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Greetings!
Happy August!
Summer is
winding down and with all the events happening this month, it is sure to fly by
fast. Starting tomorrow, August 13th,
the Skowhegan State Fair kicks off 10 days of fun, followed by the
Madison-Anson Days August 21-23.
Skowhegan
Savings is pleased to announce that making appearances at the various fairs and
events in the area are our new Mascots: Trusty Tree and Penny Pine Cone. Our new additions to the Skowhegan Savings
family are very excited to meet you all.
If you are
looking for an enjoyable evening out I recommend you stop by the Skowhegan
Savings sponsored "Concerts in the Park" series in Fairfield.
The concerts are held Thursdays from 5-7 pm in the Gazebo in Memorial
Park. Admission is free and they are a
blast. This Thursday the 13th,
Deas & Friends will play, followed by Al Pouliot Project on August 20th,
the KVCC Faculty Bank on August 27th, and ending with Debbie
Leschinski on September 3rd.
This month's
edition of the Advisor will focus on the basics of buying a home. Currently, a number of incentive programs are
being offered to first time home buyers.
Skowhegan Savings would like to share some helpful hints to future home
buyers to help make your experience positive and process successful.
Sincerely,
John Witherspoon
President & CEO
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Mortgage 101
The Basics of Buying Your First Home
Did you know that you may qualify as a first-time home buyer
if you haven't owned a home in the last three years? As a qualified first time home buyer, you may
qualify for two programs. The Maine Housing Gift of Green program is a grant of up to $5,500.00 to
help with the cash needed for closing, such as any required down payment,
closing costs, and prepaids. The Gift
of Green is truly a gift - it will not be added to the loan amount and it never
has to be paid back. The Federal First Time Home Buyers Tax Credit, for qualified first time home buyers,
is equal to 10% of the total purchase price of the home, or a maximum of
$8,000.00. This tax credit is applied
when you file your federal income tax return for 2009 as a dollar for dollar
reduction in the income taxes that you owe.
Buying a home is a
big decision and a big commitment!
Even with first time home buyer programs, there is still a
lot to learn about home mortgages and how to proceed with obtaining one. Here is some information we hope you find
helpful.
What will you need
for a down payment? Three to twenty
percent of the purchase price is typical.
The actual amount depends on what type of loan you apply for.
How will you know if
you qualify to make the monthly payments?
Several factors are taken into consideration when a bank determines if
you qualify. One is your debt to income
ratio, or your total monthly payments divided by your gross monthly
income. One of our lenders would
be happy to help you in the qualification process.
What about your
credit score? Your credit history
is a major factor in qualifying for a mortgage. If you would like a free copy of your credit
report, click here. You can check
your credit report in advance of applying for a mortgage and should carefully
review your report to assure that it accurately reflects your credit
history. To maintain a good credit history we
recommend that you:
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Pay your bills on time
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If you have missed payments, get them current
and keep them current
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Keep balances low on credit cards
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Pay off debt, rather than moving it between
credit cards
- Check your credit report annually for accuracy
You've found a home
you would like to buy, now what do you need when you come in to Skowhegan
Savings?
- A copy of the purchase agreement
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A copy of the legal description of the property
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One month of most current paystubs from your
employer
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Federal tax returns and W-2's from most recent
two years
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Driver's License
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Choosing a Home |
Your home could be the biggest and most important purchase
you ever make. Here are some additional
resources that may assist you. mainelistings.com - The
official statewide Maine MLS website that will help you find real estate
listings.
mainehomeworks.org - For
information on homebuyer's education.
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Skowhegan Savings, founded
in 1869, is an independent mutual savings bank dedicated to strengthening the Maine families,
businesses and communities it serves. Our team of friendly, committed
employees takes pride in delivering personalized, competitive banking services
with integrity and putting the needs of our customers first. An
innovative and progressive approach to banking ensures our personal and
business customers enjoy a banking experience that is quick, easy and
convenient.
Our nine Maine branches
include two locations in Skowhegan, as well as locations in Belgrade,
Bingham, Dexter, Fairfield, Madison,
Norridgewock, and Pittsfield.
For more information, visit www.skowsavings.com
or contact Customer Service at 800.303.9511.
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