Schneps Media, the largest local media company in the New York metro area, hosted a webinar featuring experts from Municipal Credit Union (MCU) to guide prospective first-time homebuyers through the complex process. The webinar addressed crucial aspects of homeownership, from assessing readiness to understanding mortgage intricacies.
Elizabeth Aloni from Schneps Media introduced the MCU experts: David Colby, Director of Lending Sales; Omar Osoria and Walter Skowronski, Mortgage Sales Managers; and Debra Sinodinos, Business Development Manager. Colby emphasized the webinar’s goal: to equip attendees with the knowledge needed to navigate the home buying process, a significant financial undertaking for most.
Osoria began by defining essential terms like amortization, APR, closing costs, and credit bureaus, stressing the importance of understanding these concepts. He then explored the advantages and disadvantages of homeownership versus renting, urging attendees to consider factors like building equity, maintenance costs, and market variability.
The MCU rep clarified the misconception about needing a 20% down payment, explaining that credit union offers mortgages with as little as 3% down through private mortgage insurance (PMI). He also outlined the roles of various professionals involved in the process, such as loan officers, appraisers, and real estate agents.
Skowronski, meanwhile, delved into the components of a monthly mortgage payment (PITI: principal, interest, taxes, and insurance) and the significance of credit scores. He advised attendees to obtain and review their credit reports from annualcreditreport.com, checking for accuracy and understanding how credit utilization affects their scores. H
Sinodinos discussed MCU’s savings and checking account offerings, highlighting a high-yield savings account with a 3.2% interest rate and a nine-month CD at 4%. She emphasized MCU’s commitment to “people helping people,” offering competitive rates and lower fees compared to commercial banks. She detailed the process of becoming an MCU member and the current promotion offering $200 for opening a checking account with direct deposit.
The webinar concluded with a Q&A session, addressing questions about condo vs. co-op differences, the meaning of “points,” credit card impact on credit scores, and the relationship between income and mortgage qualification. The experts emphasized the importance of consulting with loan officers early in the process and tailoring advice to individual circumstances. They reiterated that the best time to buy a home is when one is financially ready.
