Received a Package You Didn’t Order? Brushing and QR Code Scams

Posted on by
Reply

Have you received a surprise package at your doorstep recently? Packages from an unknown sender, especially those including a QR code – are likely part of a dangerous new brushing scam. With new scam tactics evolving constantly, knowing what to look out for and how to respond is important. At First Financial, we’re here to help you recognize these schemes and protect your personal and financial information.

What is a Brushing Scam?

A brushing scam is when someone receives packages they didn’t order, often low-cost or counterfeit items like beauty products or small electronics, from a seller trying to boost their online reputation. The scammer uses the recipient’s personal information (often obtained through data leaks) to create fake customer reviews, falsely increasing the legitimacy of their product listings. While the merchandise may seem harmless, the real concern is that your personal information – name, address, or even online account details, have likely been compromised.

The New Twist: QR Code Scams in Packages

Scammers are now also including QR codes in these unexpected packages. The note may say the QR code will reveal who sent the gift, provide return instructions, or offer a bonus or prize. But in reality, scanning the code could redirect you to a phishing website designed to steal sensitive information like your login credentials or credit card number. Even worse, it may install malware on your device, giving hackers access to your data and apps.

How to Protect Yourself from QR Code and Package Scams

Don’t Scan Unfamiliar QR Codes: If you receive a package you didn’t order, avoid scanning any QR codes inside. These can be designed to mimic legitimate company branding and lead to fake websites that steal personal data.

Check Your Online Shopping Accounts: If the package came from a known platform like Amazon or eBay, login to your account and look for any unauthorized orders. If you see suspicious activity, change your password immediately and report the fraud to the platform.

Change Your Passwords: It’s a good idea to update your passwords on shopping accounts and your email if you received a suspicious package. Always use strong, unique passwords and consider enabling two-factor authentication for extra security.

Don’t Contact the “Sender”: Don’t attempt to reach out, even if a name, phone number, or website is included in the package. Scammers may use this opportunity to trick you into providing more personal details under the guise of resolving the issue.

Monitor Your Credit and Accounts: Visit AnnualCreditReport.com to review your credit report and look for any unfamiliar accounts or inquiries. Also, check your bank and credit card statements for unauthorized transactions.

Consider Freezing Your Credit or Adding a Fraud Alert: If you believe your personal information may be at risk, take additional steps like placing a fraud alert on your credit report or freezing your credit to prevent new accounts from being opened in your name.

Keep Devices Secure and Updated: Ensure your phone and computer software are continuously updated with the latest security patches. A secure device is your first line of defense against malware and phishing attempts.

Use Trusted QR Scanner Apps: If you must scan a QR code, use a QR code scanner app that shows you the destination URL before redirecting you. This provides a chance to spot suspicious links before it’s too late.

What to Do if You Think You’ve Been Scammed

If you received an unsolicited package, scanned a QR code, or noticed suspicious activity on your accounts:

  • Change your passwords immediately – Update and strengthen passwords for your financial and email accounts right away.
  • Contact your financial institution – Report the incident and monitor for any unauthorized transactions.
  • Monitor your credit – Visit AnnualCreditReport.com to review your credit report and closely check for suspicious inquiries or accounts.
  • File a report with the FTC at ReportFraud.ftc.gov and, if necessary, start a recovery plan at IdentityTheft.gov.

Stay Safe with First Financial

We’re dedicated to helping our members stay informed and protected from scams. If you ever suspect fraud or have concerns about any of your accounts, call us at 732.312.1500 or visit one of our local branches.

Financial Considerations Before You Go Solar

Posted on by
Reply

Switching to solar power can be a smart move for your wallet and the planet. But before you dive into solar panel installation, there are several important financial and practical considerations to keep in mind. At First Financial, we want you to make the best choice for your home and budget. Here’s what to think about before you decide to make the switch.

1. Is Solar Worth it for You?

Whether solar makes sense for you depends on many factors, including your current electric costs, your finances, your home’s potential, and how long you plan to stay there. Start by calculating your average monthly electric bill over the past year. Then, use online tools like Google Project Sunroof, EnergySage, or SolarReviews to estimate your home’s solar potential. These types of calculators factor in your roof size, orientation, and shading to project how much energy your panels could generate and when you might break even on your investment.

Keep in mind that estimates can vary widely between tools, so use them as a guide rather than a guarantee. If you plan to move within a few years, installing solar may not offer the potential savings you need to justify the upfront cost.

2. Is Your Roof Ready?

Before you invest in solar, assess the condition of your roof. If your roof is older and in need of repairs or a replacement within the next few years, it’s best to take care of this before installation. Otherwise, you might face the costly process of removing and reinstalling your panels. Ideally, your roof and solar panels should have similar life spans. Solar panels often come with a 20–25 year warranty, so it’s smart to ensure your roofing material will last a similar amount of time to avoid added expenses later.

3. Shop Around for the Right Installer

Don’t settle for the first solar installer you find. Collect multiple quotes and research each company’s reputation, certifications, and customer reviews. Comparing options will help you find the best value and ensure you’re working with a trustworthy provider. A quality installer will also be able to walk you through financing options, local incentives, and what you can expect in terms of performance and maintenance.

4. How to Compare Solar Proposals

When reviewing solar proposals, focus on these key points:

  • Price Per Watt: Lower cost per watt typically means a better deal.
  • Warranties: Look for 25 year panel warranties and 10–25 year inverter warranties.
  • Rated Power: Aim for panels with 420W to 440W for better efficiency.
  • Annual Production Estimates: Consider whether the system will meet 100% of your current energy use, and its ability to cover more if you add an electric vehicle or appliances.
  • Equipment Quality: Research solar panels and inverters. Microinverters are generally preferred over string inverters for better reliability.

Choosing high-quality components and a reliable installer will help maximize your investment and system performance.

5. Ensure Proper Insurance Coverage

Solar panel installation can impact your homeowner’s insurance. Before starting your project, contact your insurer to confirm your policy covers potential damages during and after installation. Some cities and states also require proof of insurance to approve solar projects, so make sure you meet all local requirements before moving forward.

6. Don’t Miss Out on Rebates and Incentives

The federal solar tax credit allows homeowners to deduct 30% of their solar installation costs from their federal taxes, available through 2033. That’s a substantial savings, and it applies regardless of the amount you spend, your income level, or whether you itemize deductions.

Some states and local governments offer additional incentives, like property tax exemptions or cash rebates. Research all the available programs in your area to maximize your savings. Keep in mind that you must purchase your system to qualify for the federal tax credit — leasing disqualifies you from this benefit.

7. Financing Your Solar Investment

Solar panels can be a big upfront expense, but financing options can make it manageable. Using a First Financial Home Equity Loan can be a smart and affordable way to fund your project.*

Features of our Home Equity Loans:

  • Competitive rates
  • No pre-payment penalties
  • No application fees
  • No points or closing costs
  • Flexible terms up to 20 years
  • Fixed monthly payments

We can provide the funds you need while keeping your payments predictable.

Thinking About Going Solar? We’re Here to Help.

At First Financial, we’re committed to helping our members make smart financial choices. Whether you’re exploring solar or other home improvements, we have the tools and expertise to support your goals. Ready to learn more? Call us at 732.312.1500, visit a local branch, or apply online.

*First Financial FCU (FFFCU) will waive closing costs at inception of loan. If loan is terminated within the first 2 years of opening, closing cost waiver is revoked and the borrower(s) will be required to pay back closing costs in full to FFFCU. A First Financial membership is required to obtain a Home Equity Loan, and is open to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. See FFFCU for details or visit firstffcu.com for all current rates. Rates for financing up to 80% of Appraised Value less other Mortgages.

Things to Do on a Budget in Monmouth & Ocean Counties this May 2025

Posted on by
Reply

April showers not only brought May flowers, but they brought free and inexpensive activities to enjoy with your family and friends in Monmouth and Ocean Counties all month long.

May 3

Boujee Foodiecon (Oceanport) – If you consider yourself a “foodie” and want to sample some adventurous bites, head over to Fort Monmouth from 12:30pm-7pm on May 3rd or 12:30pm-6pm on May 4th. With appearances from over 40 vendors, as well as family-friendly games and music all day – this event will have something for everyone to enjoy. Tickets are $15 in advance and $20 at the door, with children 10 and under being free to attend. This event will be held rain or shine. Click here to purchase tickets and view the list of vendors.

Cinco de Mayo Celebration (Toms River) – Celebrate Cinco de Mayo in Downtown Toms River on Washington Street from 12pm-6pm. The vendors, music, food, and drinks will give you a taste of authentic Mexican culture and cuisine without having to leave Toms River. There is no entry fee to attend. Click here for more information.

Made in Monmouth (Lincroft) – Made in Monmouth is making it easier than ever to shop local, bringing together over 250 Monmouth County vendors from 10am-4pm at the Robert J. Collins Arena & Recreation Events Center at Brookdale Community College. Selling everything from home décor to baked goods, jewelry and craft beverages – you can shop while supporting Monmouth County’s small businesses. Entry is free for all to attend. For more information, click here.

Ocean County Children’s Festival (Toms River) – Bring your little ones down to the Toms River Branch of the Ocean County Library from 11am-3pm for a fun-filled day. This event promises to have indoor and outdoor programs and activities geared toward children, as well as resources and community connections for families. All children who attend will have the chance to make an original piece of art to take home. The event is free for all to attend, and registration is not required. Click here for additional information.

May 10

Designer Bag Bingo (Surf City) – If playing bingo isn’t enticing enough, you have the chance of winning a designer bag when you play at the Surf City Volunteer Firehouse – with doors opening at 4:30pm and games beginning at 6pm. In addition to bingo, there will be a 50/50 raffle, designer wristlet/wallet raffles, and other raffle baskets to win if you purchase additional tickets. Admission is $35 and includes 13 rounds of bingo and a door prize ticket. If you don’t play, you can’t win – click here to learn more information and try to make that designer bag yours.

May 11

iPlay America Moms Play Free (Freehold) – Treat your mom to a day of fun at iPlay America, opening at 11am on Mother’s Day. Moms get a free 2-hour unlimited video game pass, $10 bonus card, and a carnation flower all day long. Other attendees can add ride, game, or arcade packages to join in on the fun with mom. Click here for additional information.

Spring Bazaar (Asbury Park) – If you’re looking for a unique way to celebrate the mothers of all kinds in your life, bring them down to Convention Hall from 12pm-5pm on May 10th, and to Convention Hall and the Asbury Hotel from 12pm-5pm on May 11th. This weekend promises to be full of shopping from local makers, fresh flower bouquets, photos in front of unique stations, delicious food and libations (for those 21+), and live music. There is no entrance fee for all to attend, and there will be various goodies from vendors available for sale. Click here to view a sneak-peak of Mother’s Day weekend at the Spring Bazaar.

May 12

Dave & Buster’s Grand Opening (Freehold) – Join in on the fun at the Dave & Buster’s Grand Opening at the Freehold Raceway Mall at 11am. A longtime staple of family-friendly entertainment and dining, Dave & Buster’s brings together classic and modern arcade games and a full-service restaurant and bar under one roof. The first 100 people in line at the exterior entrance will get free gameplay all day. Click here to learn more about how you and your loved ones can be part of the Dave & Buster’s Grand Opening.

May 16

Jazz Night (Belmar) – The Belmar Arts Center will transform into a lively jazz club from 7pm-10pm. Whether you want to groove out to some smooth tunes or bring your instrument to jump in on a musical number or two, Jazz Night is the place to be to indulge in the rhythms of jazz. You can also bring snacks and drinks (BYOB for those 21+) to enjoy during the evening. There is a $5 entrance fee for all who attend. You can find additional information and purchase tickets here.

May 17

Green Fair (Brick) – Although Earth Day has passed, Brick Township is giving you the chance to learn about how you can keep the Earth green, while putting more “green” back in your pocket from 10am-2pm at the Bob Anstett Cultural Arts Center. This community-wide event is geared toward inspiring people of all backgrounds to embrace sustainable living in budget-friendly ways. There will be educational exhibits, presentations, vendors, giveaways, and door prizes. Admission is free for all who attend. Click here to learn more.

May 18

Runaway Farm Animal Sanctuary Meet and Greet (Bayville) – Bring your family and friends to Runaway Farm from 11am-3pm to meet some furry and feathered friends and learn about the animal sanctuary’s mission. In addition to meeting the friendly faces of the animal sanctuary – there will be live music to enjoy, vendors to shop, baked goods to purchase, and fun giveaways as you explore the farm. Admission is free for all who attend. You can learn more here.

May 24

Memorial Day Bike Parade (Point Pleasant) – Point Pleasant is putting a unique spin on celebrating Memorial Day at 10am, beginning at the For Shore Pool Parking Lot. Everyone is invited to decorate their “wheels” whether they are bikes, strollers, or wagons – in red, white, and blue to march in the parade. If you are interested in participating, you are encouraged to meet in the parking lot at 9:30am. The parade will end with a service honoring our Fallen Heroes at Veteran’s Memorial Park by Little Silver Lake. Admission is free for all who attend. Click here to learn more.

Memorial Day Festival (Bradley Beach) – Bradley Beach is honoring those who have served our country all weekend long during their Memorial Day Festival, beginning on May 24th at 9am on Ocean Avenue and ending on May 26th at 11am at Riley Park. This festival will feature vendors, a parade, and a service. There will also be live entertainment from a variety of local artists all weekend long at the 5th Avenue Beachfront Gazebo. Admission is free for all who attend. Click here to learn how you can join – whether it’s for one, two, or all three of the festival days.

May 25

Sunday Funday at Double Trouble State Park (Bayville) – Enjoy a sunset hike and make a gift to honor our veterans on the night before Memorial Day at Double Trouble State Park, beginning at 7pm. The hike will introduce you to the Pine Barrens ecosystem and offer a window into its history. Since the event begins at 7pm, the park kindly encourages attendees to not only consider bug spray – but dress appropriately for the weather. Admission is free for all ages. Registration ahead of the event is not required. Click here for more information.

May 26

Memorial Day Parade (Farmingdale) – Join Farmingdale in celebrating and honoring those who have served our country at their 52nd Annual Memorial Day Parade, beginning at 1pm on Main Street. The streets of Farmingdale will come alive with music, dancing, classic cars, horse drawn carriages, and more. For the first time in the history of Farmingdale’s Memorial Day Parade, and for those who enjoy shopping – vendors will be selling their unique goods beginning at 11am. Children are encouraged to bring bags to collect thrown candy, and all attendees are encouraged to bring flags to wave as the floats ride by. Admission is free for all who attend. To learn more, click here.

Memorial Day Parade (Freehold) – Join in on the biggest and longest running Memorial Day Parade in Western Monmouth County at 10am, beginning at the corner of Brinkerhoff Avenue and Main Street. There will be countless organizations participating, each bringing different forms of entertainment and creative floats to enjoy with your family and friends. The parade will go all around town, offering plenty of viewing spots. To view the parade route and see how to get a bird’s-eye view, as well as get additional details – click here.

May 31

Ocean Grove Spring Market – You won’t need a metal detector to search for hidden treasures at the Spring Market, taking place at the Great Auditorium on Ocean Pathway from 9am-3pm. Ocean Grove welcomes vendors selling vintage, antique, handmade, and new items – making this event a shopper’s paradise. There is no entry fee to attend. Click here for additional information.

Home Sweet … Home Improvement Scam?

Posted on by
Reply

Deciding to take on a home improvement can be a big commitment, especially when you have to entrust a contractor with turning your dreams into reality. Unfortunately, scammers posing as trustworthy contractors are promising to do the work – and leaving your home and wallet to take the hit. Before you hire a home improvement contractor, consider these red flags that could indicate that a home improvement scam is happening to you.

What is a Home Improvement Scam?

A home improvement scam begins with receiving a flyer in the mail, viewing an advertisement on social media, or being met with an unsolicited knock on the door from a contractor. The so-called “contractor” will say they were working on another project in your neighborhood and had leftover supplies or were looking for new projects to take on because they would be working “in the area” for the foreseeable future. They are hoping that you have a home improvement need, or that you have been waiting to find a contractor that can meet your requirements. The contractor will somehow check off all the boxes – whether it’s completing the project in a short timeframe or within your budget. However, before you hire the contractor and even after the contractor begins your project – the red flags will start to come out. In the end, your home improvement project might cause additional damage to your home or financial situation, or not be completed at all.

Signs of a Home Improvement Scam

It might seem difficult to tell the difference between a trustworthy and not-so-trustworthy contractor. Below are some red flags that can signal you’ve been approached by a scammer.

  • Pressure to Make an Immediate Decision: A real contractor knows that undertaking a home improvement project isn’t a decision that can always be made immediately. Whether it’s consulting others that should be involved in the decision-making process, or confirming that the project is in your budget – there are countless reasons to “sleep on it.” Plus, getting the green light from your partner and your budget – will make you confident in your decision. A fraudster will persuade you into making an immediate decision so you don’t have time to pick apart the interaction or analyze any red flags.
  • Unrealistic Budget or Timeframe: There might be a reason that the contractors before this one could not complete your project to your specifications. Be cautious if you are approached by a contractor who says they can complete your project in half the time or for half the price that other contractors have given you.
  • Asking for Payment Upfront or Only Accepting Cash: This could signal that a contractor is not planning on completing the project, or that they are not planning on completing the project correctly. If a contractor asks you for payment upfront to “buy the materials,” be cautious.

Tips to Avoid Home Improvement Scams

Here are ways you can protect your home, and your wallet – from home improvement scams.

  • Ask for References: Scammers will be reluctant to hand over references, namely because they do not have good ones. Additionally, scammers won’t want to wait around for you to do your homework because they know they won’t get your business based on what you find. Reputable contractors will gladly hand over references so you can confidently make the decision in hiring them to complete your home improvement project. Their references will speak to the quality of work you can expect if you hired them to take on your project. If someone you know and trust recently completed a home improvement project, consider asking them for recommendations.
  • Get Multiple Estimates: Obtain written estimates detailing the work to be completed, the materials needed, and the anticipated price and completion date. If one estimate is substantially lower than all of the others, consider why this estimate is the odd one out. It might be tempting to go with the lowest estimate. However, this low estimate might end up costing you more in the long-run if the work is completed poorly, is completed using substandard materials, or isn’t completed at all.
  • Do Your Research: Check with organizations, like your local Home Builders Association, to see if any complaints were made against a contractor. You should also look up the business or contractor’s name with words like “scam,” “fraud,” or “complaint.” The Better Business Bureau also has a tool to find BBB Accredited businesses near you.
  • Know the Law: Ensure that the contractor you hire has the proper identification, licensing, and insurance needed to complete the project in your state. Additionally, if you are signing a contract to complete work – ensure that the contract includes all the specifics of completing the project.

First Financial knows that finding the right contractor is important. If you believe that you have fallen victim to a home improvement scam and your financial information has been compromised, don’t hesitate to visit a local branch or call us at 732.312.1500.

If you have found the right contractor and are looking for a way to finance your home improvement project, be sure to check out our Home Improvement Loan. We’ve got great rates, up to 10-year terms, and fixed monthly payments.* Apply online 24/7!

*Available on primary residence only. A First Financial membership is required to obtain a Home Improvement Loan and is open to anyone who lives, works, worships, volunteers, or attends school in Monmouth of Ocean Counties. See credit union for details. Rate will vary based off of applicant’s credit rating. Not all applicants who apply will be approved, subject to underwriting guidelines and credit approval. Lien position and appraisal valuation may affect the maximum loan amount. Not all applicants will qualify for maximum Loan to Value (LTV) ratio. It will be based off of creditworthiness, property type, occupancy, lien position, and loan amount. Rates will be affected by LTV or combined LTV if there is another lien on the property. Loan amounts over $7,500.00 will be required to give First Financial FCU a security interest in their property. Rates will vary based off of lien position and whether the loan is mortgage secured or unsecured. For mortgage secured Home Improvement loans First Financial FCU (FFFCU) will waive closing costs at inception of loan. If loan is terminated within the first 2 years of opening, closing cost waiver is revoked and are required to b

Busting Harmful Money Myths

Posted on by
Reply

When it comes to managing money, misinformation is everywhere. From outdated advice to widely believed myths, these misconceptions can make it harder to reach your financial goals. At First Financial, we’re here to help you navigate your finances with confidence. Let’s clear up some of the most common money myths and set the record straight.

Myth #1: Debit is Always Better Than Credit

While debit cards can help prevent overspending, credit cards – when used responsibly, have their unique benefits. With a good credit card, you can earn rewards, build your credit history, and even get purchase protection. Read up on when it’s best to use cash, credit or debit in our blog post about this topic.

Our Visa® Cash Plus Credit Cards offer cash back and uChoose Rewards that can be redeemed for merchandise, gift cards, and more.* Using a credit card for everyday purchases while paying off your balance in full each month — can improve your credit score and help you qualify for better loan terms in the future.

Myth #2: Buying a Home is Always Better Than Renting

Homeownership is often seen as the ultimate financial milestone, but it’s not always the right choice for everyone. Buying a home comes with long-term responsibilities, maintenance costs, and upfront expenses like closing costs and property taxes. You can learn more about this in our recent blog post on the true cost of homeownership.

If you prefer flexibility, aren’t ready for the commitment, or live in an area where renting is more affordable – renting might be the smarter choice for your current lifestyle. Owning a home can be a great investment, but it’s not a one-size-fits-all solution. Schedule a phone call or video chat with a First Financial mortgage expert to help decide what’s right for you.**

Myth #3: My Partner Manages the Finances, So I Don’t Need to

It’s okay for one person to take the lead on budgeting and bills, but all adults in a household should be financially informed. Whether you’re married, in a long-term partnership, or living with roommates – understanding your household’s finances is essential.

Life can change in an instant. If something happens to your partner or the financial leader of the home, you need to be prepared to manage accounts, pay bills, and make smart financial decisions. Financial literacy is a shared responsibility. Check out our financial tools and publications to help yourself prepare to manage your household budget.

Myth #4: I Can Rely on Credit Cards for Emergencies

While credit cards can bridge short-term gaps, they’re not a reliable plan for true emergencies like a job loss or a medical crisis. Interest and other fees can quickly turn your emergency into overwhelming debt. Instead, build an emergency savings fund with 3–6 months’ of essential expenses. This safety net offers peace of mind and keeps you from relying on high-interest borrowing when the unexpected happens.

Myth #5: Emergency Savings Aren’t That Important

One of the most harmful money myths is that you don’t need emergency savings. This type of account isn’t for vacations or a new car — it’s for life’s curveballs.

Having a separate emergency fund from all other checking and savings accounts ensures you’re financially prepared for unexpected events like car repairs, medical bills, or job loss. It’s not a luxury — it’s a necessity. Start small and build over time; even saving a few dollars a week adds up!

Myth #6: I Make Enough Money — Budgeting Isn’t Necessary

Even if you earn a comfortable income, budgeting is still important. Without a spending plan, it’s easy to lose track of where your money goes — or accidentally overspend.

A clear budget helps you make intentional decisions, prioritize saving, and avoid lifestyle inflation. Use our Home Budget Calculator to track your expenses and identify areas of improvement. Whether you’re saving for a house, planning a vacation, or just trying to live within your means – budgeting helps you stay focused.

Get the Facts with First Financial

Smart financial decisions start with reliable information. We’re here to help you build habits that support your financial well-being, and that are free from myths and misinformation. Call us at 732.312.1500 or visit your local branch to learn more. Don’t forget to subscribe to our First Scoop Blog for ongoing financial resources and ideas.

*Your First Financial Visa® Cash Plus Credit Card will earn cash back based on your eligible purchase transactions. The cash back will be applied to your current credit card balance on a quarterly basis and be shown cumulatively on your billing statement. Unless you are participating in a limited time promotional offer, you will earn 1% cash back based upon eligible purchases each quarter. APR varies up to 18%, when you open your account based on your credit worthiness. This APR is for purchases and will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fees. Other fees that apply: Balance Transfer and Cash Advance Fees of 3% or $10, whichever is greater; Late Payment Fee of $29, $10 Card Replacement Fee, and Returned Payment Fee of $29. A First Financial membership is required to obtain a Visa® Credit Card and is available to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties.

**APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum mortgage loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Rates and APRs listed are based on a mortgage loan amount of $250,000. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties. Standard text messaging and data rates may apply.

The True Cost of Homeownership

Posted on by
Reply

Achieving homeownership is a common goal amongst adults in the U.S., and is to some – considered to be a right-of-passage into the adult world. The home of your dreams might come with a hefty price tag – and that selling price is really just the tip of the iceberg.  From insurance to property taxes, maintenance and utilities – the total price you will pay to live in your home boils down to more than just your monthly mortgage payment. While you determine what you can afford to pay for your home, be sure to factor in these common expenses associated with homeownership so they don’t catch you off guard.

Insurance

Homeowners Insurance protects homeowners from the cost of repairing or replacing damaged property, as well costs that would arise from someone getting hurt while on your property. Although different policies offer various levels of coverage, homeowners insurance is meant to protect you from the nearly impossible feat of paying out-of-pocket to replace your home if an incident should occur. It is important to remember that even the most comprehensive insurance policies exclude certain events, so it is important to try and expect the unexpected by also setting emergency funds aside. According to NerdWallet, the average annual cost of homeowners insurance is $2,110 per year, or approximately $176 per month – for $300,000 worth of dwelling coverage.

Property Taxes

Property Taxes are fees charged on real estate by state and local government to pay for services and upkeep. The amount of taxes you owe typically depends on your area’s tax rates and the assessed value of your property, usually based on an annual appraisal. Unfortunately, these are an unavoidable aspect of homeownership. However, do remember that your property taxes are to thank for services that aid the local community, such as schools and police.

HOA Fees

Homeowners Association (HOA) Fees are only charged if your home is part of a homeowners association. A homeowners association is an organization that enforces rules on properties and residents, as well as collects fees to maintain common areas and facilities. The HOA fees you may be charged depend on numerous factors, such as the type of property you own, the location, and the amenities that are made available to residents. For example, you may be charged higher HOA fees than someone in another local development because you have access to a community pool or gym. If you live in a major metro area, you can expect higher HOA fees due to location. According to Homes, the national average HOA fee is $243 per month.

Maintenance and Upkeep

A common expense associated with homeownership is maintenance on your home. If you have ever asked a homeowner to recall the price of replacing their roof or their hot water heater and they have reacted with absolute horror, it’s because those replacements cost a pretty penny.  According to Consumer Affairs, home maintenance costs can range from $50 to over $12,000 depending on what needs to be repaired or replaced. As you might expect, there is a big difference in the cost of repairing your roof versus replacing your roof. One way to save money on home maintenance costs in the long-run is to keep up with a regular maintenance schedule on various systems and appliances. This type of regular maintenance can catch a smaller issue before it becomes a bigger one – and keep costs more manageable. Additionally, certain manufacturer warranties require this regular maintenance for your warranty to remain in effect.

Utilities

The old saying goes that the people is what “makes a house a home,” but try making a home without electricity or running water. All joking aside, paying for utilities is necessary to keep your home running. The cost of utilities widely varies depending on the size, location, and age of your home. Older homes may be less energy-efficient, driving up your electric bill by letting in cold air in the winter and hot air in the summer. Additionally, the cost of certain utilities can fluctuate depending on the time of the year. For example, your electric bill can fluctuate based on how often you are using your air conditioning. The prices of certain utilities can fluctuate based on factors largely out of your control, like changes in regulations or supply and demand impacting the price of natural gas. Common utilities you can expect to pay for are electric, natural gas, water and sewer, trash removal, and cable/internet.

In today’s market, navigating homeownership can be tricky – even without the less obvious challenges and expenses to account for. That’s why the mortgage experts in First Financial’s Loan Department offer complimentary video chats and phone calls to assist with the homebuying process, no matter what stage you’re in.

If you’ve found your dream home and are ready to apply, we’re also here to help you through the mortgage application process, or provide you with a quick pre-approval if you’re just starting to shop.* You can also visit a local branch or call 732.312.1500 and select option 4. We’re happy to help you finance your home sweet home!

*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum mortgage loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Rates and APRs listed are based on a mortgage loan amount of $250,000. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties.