This story is sponsored by Goldenwest Credit Union. Learn more about Goldenwest Credit Union.

The American dream wasn’t built overnight, but your American dream home? Well, that might not take as long as you think — especially if you’re familiar with the process.

According to National Association of Realtors, it typically takes three to six months to build a home. That said, a lot of factors can impact that timetable — from inclement weather to the experience of your builder to the type of soil on your lot.

Before you break ground, be sure you understand the basic steps involved in building your brand-new dream home.

Find and purchase your lot

What’s riding on a lot? Well, a lot. As they say in real estate, location is everything, so you’ll want to be sure you’re familiar with the neighborhood, district schools and surrounding community. Keep in mind that, in many subdivisions, your lot comes with a builder attached, so you’ll want to be as comfortable with their work as you are the land.

You’ll also want to check any building requirements, restrictions, CC&Rs and HOA rules associated with the community to make sure you won’t have to compromise your dream design.

If you’re not paying cash for your lot, you’ll need a lender that understands your timetable and can offer you competitive rates and/or attractive perks on a lot loan. This is a loan for buyers who want to secure their land but may not be starting construction immediately. Goldenwest Credit Union, for example, offers borrowers of lot loans a credit for half of the loan origination fee toward a Goldenwest construction loan.

Design, plan and budget

The magic of a newly built home begins with the design. Of course, depending on your chosen lot, you may simply be choosing between a variety of home plans and designs. If that’s the case, you’ll still want to add your personal touch with customizations that suit your family — so be sure you have a list of must-have features with you when you meet with your builder or designer.

Without these restrictions, you can start your dream design as soon as you choose an architect. According to U.S. News & World Report, you’ll want to gather inspirational photos that illustrate your preferred home style, along with the basic details of your home plan, before meeting with your architect.

Share your budget requirements, preferred home size, desired number of bedrooms and bathrooms and whether you prefer one level or two — or more! Your architect can help you understand what’s feasible within your budget, or suggest alternative features, building materials or plans that may be more cost-effective.

Choose a builder

The dream builder doesn’t just come with experience, reliability and trust; they also suit your style. If you’re choosing your own builder — rather than using one contracted with your subdivision or community — you may want to start with style.

Attend a Parade of Homes in your area so you can see the work of local builders up close. When you find a home — or, preferably, several homes — you like, interview each home’s builder. With your plans in hand, each builder should be able to give you a general idea of their timeline and costs. When getting bids, be sure it includes a comprehensive cost breakdown. This will be more helpful in your planning than a bottom-line number.

Get a construction loan

Securing a loan can be complicated; securing a construction loan can be a pleasure — if you find the right lender. According to Goldenwest Credit Union, construction loans are typically termed at 9 to 12 months, after which the loan is replaced by long-term financing.

And even though your construction loan is paid to your builder — not to you — you’ll want to make sure you’re getting a competitive rate and attractive terms. The right lender will offer both — and help you understand the benefits of closing on your construction loan and long-term financing simultaneously (called a one-time close.)

Submit your plans, costs and building contracts

Once you and your architects or builder have determined your home plans and associated costs, you’re ready to get a buy-in from your lender — literally.

As with a traditional mortgage, your lender will need to “appraise” the value of your potential home, using building plans, site plans, cost breakdowns and sales comps within the community or neighborhood. Additionally, your lender will review your building contracts to determine when and how construction loan funds will be disbursed.

Close your loan and start construction

Closing your construction loan is a big milestone; it means you’re ready to break ground on your dream home. Depending on your situation, you may be able to choose a one-time or two-time closing.

With a one-time closing, you’ll close on both your construction loan and long-term financing all at the same time with the same lender — which means all your interest rates are locked in at closing. Your construction loan converts to a traditional mortgage upon completion of construction.

With a two-time close, you’ll close on your construction loan and long-term financing separately, with no interest rate lock for your long-term financing at the time your construction loan closes.

With your loan (or loans) closed, grab a shovel; your (American) dream home awaits. Contact a loan specialist at Goldenwest Credit Union today to start building the home you've always wanted.

This story is sponsored by Goldenwest Credit Union. Learn more about Goldenwest Credit Union.

The process of buying your first home can be an overwhelming experience. As important as the purchase process is, making sure your home is properly taken care of after the closing date is even more important. Having homeowners insurance isn’t just required, it can make or break your experience in your home if accidents happen and you need some financial help.

Goldenwest Insurance Services suggests seven key things to keep in mind when choosing your home’s coverage each year.

Shop with an independent agent

Before you start shopping for insurance, consider using an independent agent. The Balance explains that independent agents are a great place to start because they can check several different companies’ rates all at once. They can make sure you’ll get the best rate for your situation and will save money by not having to submit multiple quote requests.

Because independent agents are not employed by an insurance company, you get unbiased advice. Their desire is to provide you with the best insurance solution for your needs. Independent agents are also key to keeping your premiums down. When they get wind of a company about to raise their rates, an independent agent can be proactive in seeking a better deal for you elsewhere before your rates increase.

If purchasing a new home, ask for a C.L.U.E. report

When purchasing a new home, it is helpful to know what the claims and losses history has been for the property. LexisNexis explains that having a C.L.U.E. (Comprehensive Loss Underwriting Exchange) Personal Property report will provide a seven-year history of losses associated with the property.

Having a history of losses and claims filed on the property can be essential in anticipating what kind of coverage you need for your property.

Know how much protection you need and what your policy covers

Two of the most important questions you need to answer before deciding on a homeowners insurance policy are: how much liability/risk are you willing to take on, and how much of a deductible do you want to pay?

First, you'll need to figure out what you want your policy to cover. The Insurance Information Institute outlines that a policy usually will cover disasters such as damage from fires, lightning, hail and explosions, but little else. In every damage scenario, you'll want the limits on your policy to be high enough to cover the cost of rebuilding your home should one of these events occur.

Additionally, knowing what your policy does not cover can be more important than knowing what it does cover. Most policies to do not include damage caused by earthquakes or floods, so deciding if you want that coverage — and higher deductibles and premiums — is important.

Keep in mind that expensive personal items, such as jewelry, may not be covered in a standard policy either and may require that an additional policy or rider.

Create a home inventory list

When anticipating the coverages for your home, it will be important to know exactly what is in your home and what it would cost to replace it. Goldenwest Credit Union suggests creating a home inventory list for exactly this purpose.

They recommend organizing items by location or category and including information such as price, make, model, serial number, date of purchase, where it was purchased, receipts, photos, and current replacement cost.

If you ever need to file a claim, a home inventory list will be key to receive the right compensation for your possessions.

Consider purchasing a rider or umbrella coverage if you need extra protection

Lawsuits have become commonplace, and unfortunately, standard homeowners insurance policies do not pay out for expensive litigation and legal fees. Think of an umbrella policy as extended liability coverage that protects homeowners in the event of getting sued.

The Balance suggests that because no one can anticipate these costs, and few have the ability to pay the potentially large sums of money, “umbrella insurance is not just for the wealthy anymore, but needed protection for every policyholder.”

Understand how you will be reimbursed

Before you begin a homeowners insurance policy, it is important to understand how an insurance company will pay out the claim.

The Insurance Information Institute explains that the most common forms of payout or reimbursement are a cash value, replacement cost, or a guaranteed or extended reimbursement. This is where having a well-documented home inventory list will be critical in you receiving the reimbursement you deserve.

Ask for discounts

Lastly, don’t be shy about asking your agent for any available discounts. You might receive discounts for having a security alarm, deadbolt locks, maintaining good credit, combining auto and homeowner policies, making your home more storm resistant, and more.

The Insurance Information Institute stresses that a policy might differ in hundreds or thousands of dollars based on the discounts available, making it well worth it to ask.

In reviewing your home insurance needs every year, you may find that you are eligible for additional discounts, need to increase coverage or make other adjustments. If you’re not sure where to start, Goldenwest Insurance Services is here to help. Having access to many insurance carriers, Goldenwest Insurance Services will find the right solution for you.

This story is sponsored by Goldenwest Credit Union. Learn more about Goldenwest Credit Union.

Spring is finally upon us and, as the weather heats up, so does the season for buying and selling homes. Home sales in Utah continue to be robust, especially with the recent dip in mortgage rates.

As a homeowner, you don’t necessarily have to be in the market for a new house to benefit from lower interest rates. If the current interest rate is lower than your existing mortgage, a refinance can be a sound financial decision.

Refinancing to a lower rate means lower monthly payments and perhaps a chance to pay off your home faster. Many homeowners refinance to a loan with a shorter term, or they simply continue paying the same monthly amount toward their mortgage, meaning more money goes toward the principal.

If you currently carry mortgage insurance on your home, there’s even bigger news: rising values mean more equity in the home. If your home has increased in value, a refinance might make it possible to free yourself from that additional monthly burden, lowering your monthly payment even further.

Refinancing is easier than ever before: online mortgage applications, scanned documents and the use of digital signatures means you can handle most of the process right from your PC or mobile device. Usually, only closing documents must be handled and signed in person.

Whether you’re buying a new home or looking to refinance, there are two ways to save money when shopping for a mortgage — interest rates and fees. Here are five key things to consider when choosing a lender:

1. Make sure you’re comparing apples to apples. Request a binding loan estimate from each lender with a complete outline of the fees. (The binding loan estimate is different than simply asking your lender for an estimation on fees.)

All lenders throughout the mortgage industry must disclose fees in the same way on a loan estimate, allowing you to easily compare. And, once you have an official loan estimate, the lender is bound to the fees presented.

2. Shop around for the best interest rate. Interest rates vary from lender to lender, anywhere from 0.125% to 0.25%. While such a small percentage might not seem like much, it can equate to a homeowner paying $100,000 or more in interest over the life of a 30-year mortgage loan.

3. Don’t forget to ask about the origination fee. The origination fee is based on the loan amount, and typically varies from 0.50% to 1.00%.

4. Look for “junk” fees and mark-ups on other fees. Your lender should be able to explain the purpose of every fee to you in the loan estimate.

5. Other things to consider. While interest rates and fees are the primary ways to save, they are not the only things to look at when considering a mortgage. Other items to keep in mind are private mortgage insurance, total loan cost and total monthly payment. By comparing these items, you can choose the best mortgage for your financial situation.

As a local, not-for-profit, lender Goldenwest Credit Union never marks-up or tacks on additional fees, and our origination fee is usually on the low end of 0.50% for most mortgages. Our mission is to save our members money with minimal fees and lower interest rates while providing the best possible service.

In 2018, Goldenwest Credit Union originated just under $265 million in secondary market mortgages. We have built an excellent reputation with local builders and real estate agents for being timely and meeting deadlines. And, since we’re locally-based, we can help you get through the loan process more efficiently: from application/contract to funding is around three weeks.

About 43% of all mortgage applications received by Goldenwest Credit Union are submitted through our online application platform, which was recently enhanced to create a better experience for both the buyer and the originator. Our goal is to make the process as easy and efficient as possible.

If you are considering a new mortgage, let the team at Goldenwest Credit Union save you money and show you just how easy the loan process can be. Call us, send us text or an email, or contact us through an online chat. We have 36 experienced mortgage originators, located from Logan to St. George, just waiting to answer any questions you have.

This story is sponsored by Goldenwest Credit Union. Learn more about Goldenwest Credit Union.

Identity theft is a rapidly growing criminal enterprise, with hackers and “phishers” (people who send mass emails designed to deliver viruses or get you to provide personal information) multiplying at an alarming rate.

“Criminals are engaging in complex identity fraud schemes that are leaving record numbers of victims in their wake,” according to one 2018 Identity Fraud Report. The study notes that 16.7 million victims of identity fraud were reported last year (an all-time high).

Luckily, the market is responding with more identity theft protection tools and you can defend yourself by following these five recommendations for monitoring financial activity in your name and keeping your personal data secure.

1. Check your credit report (for free and with no impact to your credit score)

One common and dangerous misconception is that checking your credit will hurt your score. In fact, under federal law, consumers are entitled to a free credit report from all three major credit bureaus without any impact to their credit score. Checking your credit will help you spot fraudulent activity and catch criminals before they harm your record.

“It’s important to look at the information in your credit report, regardless of your financial situation, as it impacts your ability to obtain a credit card, buy a car or home, rent an apartment, or even get a new job,” said Diana Windley, senior vice president of Goldenwest Credit Union. “Two of the best reasons for reviewing your credit report today are to make sure your credit report is accurate and to protect yourself from fraud or identity theft.”

The website www.annualcreditreport.com provides consumers a free copy of each report once a year and you can order each of the three reports separately, effectively letting you see your score three times in a 12-month period. You can also order your free report by phone by calling 877-322-8228 or by writing: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

2. Check your bank statements and keep your contact info updated

Remembering to check your bank statements or go through account activity in your online banking app isn’t always easy, but this is the first place where you will spot unusual activity that points to credit card or personal data theft. One way to make a habit of checking is to establish a consistent schedule — check the day you get your paycheck, for example, even if you have direct deposit through your employer.

If you do online shopping, make sure to only purchase from reputable companies that have guaranteed-secure online check-out options. You should also take advantage of your bank’s or credit union’s options for text or email alerts when funds are withdrawn from your account, and keep your email address and phone number on file updated.

You can also ask your bank to provide you with new ATM or credit cards with EMV technology, more commonly known as “chip” cards, which replace the old magnetic strip cards that have been compromised by scammers.

“American cardholders have still been using a decades-old magnetic-stripe-card technology to make credit and debit purchases, according to Consumer Reports. “The data stored on these magnetic stripes are unencrypted, easily counterfeited by skimming devices, and have cost credit card issuers — who until now usually bore the cost of the fraudulent transactions — billions of dollars annually.”

3. React immediately if you see signs of identity theft

If you see something that doesn’t look right, don’t wait to call your bank. Some common signs of identity or credit card data theft are:

• Credit card and checking account statements that don't arrive when they should
• You get credit denials for no apparent reason
• You receive bills for credit accounts or purchases you never made
• Collection agencies attempt to collect on debts that you didn't incur.

If your payment card or account information has been compromised, your financial institution will contact you. They will have a series of security questions to confirm your identity. If you are uncertain about the validity of the call, tell the person on the other line that you are going to hang up and call the main number for your financial institution. If you receive an email, it’s best to respond with a personal phone call to your financial institution.

Never respond to emails requesting personal information verification. Your financial institution will never ask you for sensitive information like your account number, PIN, social security number, online banking credentials, security codes or card numbers.

4. Keep yourself protected against email scams designed to get your details

One common way that criminals get access to personal data is by sending emails or engaging in “phishing scams.”

“Phishing is when a scammer uses fraudulent emails or texts, or copycat websites to get you to share valuable personal information, such as account numbers, social security number, or your login IDs and passwords,” according to the Federal Trade Commission.

These emails are designed to look exactly like they are from a legitimate source, so they can be difficult to detect unless you are careful. When going through your inbox, delete emails from unknown senders and refraining from clicking on emails that look suspicious. You can also label suspicious emails “spam,” which will block the sender in the future.

Another common way that personal data is obtained is when someone unauthorized obtains or guesses a password. Use strong passwords with a mix of numbers, characters, and upper- and lowercase letters.

5. Join an institution that cares about your security and credit

Enrolling in Goldenwest Credit Union’s Fraud-Defender identity theft protection program can relieve you from the stress of monitoring your credit and remembering to consistently look for unusual activity yourself.

The program provides 24/7 credit monitoring through credit bureaus and identity monitoring through public records. In the event that your identity is stolen while you’re enrolled, you will have a dedicated team to document and report what the criminals have done and put things right.

Become a Goldenwest Credit Union member today for access to easy-to-use online banking and a reduced rate on all identity theft protection and credit investigation services.