Our First Interview

One of our very own, who had recently become engaged, has just finalized the deal on buying her first home. We sat down with HCCU Office Supervisor Sarah Dunsmuir to ask how she and her fiancé found the experience of buying their first house.

Let me begin by saying congratulations. How does it feel to be a first time home buyer? Exciting! I’m really looking forward to the Freedom and Independence that comes with owning my own home.

How long were you in the market for? We had been talking about getting our own place for about a year now, but we started our actual shopping three months ago and finally found a place that suits our needs.

What kind of planning was involved in the process? To begin with we had to figure out how we could afford such a thing. We both were carrying some personal debt and didn’t have anything set aside for a down payment. These were all things we knew we’d require.

Who helped you with all the decisions around home ownership? Well we first talked to a mortgage representative at the Credit Union. She told us what kind of deposit we would need to buy a house in the price range we were hoping for.

Did your family help you with any of the planning? To be honest they were just a pain. Just kidding, they did provide moral support along the way.

How were you able to save up the down payment? The first step was taking a look at our current situation. We were able to consolidate all our debt with a personal loan through the Credit Union. This eliminated both our car loans and the two credit cards we had. Then we cancelled the one card to keep spending under control. This freed up a lot of income to use towards our savings and helped eliminate some of our debt so we could qualify for the mortgage. We then laid out a budget for our spending and began to put aside every extra penny.

What other costs are you expecting? Well we’ve all ready put the down payment towards the house. We know we have lawyer’s fees, and since we’re only putting down 5% of the purchase price as a down payment we have our fee to CMHC (Canadian Mortgage and Housing Corporation). That will get us in the door, then we start saving to furnish the place.

Any advice for others in your position? Save early and save often. I can’t stress that enough. Also keep credit to a minimum. Especially the high interest credit cards. That kind of debt should be consolidated immediately.

Thanks Sarah, and Good luck with the new home.

If you have any questions regarding home ownership please, comment below or contact us here at the HCCU and we’d be happy to help.

HCCU is Handing Out iPods

There are quite a few things that I associate with the coming of spring. There’s the first exposure of muddy grass on everyone’s front lawns. There’s that final dump of snow that always seems to be the big one. Let’s hope what I’m referring to can be the one we just experienced. Of course there are the chirping birds, and the budding trees, and the streets packed with people on that first moderately warm day all dressed like they’re strutting down the promenades of South Beach. And then there is the HCCU Spring Raffle, which is once again upon us.

The HCCU Spring Raffle is always one of our biggest fundraisers generating more than $15,000 for the Cancer Assistance Program over the past 10 years.

During those years we’ve given away such prizes as Barbeques, Patio Sets, Bicycles, Tiger-Cat Tickets, Spa Packages and this year, to keep with the theme of modernization, we have two iPod Nano’s to give away.

We’ll also have a few additional prizes made up of Tim Horton’s Gift Certificates.

All of these prizes have been bought by the Credit Union and donated to the raffle so that all of the proceeds go directly to the Cancer Assistance Program to assist in their amazing cause.

As usual tickets are $2.00 each or 5 for $5.00 with the draw to be held on Thursday May 1st.

So get yourself in to the office and score yourself a chance to win. But cross your fingers cause you’ll have to be luckier than me.