As we celebrate National Homeownership Month we’re sharing essential tips and tricks that every homeowner should know. Whether you’re unlocking the door to your first home, settling into a forever home, or preparing to make your final mortgage payment, Picatinny Federal Credit Union is here to support you every step of the way!
- Build a safety net and budget for unexpected repairs. Owning a home comes with many responsibilities, including financial ones. Be sure to:
- Budget for regular maintenance and repairs.
- Set aside funds for unexpected expenses (like HVAC repairs or a new roof).
- Consider utilities, property taxes, and HOA fees in your monthly expenses.
PFCU Pro Tip: Set up automatic transfers to move a little each month into a home maintenance savings account.
- Look into preventative maintenance! Preventative care keeps your home in top shape and helps avoid costly repairs. Here’s a simple seasonal checklist:
- Spring – Clean gutters, service HVAC, inspect roofing.
- Summer – Seal windows/doors, test smoke detectors, trim landscaping.
- Fall – Clean chimney, inspect heating system, rake leaves.
- Winter – Check for drafts, insulate pipes, clear snow/ice buildup.
- Review and understand your mortgage. Even if you’re years into your mortgage, it is always smart to look over your mortgage and review your options
- Keep track of your interest rate and look into refinancing an option
- Review your payment schedule—can you make extra payments to reduce interest?
PFCU Pro Tip: Schedule a meeting with our Mortgage Loan Officer to help you evaluate whether refinancing could save you money.
- Invest in Home Equity wisely. As you build equity, you’re also building opportunities to increase your home’s value. Consider a Home Equity Loan or Home Equity Line of Credit to:
- Fund home improvement projects
- Consolidate debt
- Cover major expenses such as tuition or emergencies
PFCU Pro Tip: Schedule a meeting with an MEP to explore the right option for your goals.
- Stay educated – Homeownership is an exciting journey and every situation is unique. It is important to stay informed – that’s why we offer free Mortgage seminars and resources to empower our homeowners. Visit our community calendar to register for the next webinar!
