When it comes to financial health, everything revolves around managing debt. One of the most effective ways to alleviate the burden of high interest loans is through refinancing. Be it a mortgage, an auto loan, a student loan, or even a personal loan, refinancing can offer long-term savings as well as financial freedom. But how does it work, and when is the right time to refinance? Let’s explore how refinancing can be a smart money-saving strategy. What is Loan Refinancing?…
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The housing market in America has seen wild swings in the past decade, with average rates on 30-year fixed mortgages reaching record lows of below 3 percent during the recent pandemic. That helped many people afford a first-time mortgage or buy up to the home of their dreams. It also created more demand which led to steep price increases and low housing inventory. Now that interest rates are above 6 percent and prices remain high, many Americans are finding it…
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While there are many options for acquiring a mortgage, people often forget that their best option is through a credit union. According to Life Tracker, credit unions have a variety of options that can better suit potential homeowners. Credit unions have gained popularity for being a trusted source for mortgages. What makes credit unions different than banks is that credit unions are not-for-profit organizations that have specific membership requirements. Credit union members are the collective owners of the institution, so…
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By Liz Keuler, from Readynest.com The perfect home in the perfect location at the perfect price – that’s every homebuyer’s dream. And once you start the search, you realize almost immediately it’s more like a pipe dream, and you might have to settle for slightly less than perfection. So how do you know what to look for in a house? How do you prioritize your needs and wants, and how do you know what’s worth a compromise? My advice? Winnow…
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You may have heard the term “HELOC” when exploring lending options and wondered A) what a HELOC is, or B) if it would be a good fit for your needs. Generally speaking, a Home Equity Line of Credit (HELOC) is a great option to finance a variety of needs with a goal of low payments. In this short video, you’ll learn more about HELOCs and what they can do for you. Midwest Community FCU offers a variety of lending options,…
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By Shelley Sines, from Readynest.com While it may seem intimidating to prequalify for a mortgage loan, it’s a great first step when you’re just beginning to shop for a home. You wouldn’t bake a cake without making sure you have all the ingredients first, right? According to the Consumer Financial Protection Bureau (CFPB), a prequalification (sometimes called a “preapproval”) from a lender is a letter that specifies how much the lender is generally willing to lend you. The lender typically…
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Getting rejected for a loan can feel like a kick in the teeth. No way around it, rejection is painful. But a loan rejection may be a gift in disguise. All too often, borrowers get the loan they want and end up wishing they hadn’t because they can’t afford the payments. Lenders have good reasons for denying loans; they need to know you will be able to repay the amount you borrow from them. With some effort, you can turn…
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If you’re new to the idea of owning your own home, you likely have a lot of questions. Here’s the answer to one common question that will help you become a successful homeowner. What’s the difference between being prequalified and preapproved? Prequalification Prequalification simply involves a rough calculation of the mortgage payment you can afford. Your credit union lender can help you with this. Preapproval Preapproval means you’re essentially good to go. You formally apply for the mortgage and pay…
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Thinking about buying your first house? To make the preapproval process seamless, gather these financial documents: Your credit report – Obtain a copy as early as possible and scour it for accuracy. If time permits, pull your credit report three months before you seek pre-approval so you have time to correct any issues or mistakes. Each major credit bureau must provide one free credit report annually to consumers requesting a copy. To obtain a report visit annualcreditreport.com. Usually, it works…
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The mortgage business seems to have its own language. It’s complicated and full of acronyms, terms and jargon, many of which you may not have much knowledge about. When you think about buying a house or refinancing your mortgage, you might feel like a college freshman entering his or her first class of the semester…naïve, unprepared and a bit hesitant. We know mortgages can be hard to understand, and that’s why we work with you every step of the way….
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