March 2025 Basecamp Newsletter
Welcome to Basecamp, the monthly newsletter from P1FCU! Each month, we'll bring you free tips and strategies to improve your financial well-being, plus some insight into all the resources you have access to as a P1FCU member. Welcome! Become a subscriber below.
Buying your first home is an exciting and scary milestone; sometimes, the journey can feel overwhelming. With so many steps and financial decisions to consider, getting lost in the process is easy. But don't worry! P1FCU's VP of Mortgage Lending, Wes Gossage, joined the Making Sense of Money Podcast to break down everything you need to know to make your first home purchase a success.
Where Should First-Time Homebuyers Start?
Educating yourself on the process is the best place to start. Buying a home is one of the biggest financial commitments you'll ever make, so the more you know, the better prepared you'll be. "You can't learn enough. You can't ask enough questions. Getting a mortgage and that kind of commitment is a big decision," says Wes.
Many first-time buyers assume the mortgage process is similar to getting a car loan or a credit card, but it's far more in-depth. Be prepared for a longer and more detailed approval process, and don't hesitate to ask questions.
Start Your Homebuying Journey
- Save up for a down payment and other costs
- Research mortgage options and home loan programs
- Check and monitor your credit score (Download your Credit Score Workbook to learn more)
- Meet with a lender and make sure you know what you can afford and get pre-approved
Want to learn more about the homebuying process?
Help Us Prevent Fraud
Protecting our members from fraud is one of our most important goals. With fraudsters more prominent than ever, our education must constantly be adapting. Below are some resources we offer that can help you protect yourself.
Improve Your Credit Score With A Secured Loan
A Share Secured Loan can help you build your credit by reporting your on-time payments to the credit bureaus. Since your savings back the loan, it’s an easy way to establish or improve your credit score while keeping your money intact.
What is Gap Insurance?
GAP Insurance is protection that covers the difference between what you owe on a car loan and the vehicle's actual value if it's totaled or stolen. Since cars can depreciate quickly, many buyers can end up owing more than their car is worth. "If you're putting 20% or less down, GAP is important to have because vehicle values change every year," says Jenifer Piper, VP of Member Engagement at P1FCU. While costs vary, GAP insurance can often be included in your auto loan payment. The best time to purchase GAP is when financing a vehicle, though some lenders allow you to add it within the first six months.
New car owners can purchase GAP Insurance through dealerships, lenders, or insurance companies. Jenifer emphasizes comparing options to find the best coverage. "As a good consumer, you should compare options and determine which offers the best protection for your financial situation," she advises. She also reminds buyers to think ahead. Once a car is stolen or totaled, it's too late to add protection. Car buyers can avoid costly surprises by planning and budgeting for protection. Check out Jenifer's Making Sense of Money Podcast to get all the details on the benefits of GAP Insurance.
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This is for educational purposes only and not financial advice.