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 »

If you have several credit cards and other forms of debt, you may be struggling to stay on top of all your monthly payments. Consolidating your debt into one convenient place is a great way to save money and reduce stress.  Another benefit of debt consolidation is that it can help you get your finances in shape so your credit score gets a boost. Read on for more details about how debt consolidation can work in your favor. Lower Monthly Payments If you use a financial tool like a personal loan to consolidate your debts, the monthly payment might be less than all your other payments combined.  Here’s what to… read more »

One of the most important decisions a person makes is which financial institution they want to utilize. Many individuals choose large banks because they are well known and it’s “just easier”, but is this the right decision? A recent Gallup poll found that as many as 74% of Americans had “some or very little confidence” in banks, while only 10% said they had a “great deal” of confidence. As a credit union member, you can expect to have a much more rewarding and meaningful experience. Because credit unions are member-owned and not-for-profit, they are more attuned to the needs of their members and communities, and are not driven by investors… read more »

If you’re a homeowner in need of cash, a home equity line of credit might be for you. There are many ways to get the money you need these days. Depending on your circumstances, it can serve as a great alternative to a loan, credit card, or borrowing from a loved one. What is a HELOC? Reasons to use a HELOC Reasons to avoid HELOCs HELOC risks HELOC alternatives Is a HELOC right for you? What exactly is a HELOC? A home equity line of credit (HELOC) is like a second mortgage on your house in exchange for cash. The amount of money you can get is based on the… read more »

Credit cards from both credit unions and banks allow you to make purchases in stores and online. But these two financial institutions differ in several key ways. In fact, before you apply for a new credit card, you should carefully compare the options offered by the credit unions and banks near you. While doing so, make sure you understand the benefits and drawbacks of each option so you choose the card that will support your financial goals now–and into the future. Here are some of the differences you can expect to see: Membership Requirements Before you get a credit card from a credit union you need to join the credit… read more »

Can making a budget really make you feel better about life? You might be surprised! One of the most powerful things you can do to relieve uncertainty and financial stress is to take a step back and make a plan. A budget can help you figure out how to meet both your short and long-term financial goals. Think about it like a fitness plan: it’s not about dieting, it’s about getting healthy, staying healthy, and being ready for the life you want! Take the first step The first thing to do is to understand your overall financial situation so you can put your money to work for your goals! A… read more »