Deciding to purchase a home for the first time can be exciting - and scary. You've never done this before, so you probably have more questions than answers at this point. But don't worry. Here are some tips for first-time home buyers:
Now, it's time to house hunt.
For more information, refer to our Mortgage Services section or call us at (800) 283-2328, ext. 6026.
The above document(s) is in Portable Document Format (PDF) which can be read by Adobe's Acrobat Reader. If you do not have Acrobat Reader, you can download it free from Adobe's download site.
When it comes to deciding whether to rent or buy, often times much more than the financial considerations go into this decision. If you are new to a city or town, renting for a while may make sense. This gives you the opportunity to get to know the area - traffic patterns, amenities - and discover where you ultimately want to settle down. If you are just starting out financially, renting may also make sense because you need to build up good credit. On the other hand, if you are familiar with the area and plan to stay awhile, purchasing a house can enhance your net worth - and overall financial stability.
Both renting and owning a home offer certain freedoms and limitations.
Realities of buying a home:
Realities of renting:
For more information, refer to our Buying vs Renting brochure.
The above document(s) is in Portable Document Format (PDF) which can be read by Adobe's Acrobat Reader. If you do not have Acrobat Reader, you can download it free from Adobe's download site.
Getting accepted to college can be one of the most joyous and celebrated times for a family and student alike. Parents are proud of their child's accomplishments and want them to make smart choices as they become young adults, and students want to maximize their years at school - knowing that college is the first important step on their chosen career path.
But paying for college can be quite stressful. Some students are awarded scholarships and grant money that help with the cost, but most students have to borrow at least a portion of the funds needed.
Three educational loan options exist for parents and students: Federal loans, PLUS loans and private loans. Each loan is structured differently - in their requirements, interest rates and payment structures. Some loans are borrowed by the student; others are secured by the parent. Some loans are subsidized; others are not. There are also loans for graduate studies only. Keep in mind that the entire process begins with the Free Application for Federal Student Aid (FAFSA). This is required by the US Department of Education and it is used to determine your expected family contribution and determines your financial need. For more information, refer to www.fafsa.com.
The Student Services section of this web site contains a lot of information that you may find helpful as you prepare to finance a college education.
Our Student Loan Administrator is available to meet with you and discuss your individual needs. Call us at (800) 283-2328, ext. 6017 to schedule your appointment or to attend our free student loan seminars.
Do you ever pay attention to that itty bitty print at the bottom of forms, applications, contracts, advertisements or brochures? You've heard the term "fine print" but do you really understand it and know what it means?
The "fine print" is most often used to provide thorough details about an offer, an agreement and so on and because the details are usually in smaller type, are commonly referred to as the fine print.
In the financial world, you'll see fine print used most often on loan and credit card applications. Fine print is also in the disclosures about savings terms and conditions of a particular account. When you get an auto loan, for example, there are a number of papers to sign and each can be quite lengthy in detail. Even though it takes a lot of time and you are anxious to get the keys to your new automobile, it is important to take the time to read ALL the details of your loan agreement. Furthermore, if you don't understand it, ask for clarification.
Not reading the fine print often leads to unnecessary confusion and misunderstandings. Before you sign anything or take advantage of an offer, make sure you understand what you're getting yourself into. The fine print spells out payment details, interest rate increases, penalties, restrictions and conditions.
Our loan representatives are always willing to help you understand the details of your loan agreement and our member service representatives can assist you with any deposit account questions.
To speak to someone about your particular situation, contact us
at:
Loan Center - (800) 283-2328, ext. 6040
VISA Credit and Debit Cards - (800) 283-2328, ext. 6035
TeleBranch (Customer Service) - (800) 237-7288
Are you a college graduate buying your first car? Let us help you with this special financing program just for you. To qualify, you must:
A down payment is not required. If you apply for your loan at a branch, by phone or online, we'll give you 90 days to make your first payment. If you apply while you're at the dealership, we'll give you up to 45 days to make your first payment.
*You must be within 30 days prior to graduation or within 6 months after graduation from a four-year degree program, two-year associate's degree program, junior college, community college, nursing school or trade school. Graduate students are eligible while enrolled in grad school if there is proof of adequate income.
For more information, call our Loan Center at (800) 283-2328, ext. 6040.
Anyone who has shopped for a mortgage has heard about "mortgage points," but what are they?
Mortgage points (sometimes called discount points) are a form of prepaid interest. One point equals one percent of the total loan amount. The borrower can offer to pay a lender "points" in exchange for a reduced interest rate. The benefit to the buyer is that they are obtaining a lower monthly payment. In certain instances, borrowers also must purchase points to qualify for a loan.
The downside of paying points is this: In the timeline of the loan, there is a specific point where the money spent to buy down the interest rate will be equal to the money saved by making reduced loan payments. If you sell your home prior to this break-even point, you will have a net financial loss.
For more information, call our Mortgage Specialists at (800) 283-2328, ext. 6026.
When you are in the process of purchasing a home, you'll hear the term "closing cost" - which is an all-encompassing term for fees associated with the real estate transaction from the seller to the buyer - known as the closing. Your closing costs will also include fees you've incurred though the mortgage approval and house-hunting process - such as having your credit report pulled, and getting home inspections and appraisals.
Typical closing costs include:
When you are considering buying a home, it is important to keep closing costs in mind. This will give you an accurate projection of the total cost to purchase the home and how much money you need to close on your house. In some instances, you can choose a mortgage that rolls the closing costs into your mortgage, but this option will increase your monthly mortgage payment. Additionally, sometimes as incentive, sellers will give money toward "closing costs" or pay for it entirely. Weigh all closing costs and incentives carefully as you narrow your home search.
For more information, call our Mortgage Specialists at (800) 283-2328, ext. 6026.
Whether you are just getting started in business or are looking to expand and grow, you may find yourself needing money to operate and grow your business. Sometimes financing is needed to get you through and other times you want financing to make purchases that will make your business more efficient.
Lending institutions cite risk factors as the main reason for turning down loan requests from businesses just starting out. However, with a little preparation, you can put yourself in a better position to make a case for your business lending need.
The primary requirements for getting a small business loan are personal credit history, business plan, experience, education, and feasibility of the business you are starting or expanding. By far, the most important element to "sell" your business as a low risk to a lending institution is the business plan.
Your business plan should clearly answer what the lender wants to know:
Our Business Lending experts are available to help you with your business financing needs. Call us at (800) 283-2328, ext. 5168
When you are trying to make headway on paying off the debt you are carrying, one option worth looking into is debt consolidation. The primary reason people choose to consolidate debt is to reduce their interest payment - so the money paid each month is actually going against the principle amount (amount you owe) and not towards the interest.
Keeping this in mind, the first step to considering whether or not you should consolidate your debt is to look at each debt you have individually. Debt can take many forms - mortgage, car loans, student loans, credit cards - so you should understand what you are currently being charged in interest.
If the debt you are considering consolidating is credit card debt, you may be able to find a cheaper rate from a different credit card company (like our VISA® Platinum Select card), or you can apply for a personal.
If you are a homeowner, you may want to consider a home equity line of credit. The interest on this loan may be tax deductible, as long as your loan doesn't exceed the value of your house.
To see if debt consolidation makes sense for you, check out our Debt Consolidation Calculator. Simply fill out your loan amounts, your credit card balances and other outstanding debt to get an estimate of your monthly consolidated payment.
Questions may be directed to our Loan Center at (800) 283-2328, ext. 6040.
A line of credit is a form of a loan where the financial institution extends a specified amount of unsecured credit to a borrower for a specific period of time. This is most often used with homeowners - as a Home Equity Line of Credit. The benefit to the borrower is that you are only paying interest on the amount borrowed - not the entire credit line.
For example, let's say you have a Home Equity Line of Credit for $20,000, but you have only tapped into $5,000 of that amount. This means you have another $15,000 available to you - if you ever need it - but that you are only paying interest on the $5,000 you've borrowed.
When you think about it, a line of credit is similar to a credit card, only you don't get a piece of plastic. The credit is unsecured, meaning, you haven't secured it with any equity (by comparison, like a car loan - your car loan is a secured loan and the car serves as collateral for the loan in the event you don't make your payments, your car would be repossessed by the lender) and you have a limit on your account.
A line of credit is great to have - even if you don't use it immediately. Down the road, when you are looking to remodel, consolidate bills or have an emergency repair to your home, you can tap into your line of credit to get it taken care of. We offer home equity line of credit and a personal line of credit.
For more information, call our Loan Center at (800) 283-2328, ext. 6040.
You work hard all year long; you and your family deserve at least one week away from the hustle and bustle of life - to kick back, relax and create memories that all of you will cherish for years to come. Unfortunately, one of the struggles many families have, particularly in this economy, is justifying paying for the "luxury" of a week away. Even heading to the mountains - between gas and groceries - is expensive.
One of the tools families can use to plan ahead for their annual vacation is a Vacation Club account. Vacation Club accounts are extremely flexible - allowing you to decide how much money to set aside and how often. You can start with any opening balance at any time. The funds you save throughout the year are transferred automatically to your regular savings account on April 1 - giving you plenty of time to make your summer vacation plans.
One of the biggest stressors during the holidays is finances. You watch for sales and are diligent about making a list of who you need to buy gifts for, yet it is still frazzling watching all the money coming out of your bank account. Between sending cards, replacing those annoying "blinky" outside lights, and purchasing and wrapping gifts for the kids, grandma, the neighbors and even the dog, you may find yourself in a situation where there is no money left for you and your spouse to exchange gifts. That's not much fun.
Don't let next year's holidays stress you out like that. With our Holiday Club Account, you can save a little bit at your convenience so that you have the cash you need to get through the holidays. Because there is no minimum deposit or balance required, you can save as little or as much as you want and have it automatically transferred into your Club account. Additionally, you can open your account any time during the year. The funds you saved throughout the year are transferred automatically to your regular savings account on October 1 - giving you plenty of time to hit those pre-holiday sales.
It only takes a few moments to apply for one of our consumer loans. Even better, you don't even have to come in to one of our branches when you use our EZ Loan Application online. All of our consumer loans have low rates and easy repayment plans which are perfect for anyone's budget.
The EZ Loan Application can be used to apply for any of the following types of loans:
To apply for one of our consumer loans, you'll need the following
information:
It doesn't take long to apply for your loan - and you'll have your answer within minutes in most cases. For more information, call our Loan Center at (800) 283-2328, ext. 6040.
