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VA Loan / Veteran Mortgage News
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Pioneer Military Loans offers responsible military lending solutions that can help
service members avoid or break the debt cycle. Pioneer serves active-duty and career-retired military service members,
as well as Department of Defense employees.
AUGUST 2006
Veterans: Be Aware of New Telephone Credit Card Scam
We want to dedicate this issue to make US veterans aware of the latest credit card scam and make sure it does not happen to you.
The caller provides you with all of the information except the one piece they want. Note the callers do not ask for
your credit card number. Here is how it works:
Person calling you says, "This is (name) and I'm calling from the Security and Fraud Department at (Visa, Master Card,
American Express, etc.). My badge number is 12345. Your card has been flagged for an unusual pattern and I am calling to
verify. This would be on your (card) which was issued by (issuing bank). Did you purchase a Color TV Set for $495.00 from
an online vender based in California?"
When you say "NO", the caller continues with, "Then we will be issuing a credit to your account.
This is a company we have been watching and the charges range from $300 to $499, just under the $500 purchase pattern that
flags most cards. Before your next statement, the credit will be sent to (caller gives you your address),
is that correct?
You say "YES". The caller continues - "I will be starting a fraud investigation, so if you have any questions, you
should call the 800 # on the back of your card and ask for security. You will need to refer to this Control Number.
The caller then gives you a 6 digit number.
Here's the IMPORTANT part on how the scam works: The caller then says, "I will need to verify that you are in
possession of your card." The caller will ask you to "Turn your card over and look for some numbers: the first 4 are part of
your credit card number, the next 3 are the security numbers that verify you are the possessor of the card. These are the
numbers that you sometimes use to make Internet purchases to prove you have the card. The caller will ask you to read the
3 or 4 numbers to them. After you read the 3 or 4 numbers, the caller will say "That is correct". I just needed to verify
that your card has not been lost or stolen and that you still have the card. "Do you have any other questions?" After you
say "NO", the caller then hangs up.
You actually say very little and they never ask for or tell you the card number. What these scammers want is the 3 or 4 digit
pin number on the back of the card. Do not give it to them. They have enough information to actually put a charge through
on your account. The best advice is to tell them that you will contact the credit card company yourself and call their
toll free number.
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Owning a Home at an Early Age
Many Americans today wish they had purchased their first home years before they actually did. It's easy to look at
how real estate values have gone up in the past, and wonder if you should've bought a house as early as possible.
Young adults are more eager to purchase now than in the past. More than one in four households headed by someone
under age 25 owned their house last year. That's up from just 17 percent two decades ago.
Some buyers in their 20s say that owning a home has given them local roots, while making them feel more responsible.
Additionally, they appreciate knowing their house is increasing in value. However, don't force yourself into buying if
you're not ready to make that commitment. You'll lose some freedom by tying yourself to a home and mortgage payments.
Yet, young homeowners don't mind having to stick to a budget, since they'd rather entertain friends at home than go out to
a restaurant to eat. And they're aware that making ever-rising payments to a landlord for years leaves you with
nothing to show for it.
Contact us when you or someone you care about is ready for the responsibilities and
joys of homeownership. We provide financing that's geared to each household's situation. Additionally, we'll answer
all your questions and make the process as easy as possible. Ask us for the names and phone numbers of other
new homeowners we've worked with, so you can learn from them how simple buying can be.
Why We Improve
Most houses in the U.S. are several decades old, and need updating and maintenance. Home improvement projects
offer owners many benefits:
- You'll protect your investment by repairing a roof or replacing worn siding.
- Your energy efficiency will improve after installing new windows and doors or adding insulation.
- You can make your home safer with additional electrical circuits and outlets.
- Your enjoyment of living in your house will increase after adding a deck or renovating your kitchen.
Often you can accomplish several of these objectives at once. New siding materials allow you to improve your home's
appearance and remove the need to paint your exterior in the future. Composite wood mixes natural wood fibers with
plastic to create deck boards that require little maintenance, yet will last longer than traditional lumber.
Take time to think about your project, and you may find it's best to do two jobs at once. Replacing your siding may be a
good time to add insulation, choose a new front door to match your exterior, or install porch lighting.
Whatever you want to do with your property, you'll find a home equity loan offers a low-cost, tax-deductible way to
get the money you need. Call us soon, so you can get started on your project right away.
Get Ready for College
Most parents aren't saving any money to pay for their children's college educations, reports a recent national survey.
Yet four out of five parents say they'll pay for some or all of that advanced schooling. Teens also are concerned about
college costs. Research shows that almost half of all youngsters age 13 to 21 are worried they won't be able to afford
an education. Anxieties about school costs are as common as concerns about their appearance for young people today.
Parents typically expect to pay between $10,000 and $30,000 to complete a child's education. Yet one in three haven't
put anything away towards that expense, and one-fourth have saved less than $5,000.
About 70 percent of parents hope that scholarships and financial aid will ease the financial burden. Yet there are
other strategies you can use to help insure your child can attend college.
Consider the option of having a youngster go to a community college for two years, while living at home to save
money. Also look into using tax-advantaged Section 529 college savings plans and Coverdell Education Savings
Accounts to accumulate funds.
We can show you how your built-up home equity can provide funds for education. You'll benefit from attractive interest
rates while enjoying tax-deductible, affordable payments. Contact us right away if you
have a child who wants to keep learning after high school. Knowing funds are available can make it easier to plan for that
important time.
Tips for Buying Now
Today's market gives buyers more time to decide what home they want to purchase. Houses aren't selling at
breakneck speed as they recently were in many markets. Buyers today can be choosier. And that means you're more likely to
find a house that perfectly matches your needs. Here are some suggestions to remember when looking at homes:
- Make sure your furniture fits in the rooms, and will look great there. You don't want to have to buy new furnishings because what you have doesn't work in your new place.
- Go over the inspection report carefully, and also make sure the appliances work well. Often buyers focus on what the house looks like, rather than trying to determine how sound it is.
But those who look for flaws can avoid purchasing a house which is likely to need a new roof, water heater, or furnace soon.
Also make sure the home has adequate wiring to suit you. Go through the neighborhood at different times of day before
you sign a purchase contract. See how busy the streets are when you'll be driving to work, and how quiet the area
is at times when you'll be trying to relax.
Real estate experts say that someone purchasing a house now who can afford the payments and plans to live there for years is almost
assured to see the property go up in value. A history of consistent home price appreciation lets you buy with confidence.
We'll work with you to insure your payments will remain affordable as long as you live in your home. As your real estate
financing expert, we'll be looking out for your best interests.
Rentals Look Bright
Real estate investors look for bargains in all markets - and today's changing environment is no exception. Rental properties continue to provide advantages, since there is a shortage of rental units in many areas.
America's real estate boom over the last few years encouraged some apartment building owners to convert their units into condominiums. Home builders and local government planners also have focused on providing homes for sale, rather than rental housing.
Harvard University reports "the nation is losing approximately 200,000 affordable rental units each year to deterioration and demolition." Almost all Americans are renters at some time in their lives, the study notes.
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