signs that you might need glasses is the inability to read an actual sign. But there are many other clues that can reveal if your powers of observation are fading. The key to understanding the clues is fortunately not a mystery. It simply takes understanding the symptoms. Check out the following ten signs that may signal it’s time to schedule an eye exam.

1. Blurred Vision: If you no longer recognize a friend 10 steps away, or your favorite magazine has become too fuzzy to read up close, you may be developing farsightedness or nearsightedness. If you find it difficult to see objects both near and far, that may be astigmatism, a common condition involving a curvature of the eye lens or cornea.³
2. Difficulty seeing at night: If your night vision is fading so you no longer can see your dog in the yard or driving is becoming more of a concern, you may be experiencing signs of early cataracts, which should be examined as soon as possible.⁴
3. Trouble adjusting from dark to light: If it takes your eyes longer to adjust after seeing bright lights on the highway, it could mean the muscles that help your iris contract and expand are weakening. It’s likely due to age, as are many vision problems.⁵
4. Difficulty at the computer: You can try to blame it on work, but oftentimes those who struggle to read the computer after a while may be experiencing a clue to farsightedness. 
5. Eye strain or fatigue: Does 20 minutes of reading wear your eyes out like 1 hour did only a year ago? Eye fatigue results from blurry vision or when you regularly squint or blink to bring items into focus, but it also can occur from driving, writing or mobile phone addiction.
6. Frequent headaches: Sometimes the mechanism that helps the cornea and lens focus on images fails, and the small muscles in the eye are forced to work harder. The result is eye strain, which can lead to headaches.⁶ Put in simple terms: When you squint, it can cause headaches, and you may need glasses.
7. Double vision: Drinking jokes aside, double vision can lead to serious issues. Seeing double may indicate problems with your cornea or eye muscles. It can also be a symptom of cataracts. Call the eye doctor on the double.⁷
8. Wavy vision: Do the blinds covering the kitchen window suddenly look like they are under water? When straight lines appear distorted, or colors look faded, it may be a sign of macular degeneration, the deterioration of the central portion of the retina and a leading cause of vision loss.⁸
9. Seeing halos: If you see halos around objects, it may signal developing cataracts or night vision problems. These halos are usually more pronounced in the dark and surround objects.⁸
10. Eye pressure: If you feel pressure behind the eye, it may be a sign of developing glaucoma. No need to panic, though, because it’s highly treatable. Pressure buildup can damage the optic nerve that transmits images to your brain, but not everyone who experiences eye pressure has glaucoma. Still, you should get it checked.⁸

While the presence of one or more of these symptoms doesn’t necessarily mean you have a vision problem, we recommend having an eye exam as a precaution. It is essential to have an eye doctor examine your eyes to understand what’s causing these changes. It’s the only true way to find out if you need glasses, and to improve your power of observation.

If you’re buying electronics or appliances for a family member this holiday season, resist the temptation to spring for an extended warranty in case the item breaks.

Salespeople often push these service plans, which have become a $40 billion business, according to the newsletter Warranty Week. Two-thirds of in-store electronic shoppers and nearly three-quarters of appliance purchasers say that an associate has pitched one to them.

In nearly every case, it’s best to decline the offer. A March study from Stanford University found that consumers may overpay for extended warranties because they overestimate the likelihood that a product will need a repair.

Still, nearly a third of consumers have purchased one, with those buying exercise machines and major appliances most likely to to do so. “Today’s appliances are fairly reliable,” says Dan DiClerico, a home expert with HomeAdvisor.com (and a former editor for Consumer Reports). “The chance that your refrigerator or dishwasher actually needs a repair during the extended warranty period is pretty low."

DiClerico goes on to say that even if an appliance does break, the cost to fix it probably won't be much more than what you'd spend on a warranty. "The numbers aren’t really favorable toward paying for the extended warranty,” he says.

There are some rare occasions when buying an extended warranty could make sense, however. Smartphones, for example, travel with you everywhere, and their screens can  crack easily. In such cases, paying for AppleCare or Samsung Premium Care may be worthwhile. But even here, it really depends on what goes wrong with the device.

What to Consider

If you still want to purchase an extended warranty, follow these tips.

Understand the manufacturer's warranty before making a purchase. Federal law requires that you have access to the manufacturer's warranty before you decide to buy. When you read it, note how long the warranty lasts (typically 90 days or so), what it covers, and whether the company will repair or replace the item or refund your money.

Some manufacturers will also repair a product after the warranty has ended simply because it’s good customer service, so it’s worth contacting the company should a problem arise. Keep in mind that some extended warranties simply duplicate the coverage already offered by the manufacturer's plan.

Check to see whether you already have extended coverage through a credit card. If you bought the product using a credit card, check to see whether the card issuer extends the warranty. Many do for a period of one year or more. If you’re not sure whether your card provides such a perk, call customer service to find out. Or use an app like Sift, which will let you know before your make a purchase with a specific card how long the warranty will last.

Read the fine print. Extended warranty coverage may not be as comprehensive as you think. Extended warranties often include lots of exclusions that make the service less useful. For example, coverage may not include accidental damage, or companies might be able to deny a claim if you haven’t followed their routine maintenance instructions, according to the Federal Trade Commission.

The warranty may also require you to use a specific service provider or repair shop for service. “You may have to take the product to a location that isn’t convenient, especially if you don’t live in a big city,” says Richard Alderman, director of the Center for Consumer Law at the University of Houston. “You may have to ship it somewhere, even though shipping isn’t included.”

About 1 in 5 consumers who use an extended warranty is dissatisfied with the repair, and service can take a long time or require multiple tries to get it fixed. There’s also the risk that the warranty provider will go out of business.

Consider how much repairs would cost. Extended warranties cost an average of $126 for large appliances and $21 for small appliances. It costs just $26 more to repair the items without a service plan (see Consumer Reports' extended warranties buying guide). While rare, some warranties require you to hit a deductible before they’ll cover your costs or charge fees for each claim.

Repairs, however, aren't usually that expensive. Because the financial risk of needing a repair without an extended warranty is relatively small, it’s not a huge risk to go without one. 

Buy higher-quality products. Research the items you’re planning to buy before making the purchase. Be sure to understand the manufacturer’s warranty that comes with it. High-quality items may cost more but they’re less likely to break, making it an easier choice to decline the extended warranty. You can learn more about a product's reliability by reviewing Consumer Reports' ratings and product reliability information online.

Also consider where you plan to purchase the product. Look for a retailer that will take returns on defective items. Stores with the most generous return policies will accept broken items, even years after the original purchase. “Not every company is out to get you,” says Bob Hunter, director of insurance for the Consumer Federation of America.

When to Buy Insurance

On the 'Consumer 101' TV show, Consumer Reports’ expert Octavio Blanco offers tips on deciding when insurance is needed and how to get the most bang for the buck when it comes to coverage.
 

You might feel like you’re mentally ready to sell your home, but is your home ready? Look at this quick checklist of things that you shouldn’t forget before you let potential buyers check out your house.

• Turn on lights
• Make beds
• Wipe down counters
• Clean toilets and put seats down
• Vacuum carpets
• Take out trash
• Clean mirrors
• Air out home by opening windows
• Put away anything on the kitchen counter
• Turn on lights
• Sweep front porch and deck
• Make arrangements for animals to leave the home
• Wipe down cabinets
• Set dining room table
• Light candles (with fresh scents)
• Put out fresh flowers
• Hide clutter via a tote in garage

If you only have a few minutes to get your home ready, consider just doing a few of these. It’s important to think about investing in a home cleaning service while you’re selling your home, so you don’t have to do a deep clean every time you have a showing. If you have kids, give each a tote to store things at the last minute, that can fit neatly in their closet. You can do the same thing if you have pets, find a tote that can store their toys and beds for last minute appointments

When you’re ready to sell a home, check out the Union Plus Real Estate Rewards program. You could get $500 for every $100,000 in home value if you use a real estate agent approved by SIRVA.*

Spring will be here before we know it and that means the height of homebuying season. You may be thinking about buying a home — wanting to jump right into home ownership. Before you start it is important to know what to ask. There are misconceptions about what it takes to buy a home and there are myths about credit and down payment options. 

As a first-time homebuyer, knowing the three important questions and answers when buying a home may bring you confidence and may give you the information you need to move forward. 

Q: Do I make enough money to qualify for a mortgage?

A: Financing programs are available for a wide range of incomes — there is no set income that means you are ready to buy a home. There are other factors that are considered when you apply for a mortgage. They include your credit score, credit profile, and your savings. 

Many customers find the "get prequalified" tool helpful, as it can determine the price range you qualify for. After entering your information a home mortgage consultant can meet with you to review your financing options. Right from the start you will have personal guidance and a mortgage professional to answer any questions you may have.

Q: Is a 20% down payment required?

A: Not necessarily. Even if you have limited savings or modest income, there are a variety of financing options. Some require little or no money down, while some allow for a 3% down payment on a conforming fixed-rate loan like yourFirstMortgage^®. Even if you’re not buying your first home this loan option is available to you. Or, if you are a veteran a VA loan requires no money down. You may also receive and use monetary gifts from family for all or a portion of a down payment or for closing costs. As always, a home mortgage consultant can discuss loan amount, loan type, and property to ensure your eligibility. 

It is important to keep in mind that with a low down payment, mortgage insurance will be required, which increases the cost of the loan and your monthly payment. Talk with a home mortgage consultant about loan amount, type of loan, and property type requirement to ensure eligibility. We’ll explain the options available, so you can choose what works for you.

Q: Do I need a perfect credit score? 

A: No. Your credit score does not have to be perfect. Matter of fact, there are financing programs available for homebuyers with less-than-perfect credit scores. 

Being an Informed Homeowner

As we know — every little bit helps. Ask how homebuyer education and an eligible down payment may qualify you for a closing cost credit.  

The Benefit of Union Plus^® Mortgage Program

The Union Plus Mortgage program, with financing provided by Wells Fargo Home Mortgage, features access to benefits designed for union families. 

After closing on a loan through the Union Plus Mortgage program, you’ll be eligible to receive a My Mortgage Gift^SM award from Wells Fargo — $500 for buying a home or $300 for refinancing your home, for use at participating retailers — and access to mortgage assistance through Union Plus in times of hardship such as layoff, disability or strike.^1,2 Keep in mind that that extended family (parents and children of union members) may be eligible for certain mortgage assistance benefits.

You May Be Closer Than You Think

If you have any questions about the homebuying process, loan options, or would like a free prequalification, contact a Wells Fargo Home Mortgage consultant today. We’re here to support you every step of the way. And if you are considering refinancing, Wells Fargo Home Mortgage has options for you too.

Call 866-802-7312 or
request a consultation today
 

Why Buy? Here Are Some Reasons

Create the Home You Want

With no landlord to answer to, you can build your house into the home of your dreams. There's no need for anyone else's approval or permission.

Deduct Interest on Your Taxes

Unlike rent payments, the interest you pay on your mortgage may be tax-deductible. You may also be able to deduct home equity debt and real estate taxes.

Keep Your Monthly Payments Low

You can find a mortgage whose monthly payment won't go up as the market fluctuates, whereas your rent is typically raised or adjusted each year.

Build Your Equity Every Month

When you purchase a home, you're making an investment in your future. Each mortgage payment you make increases your equity in the house.

Ready to Take the Next Step?

Call us today. We're happy to help find out if you qualify, and there's never any obligation.

Visit unionplusmortgage.com or call 855
UNION 53 (855-864-6653) to talk to a loan officer.

Union members can save up to 25% off base rental rates with Avis Car Rental. Union members with Avis Preferred, however, save up to 25% off base rental rates AND get extra benefits. 

If you’re not already signed up for Avis Preferred, you’re missing out on expedited service and easy-to-earn rewards for every dollar you spend. Plus, it’s free to enroll!

Some of the benefits include:

Expedited Service – Skip the line and head straight to your car!

Accelerate Your Rewards – Earn points for every qualifying dollar you spend to be redeemed for rentals, upgrades and accessories.

• Rental day rewards start at just 700 points with no blackout dates.
• Accessories including SiriusXM Radio®, GPS, Child Safety Seats, and Roadside Assistance are now just 250 points per day.
• Earn 100 bonus points when you opt into Avis Preferred Points and rent once within three months.
• Every rental earns a minimum of 100 points.

Total Control – Use the innovative Avis app to choose your car, confirm, cancel or extend the rental.

Track Your Activity – Keep rental preferences on file and track your activity and rewards.

Exclusive Offers – Get exclusive monthly email offers.

Make your travel more rewarding and enroll in Avis Preferred today!

Enroll in Avis
Preferred Today  

Buying your first home is a big investment – one that can affect your lifestyle and your credit. The more information gathering you do before making your decision, the greater your satisfaction is likely to be before, during and after your move. To get you started, here are ten things to know before buying your first home.

1. How much you can afford: Consider all costs involved, including the down payment, closing costs, your monthly mortgage payment, taxes and maintenance, insurance and any applicable association fees.
    
2. Your credit score: Credit is an agreement to borrow money with the promise that you will pay it back later through scheduled payments. Good credit may get you a lower rate on your loan. To learn about credit and how to get your score, watch our “Credit Score” module.
    
3. The homebuying process: From the pre-approval decision through inspections and the closing, the homebuying experience involves many steps. Make sure you see the big picture before you start by watching our “Considering Home Ownership” module. 
    
4. Your financing options: Rates, terms, discount points and other details vary by loan type and with your credit. If you’re ready to take the next steps, find out what’s available to you by calling 855-864-6653 to discuss your options.
    
5. The right real estate agent for you: Real estate agents specialize in a variety of areas and are each familiar with different neighborhoods. Choose one who you feel best aligns with your needs and personal preferences.
    
6. The neighborhood: Safety, commute times, noise and other surrounding factors can influence your quality of life. Make sure you visit the area, walk around the neighborhood and get a feel for the community. Take the time to research the community online to learn of any upcoming developments that may impact the housing market in that area, and look for other red flags that may impact your choice to live there.
    
7. The school district: Even if you don't have children, you should consider the rating of the school district where you are planning to live. The school district where your home is located will have a direct impact on your taxes. And while low taxes may seem appealing because you don't have children, strong school districts are a top priority for many home buyers, so this can help to boost your property value and your bottom line when you choose to sell. It’s important to weigh the pros and cons for your situation now and in the future.
    
8. The state of the market: Is it a buyer’s or a seller’s market? Can you get more house for less if you wait a little longer? Timing can be crucial in determining the total cost of your first home.
    
9. Comparable prices: How much do similar homes in the surrounding area cost? You may want to compare houses in several neighborhoods to make sure you’re getting a good value. Ask your real estate agent for information about comparable properties (or “comps”) to determine how much to offer.
    
10. How your taxes will change: While home ownership comes with additional expenses like taxes and interest fees associated with your mortgage, you may be able to deduct your mortgage interest and real estate property taxes come tax season. Consult with your tax advisor for details specific to your individual situation.

Visit unionplusmortgage.com or
call 855 UNION 53 (855-864-6653) to talk to
a loan officer.