First-time homebuyers' questions, important updates, Pie Day thanks!
HELPING YOU GET THE ANSWERS YOU NEED
Buying a home for the first time usually starts with lots of questions
WINTER 2025
From Anabela Vargas/Vice-President & Senior Loan Officer
At our First-Time HomeBuyer Info Session last September, one participant asked if continuously checking their credit score could hurt them, making it more difficult to qualify for a mortgage.
Good question! It’s fine for a consumer to check their credit score - even a lot! That’s not a lender inquiry and it does not affect your credit score.
If a person exploring their mortgage options is letting multiple lenders check their credit score – either by signing a release or giving oral permission and providing their Social Security number - that could lead to a problem.
What to do? Start with a good idea of your credit score and – while you’re still considering various lenders – just tell them that number. When you’ve decided on a lender or two you think you might like to work with, you can let them “officially” run your credit report at that time.
Another Info Session participant wanted to know how long their credit record needed to be clear before applying for a mortgage.
Generally 24-36 months with no late payments, charge-offs or delinquencies is enough. But – if you are concerned – it’s definitely something to talk to your lender about well before you plan to apply for a mortgage.
At Canton Co-operative, we genuinely like working with borrowers to help them fully understand their options and become successful homeowners.
Do you have questions about getting the mortgage you need to buy a home? Come see us, call 781-828-8811 x4 or email me and we can talk.
Canton Co-operative Bank NMLS #721437
Anabela Vargas NMLS #582849 – Falo Português.
News & Updates
Did you know ...
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Public Service Announcement: Your business may be required to file Beneficial Ownership Information (BOI) with FinCEN The Financial Crimes Enforcement Network (FinCEN) is a department of the Treasury that “safeguards the US financial system from illicit activity.” There was a January 1 2025 deadline for reporting to FinCEN but many local businesspeople were not aware of this requirement. A court suspended enforcement of the required filing in early December but that injunction was lifted in late December with a new required filing deadline of January 13 2025. It's not clear if there will be another injunction or if the deadline will be pushed off again. If you are a business owner, you should speak to an accounting professional about whether your business is required to file. There are penalties for not complying – even for very small businesses. Information on the FinCEN BOI is also available from the U.S. Treasury.
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The FBI is warning about a widespread and dangerous scam targeting teenagers who use social media Canton Co-operative Bank President & CEO Nick Maffeo recently wrote about it in his Smart Money column in the Canton Citizen. You can read that column here.
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You can now open accounts online at cantoncoopbank.com There are several kinds of accounts people 18+ can open online 24/7/365 including Statement Savings, Totally Free Checking, VIP Free Interest Checking, 50+ Interest Checking and High-Interest Checking. Also Money Market Accounts – both Standard and Premium – can be opened online. Questions? Call 781-828-8811 x5.
Pie Day Plus 2024 - a round of applause for everyone who participated!
Once again, the customers and friends of Canton Co-operative Bank came in with truly impressive quantities of pies, stuffing, cranberry sauce and gravy to help the Canton Food Pantry make Thanksgiving nicer for local families and individuals.
You folks are The Best! And thanks also go to our longtime, generous co-sponsor, Table Talk Pies. The Food Pantry most sincerely appreciates everyone who participated, and so do we!
Left: Some of the Pie Day Plus 2024 donations, in the Canton Co-operative Bank lobby
Right: Front Row: Canton Co-operative Bank President & CEO Nick Maffeo, Deb DiIeso, Fran Pike, Emily Prigot
Back Row: Vin Shea, Cathy McNeal, Hilary Burrows, Don Iannorone, Perry Jenkins and Pat McMahon
Canton Co-operative Bank - safe and reliable since 1891.
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