Union Mortgage Refinancing Benefits
“Food for thought” is how I wish we were starting out when we first decided to launch Union Mortgage in 1997. Many members had joined the Union Mortgage Program unaware that they too could benefit from the incredible low interest rates, home equity lines of credit, tax savings, and no documentation refinance opportunities. We have become a well-respected and sought-after source of financial advice and education to our members.
“Food for thought” is how I wish we were starting out when we first decided to launch Union Mortgage in 1997. However, we soon learned that the business of refinancing, especially Union Mortgage, can be a long and complicated process, requiring lots of paperwork and a lot of follow-up. Because we offer a non-profit membership organization, our mission was to help members understand what Union Mortgage programs offered to them, and why. As we’ve grown so do our numbers of members…and the number of refinanced union mortgage programs available to our members has grown, too!
In order to qualify for union mortgage we want your financial information in the best order. This includes your personal and business taxes, all your state and federal income tax returns, your financial circumstances (including debt, assets, liabilities, retirement accounts, etc. ), your union retirement plan, your credit report, and your mortgage interest rate expectations. If you fall within one of our affiliation classes or states, we will do everything we can to guide you through the process of getting your application filled out, approved, and remitted with the IRS.
When we say we assist in getting your application filled out, this does NOT mean we will file your income tax return for you, it simply means we will provide you with an IRS tax preparer’s address and we will assist you with getting your union member ID. We will also assist you with preparing your state income tax returns and we will file your state income tax returns, if required. If you are already a union member, we can help you with the union pension plans and we can assist you with applying for retirement accounts.
As far as refinancing mortgages goes, our affiliation allows us to pass on some savings to you. As a member, we can save you up to two thirds of what conventional lenders will charge you for a house loan, two to three times what conventional lenders will charge you, and up to five times what conventional lenders will charge you for a refinance mortgage program. We can get you a no cost mortgage quote and we will submit your application to dozens of no cost mortgage lenders nationwide, all of whom specialize in union mortgage refinancing programs. We will also work with your broker to secure the lowest rates possible based on your circumstances.
Union mortgage tax credits are not available to all US residents. Only US citizens who are covered by a health insurance plan through their workplace or the equivalent (an HMO) will be eligible for credit union tax benefits. The health insurance plan must be offered by an employer or the equivalent. And union members will need to provide a tax return, including social security numbers, in order to qualify for tax credits. It is important to realize that there is an eligibility requirement; otherwise, the opportunity for savings would be forfeited.
But the good news is that union mortgage refinancing is tax-deductible to the union member(s) whose interest is involved. All other us is tax-free. This includes interests on mortgages held by non-union members. So by joining a union, you can start building up financial strength that, in turn, will allow you to build up savings for years to come. Your children, when they are older, can use the money that you saved on union mortgage tax credits to get them through college.
In summary, union memberships in the United States are an excellent investment choice. It is important to remember, however, that there are limitations to union mortgage benefits. Union members must be working for the company that provides their union mortgage or they must have filed the necessary paperwork with the Employee Retirement Income Security Act (ERISA). Non-union members will only be eligible for a union mortgage if they choose one without being affiliated with a union. So if you are interested in purchasing a new home and don’t yet know if you belong to a union, you should definitely consider union mortgage refinance.