The Fed’s aggressive rate hike at the beginning of May has reshaped the real estate landscape. Let’s take a look at what higher mortgage rates mean for homebuyers. Silver Linings: Higher Mortgage Rates Might Not Be All Bad Everyone knew it was coming and now it’s here: the Federal Reserve’s rate hike in May was the sharpest in 22 years. At first glance, the move is bad news for would-be homebuyers, signaling an end to rock-bottom mortgage rates, but there are some glimmers of hope for those struggling to get into the nation’s overheated housing market. More Expensive Money Mortgage rates have been rising since the start of the year… read more »

Housing is in high demand in central Pennsylvania as young families and retirees flock to the area’s spacious suburbs and livable cities. Read on for some handy home buying strategies to help you snag your slice of the action.   The Location You Want, The Home Buying Strategies You Need   Hoping to buy a house in Lancaster County or Harrisburg? You better look sharp. Housing in the area continues to be in high demand as more and more city folk look for greener pastures in the wake of the pandemic. Going Upcountry Areas around Harrisburg and throughout Lancaster County have been drawing increasing numbers of retirees and young families, attracted by… read more »

Credit cards are everywhere! In fact, the average American has four credit cards and that number is only going up. Credit cards are versatile financial tools that come with many benefits. But there are also some disadvantages of which you should be aware. Keep reading to learn more. 7 Advantages of Credit Cards Whether it’s one of the major credit cards or a retail card specific to one store or brand, credit cards make it easy to purchase items you need, and those you want. The following seven advantages of credit cards make it hard to ignore their usefulness. 1. They’re Convenient Cash is anything but convenient. For starters, you’ve… read more »

Buying a home is an exciting experience! And, it doesn’t have to be overwhelming when you understand the steps. Whether or not you’ve been through the process, if you’re considering buying a home, now is the time to brush up on what to know about mortgages before applying. Here, we’ll walk you through how mortgage payments work, the application process, and what mortgage options you have once you’ve made the purchase. How Mortgage Interest Works When it comes time to purchase a home, you’ll hear a lot about rates. Think of an interest rate as the price you pay for using someone else’s money. More specifically, your mortgage rate is… read more »

As you work to build up your credit score, you may be wondering if you have enough credit cards or perhaps too many. While the number of credit cards is important, what’s essential is understanding credit utilization. In other words, how much of your available credit is in use. You have to use credit to have a strong credit score, but overusing it could hurt you, too. Confused? Here’s a closer look at how to determine how many credit cards you should have. What Is Credit Utilization? Often expressed as a ratio, credit utilization is the amount of revolving credit you’re using right now compared to the amount of credit… read more »

Buying a home may be one of the most expensive purchases you’ll make so it’s important to consider your budget carefully before setting out on the search for your dream home. And this starts with one question: “How much mortgage can I afford?” When answering this question, you need to set realistic expectations by considering your finances, borrowing options, and the total costs of buying. Read on below as we further discuss the best tips for determining how much mortgage you can afford. Know Your Credit History When you apply for a mortgage, your credit reports from the three main bureaus — Equifax, Experian, and TransUnion — will be obtained… read more »

Since credit card fraud can be a costly and inconvenient mishap, the best thing consumers can do is take steps to prevent it from happening in the first place. When you know the right strategies for fraud prevention, your financial data will remain safe and secure. Thankfully, there are several steps you can take to prevent credit card fraud.  What Is Credit Card Fraud? Credit card fraud involves the fraudulent use of a credit card to obtain cash or complete transactions. This usually occurs in one of two ways – through the physical use of a lost or stolen credit card or the compromise of your digital financial data through… read more »

If you’re shopping around for a new card, you may be wondering how to choose the best credit card. With so many options out there, how can you start to work through all the considerations? We’ll help you make sense of how to compare and select a credit card, from the beginning of the process to your first swipe. Check Your Credit First things first. You want to know what kind of deals and rates you’re eligible for. Financial institutions look at your credit history and credit report to determine whether you get a higher or lower interest rate on your card. That means you need to check your credit… read more »

It’s important, whether buying or selling a home, to understand the ins and the outs of mortgages. Since the majority of people who buy a home need a mortgage, having an understanding of the most frequently asked questions can reduce confusion when taking one out.  Bookmark these mortgage FAQs, divided by section, to help you in the process! Types of Mortgages What Type of Mortgage Is Best for Me? Here at Belco Community Credit Union, we offer three types of mortgage loans: Conventional, FHA, and VA loans. These loans each have qualities that make them better suited for certain individuals. Conventional loans are your match if you have a strong… read more »

Selecting a lender for your home mortgage is something you should carefully consider. Not all lenders offer the same level of service and some charge higher interest rates and fees than others. Your mortgage lender is a long-term partner. Your home loan could be for up to 30 years, and it’s something you want to make sure you get right. If you are a first-time buyer, you may be wondering how to choose a mortgage lender when there are so many options. The following overview will help you understand the different types of lenders and loans, and how to find a lender that will give you the best rates and… read more »