wwfcu_9ocxxop6 - Wayne Westland Federal Credit Union

Auto Loan

Financing Your New Car

September 8, 2017 wwfcu_9ocxxop6

In a previous post, we gave you tips on how to best do research for your new car. In this post, we will give you some smart financing tips.

You’ve decided that you can afford a new car. Now what? Follow these tips for smart financing:

Explore your financing options—especially your credit union. A credit union tends to lend more money than a bank and generally offers more favorable rates. Credit unions also have arrangements with local dealerships, offering member-only sales.

Do not give the dealership a credit application until you know for sure that you are going to finance through them. Make sure that you have exhausted all other sources including your local credit union. A little extra time shopping at your local credit union may save you a lot of money. If you do apply through the dealership, and then try to go somewhere else for your loan, you may find that you have a number of inquiries on your credit report. This makes it look like you weren’t approved for other loans and each lender thinks the others know something bad about you.
If you finance at the dealership, never take delivery the same day. Pick up the car only once you know that the financing is absolutely final.
Always check the dealer’s numbers carefully, and don’t sign the paperwork until you are positive that the numbers are correct. Remember, once you’ve signed, you rarely can get out of the deal.

Original Source: http://lmcu.frc.finresourcecenter.com/Finance_78857.html?article_id=21

Auto Loan

Buying a new vehicle doesn’t need to be an overwhelming experience. Just do your homework before you visit the dealership, and you’ll be prepared to find the car you want—not just the car they want to sell you. Before you go to the dealership, you should do the following:

Determine if you can afford a new car. The total of all your debt shouldn’t be more than 40 percent of your monthly take-home pay.
Shop for financing first. A credit union tends to lend more money than a bank and generally offers more favorable rates. Credit unions also have arrangements with local dealerships, offering member-only sales.

Decide exactly what you want this car to do for you. How many people will you be carrying? What options do you want in order to be comfortable? Know exactly what you want before you set foot into the dealership and stick to it.
Research dealerships. Make sure that you find one close to you. If your vehicle needs service, it will be much easier to establish a relationship with the service manager if the location is convenient.
Know the car you want to buy before you go shopping. The Internet is an excellent way to find information. There are numerous sites specifically for supplying consumers with information on the make and model of the car you want to buy. Most sites include information such as dealer price, equipment listings, specifications, safety features, and warranty details.
Find out how much insurance is going to cost for the new vehicle. If you can afford the car, but you can’t afford the insurance, then you should purchase a different vehicle.
Try to determine the actual value of your trade-in. Use the market guide books for an estimate, and then visit various used car lots to get a bid on the car.

Original Source: http://lmcu.frc.finresourcecenter.com/BuyLease_Research_78856.html?article_id=16

Debit Card

NOTICE: >> Same Day ACH Clearing <<

September 2, 2017 wwfcu_9ocxxop6

Please be aware that a new Same Day ACH Debit regulation will go into effect on September 15, 2017. This means that any payment made by check, authorized by telephone and/or web could clear your checking account on the same day it’s authorized.

As always, we appreciate your membership.

Financial Wellness

Understanding Averaging Strategies

August 9, 2017 wwfcu_9ocxxop6

Have you ever heard of dollar-cost averaging or value averaging? It’s a strategy to avoid being exposed to price risk when making a large purchase in an actively traded security. Because if you make the investment all in one fell swoop, you might get lucky and see the price swing higher a few months after you buy-in, but you could also see it drop significantly. For a buy-and-hold value investor, there are strategies to mitigate the risk and remove any aspect of short-term speculation. Have you ever heard of dollar-cost averaging or value averaging? It’s a strategy to avoid being exposed to price risk when making a large purchase in an actively traded security.

Because if you make the investment all in one fell swoop, you might get lucky and see the price swing higher a few months after you buy-in, but you could also see it drop significantly. For a buy-and-hold value investor, there are strategies to mitigate the risk and remove any aspect of short-term speculation.

Dollar Cost Averaging

A dollar-cost averaging strategy is very simple. Instead of making your entire investment in one trade, you divide it evenly into trades over the course of a year. This way, the price per share that you pay will be the average of the security’s price over the year. If there are any big swings in price, they will have a lower impact on the size of your position.

For example, suppose you’d like to purchase $6,000 worth of ABC shares. You’ll buy as close to $500 worth as you can each month. Suppose the prices are as follows:

January: $50February: $45March: $50April: $31May: $36June: $36July: $39August: $40September: $45October: $52November: $48December: $46Your average price per share would be $43.16. With shares trading at $46 by the end of the year, you’d have earned a tidy 6.56%. If you had bought all the shares in April, you would have earned a lot more¾or the price drop may have persuaded you to choose another stock. If you bought in October, however, you’d have seen about an 11% loss! As you can see, the DCA method limits your exposure to price movements.

Value Averaging

Value averaging is similar to dollar cost averaging, but it factors in the growth of the position already held. Instead of contributing a fixed amount each month, you set a target growth rate, measured in dollars for each month. Whenever there is a shortfall in growth from the target, you buy more stock. If you exceed your target you sell some.

For example, we’ll extend the above situation. Instead of simply contributing $500 a month, you would set a growth target of $500 a month. The first month, you don’t have any shares so you buy 10 @ $50. The next month, the current stock price is $45/share, and the value of your holdings is $450. In order to reach your target of $1,000, you’ll need to contribute $550. However, by March, the stock price has recovered to $50 and your holdings are worth $1,100. In order to reach the $500 growth to $1,500, you only need to contribute $400. Here’s a table to illustrate more clearly:

Target Stock Price Shares Owned Current Value Contribution Shares AddedJanuary 500 50 0 0 500 10February 1000 45 10 450 550 12March 1500 50 22 1100 400 8One of the main drawbacks to an averaging strategy is the fact that you’ll probably pay more in brokerage commissions. Before implementing an averaging strategy, check to make sure you won’t be paying a small fortune in fees!

The example paragraph seemed like it might be a little hard to digest, so I included a table. If that doesn’t work for formatting, let me know and I’ll change the paragraph to a more general concept explanation.

Original Source: http://lmcu.frc.finresourcecenter.com/Savings__Investments_78918.html?article_id=2377

Financial Wellness Tips

Tips for Easy Expense Tracking and Budgeting

August 6, 2017 wwfcu_9ocxxop6

Tracking personal expenses is an important habit to cultivate for any independent adult. By tracking your expenses, you can build a budget and find ways to make sure you don’t live outside your means. However, as anyone who’s attempted to track their expenses knows, it can be overwhelming at first. Here’s a process to make it easier.

Create a spreadsheet. There’s lots of great budgeting software out there, but a plain-old spreadsheet is just as good if you know what you’re doing. There are free options online, just search for “free spreadsheet.” Get started by listing some main categories, such as “bills,” “groceries,” and “clothing.” Your spreadsheet doesn’t need to be perfect, just an outline that provides some structure. You can tweak it as needed.

Start a little at a time. You don’t need to do it all at once. Just block-out three hours at the end of every week to focus on the project. At first, you might end your sessions feeling like there’s a lot left undone. Before long though, you’ll feel like three hours is much more time than you need.

Set aside two folders for receipts. One folder is for the week’s receipts that have not been entered into your spreadsheet; the other is for receipts already logged. Always make sure you get a receipt for every transaction. As soon as you get home, collect new receipts in chronological order in your unlogged folder.

Fill out your categories. If you use a credit or debit card, you probably have access to a running list of all your purchases. From these lists and your collection of receipts, transfer every line item (date, item, cost) into one of your categories. As you do this, you’ll probably find that you need to adjust the categories to fit your actual purchases.

Start your budget by focusing on recurring expenses. Recording every item from every receipt is something you only need to do at first. Soon enough, you’ll notice recurring purchases (probably in your “grocery” and “bills” categories). They may recur daily, weekly or monthly, and they probably make up the most significant portion of your spending. Once you’ve identified them, you can further refine your spreadsheet so that you record these expenses much more quickly. For example, if you have a cup of coffee from the same roaster every day, you can just assume that expense instead of sorting through each of your daily receipts.

Next, focus on changes. Once your recurring expenses are in order, you can spend your time on nonrecurring items or changes in price to your usual purchases. This will be a much quicker process than at the beginning when you copied over every line item. You’ll probably finish before your three hours is up.

Review what you find. When you start finding you have that extra time, don’t step away from your computer just yet. Look over your expenses and budget. Are you happy with your spending? Would you rather spend less on morning coffees and more on your weekend entertainment? Think about how you can shift your expenses to improve your quality of life.

That’s all there is to it! Remember, it’s only a few hours a week, so don’t skip it. Once tracking your expenses has become a strong habit, you’ll feel confident in your financial independence!

Original Source: http://lmcu.frc.finresourcecenter.com/Financial_Planning_78896.html?article_id=2345

Auto Loan Taxes

Donating a Vehicle – Tax Deduction

July 19, 2017 wwfcu_9ocxxop6

Do you have an old vehicle that’s been sitting in your driveway for years collecting dirt and rust? Maybe it’s the set of wheels you used in college or a minivan from when the kids still lived at home. You could sell it, but likely wouldn’t be worth the hassle. Instead, an easy way to get it off your hands and squeeze the last bit of value out of it is to donate it for a tax deduction! There is a plethora of charities that will happily find a way to make some use of even the most rusty of rides.

Check If It Runs

Before you call up any charity, check to see if the vehicle will start. If it doesn’t, it may just need a jump. Take the time to give it a jump start, because if you can get it to run you’ll be able to write off a greater value on your tax return.

If it still won’t turn over after you’ve charged the battery, don’t worry. You’ll have to choose from a narrower selection of charities, and you won’t get as much of a tax break, but you can still donate the vehicle. Many charities are capable of picking the vehicle up from your location; you’ll just have to schedule an appointment.

What You’ll Need

Some paperwork is required in order to transfer ownership of the vehicle to the charity. The first thing you’ll need to locate is the title; this is the document that specifies the owner of the vehicle. If the title is in your spouse’s name, you’ll need to ask the charity whether your spouse needs to be present for the transfer or if they can just sign a note. If it has been years since you acquired the vehicle, and you can’t find the title, visit a Secretary of State’s office for a replacement. In this case, whosever name is on the title, that person must be present or sign an Appointment of Agent form.

If you took out an auto loan when you purchased the vehicle, you’ll also need a lien release from your lender. Typically, you’ll receive the release when you pay off the loan, but sometimes a lender neglects to send out the release.

Reporting the Donation

When you donate the vehicle, a charity will often use a value database like Kelley Blue Book to let you know the value of the donation. The IRS also accepts qualified appraisals, but if you’re donating an old vehicle, there’s not much sense in paying for one.

For a deduction of more than $500, you need to obtain written acknowledgment from the charity in question. It should include your name and taxpayer identification number, the vehicle identification number, the date of the donation and a statement that no goods or services were received in exchange for the donation. When you file, you’ll need to fill out IRS Form 8283. For more information about filing requirements, see IRS Publication 4303.

Remember, a deduction reduces your taxable income, not your tax amount. For example, if you donate a vehicle worth $2,000, it will reduce your taxable income by that amount. If you’re in the 28 percent tax bracket, you’ll pay $560 less in taxes.

Don’t forget to remove the license plate!

Original Source: http://lmcu.frc.finresourcecenter.com/Auto_Buying_78855.html?article_id=2363

Financial Wellness

When Your Plans Go Awry

July 2, 2017 wwfcu_9ocxxop6

When leaving home for a vacation, most people experience a slight nervousness. “What if something goes wrong?” they ask themselves. Usually, it’s a concern that’s quickly forgotten when they reach their final destination. However, for an unlucky few, sometimes vacations do go “south”. Here are some situations you may run into while abroad, and how to make the best of them.

Poor Weather

When most people travel, they generally hope that it’s going to be sunny and warm; or at least that it won’t be storming. But, it’s always a possibility, even if the locale hasn’t seen rain in 100 years. If you’re on a sightseeing trip and the rain isn’t too heavy, don a poncho and check out the landmarks anyway. The unique atmosphere may lend itself to a stronger memory! Otherwise, look for indoor attractions. Are there any museums in the area? Sometimes architecture is just as remarkable as nature.

If you took a trip to a tropical resort specifically to enjoy beautiful weather, the situation may seem more hopeless. Fear not¾there’s a solution. Unless you bought out the entire resort for yourself, the other travelers will be just as forlorn when looking out the windows. Nothing builds camaraderie quite like shared misery. Strike up a conversation about the weather and ask them where they’re from. Before you know it, everybody will be painting the hotel red.

Illness or Injury

Unlike unfavorable weather, illness or injury has a better chance of putting the kibosh on a good time. The most important thing to do in this situation is to stay calm and seek adequate medical care. If you’re in unfamiliar territory, the staff at your accommodation will likely be able to help you get what you need. Make sure you keep the hotel phone number handy, just in case something happens while you’re away.

Once your medical situation has been dealt with, anyone along for the trip who isn’t sneezing or bleeding might spend some time trying to recoup costs from upcoming activities on your itinerary. If you had any tours booked or nights left at the hotel, you may be able to get a refund or partial refund, especially if you explain the situation.

Losing Your Luggage

Getting separated from your bags is a huge bummer. If you made a few connecting flights and your stuff never turns up on the carousel when you finally arrive, it might seem like a bad omen for the rest of your trip. Don’t worry¾it’s probably just delayed. Either way, immediately file a claim that your baggage was lost so that you start a paper trail. If you’re traveling within the U.S., you should also know that the Department of Transportation requires airlines to compensate you for their contents up to $3,300.

Robbery

When traveling, do your best to keep a low profile. Don’t flash money or expensive purchases around. Also, try to avoid secluded areas, especially at night. The best way to deal with robbery is to prevent it. If it can’t be avoided, comply with any requests in order to avoid violence. Your wallet is not more important than your life.

Once you’re back to safety, report the robbery to local police. They may be able to help you get in contact with your embassy in order to replace any important documents that were stolen, like your passport.

More than likely, you won’t have to deal with any of these troubles. However, it’s always better to be prepared!

Original Source: http://lmcu.frc.finresourcecenter.com/Travel_78930.html?article_id=2385

Youth Accounts

Introducing Your Kids to Credit and Debt

May 21, 2017 wwfcu_9ocxxop6

The concept of credit is enormously broad, as well as enormously important. It’s only natural that the idea of introducing it to your kids is accompanied by apprehension. After all, their credit and debt habits will have a profound impact on their lives. If you start early with some engaging simulation of real-life finances, you can be sure they’ll go on to manage their credit carefully.

Start With Easy Ideas

Before you introduce the idea of credit, start with the concept of earning money. Set up a system of chores that are worth different amounts of money based on how much time they take or their difficulty. Connecting different values to different tasks is important because it sends home the idea that income is earned better than an arbitrary end-of-week allowance. Once your child buys their first cheap toy that breaks quickly, you can be sure they’ll know the value of a dollar. Provide them with a piggy bank so they can save or “hold” money themselves.

Introducing Interest

Once your child is comfortable with the idea of earning and saving money, you can familiarize them with the concept of interest. Ask if you can borrow some money, since they’re just “holding” it. You’ll put it to good use then give it back at the end of a month. At the end of the month, you’ll also pay them something extra for the privilege of having borrowed the money. Make sure you give them an IOU, or “bond,” that you’ve both signed with all the details. Offer enough “bonds” so that the idea sticks, but be careful about the rates you offer, or you might end up owing more than you expected!

Financing

Interest is fun when you’re the creditor, but it’s important to also learn about being the debtor. When they’re a little bit older and have some more money, offer your child the opportunity to finance something reasonably small, like a $50 video game. Instead of paying $50 when they get it, they’ll pay for it a week at a time — $13 a week for five weeks. Chances are they’ll quickly figure out how much more they’re paying than if they would have just saved up the $50.

Credit Scores

Credit scores don’t lend themselves easily to such practical examples. However, if you’ve implemented either of the above “games” with success, it should be easy to explain the idea of a credit score. You can start by asking how they might assess whether an adult they don’t know is trustworthy enough for them to lend money for a “bond.” There are lots of potential answers, but none are so simple and comprehensive as the idea of credit reporting and credit history. From there, as your child grows into maturity and begins taking on jobs while attending high school, you’ll be able to discuss the actual system that determines a person’s FICO score, and how they can start building good credit.

Lead by Example

Another way to introduce your child to the concept of credit and debt, once they’re nearing the end of their high school career, is to explain a part of the family financial situation, like the car payment. Why did you choose that rate? How did the payments fit into your budget? Opening financial discussions will help prepare them for the real situations they’ll soon be dealing with, like student loans.

By the time preapproved credit card offers with outrageous rates start arriving in the mail on your child’s 18th birthday, your mind can be at ease. He or she will already know how to handle them!

Original Source: http://lmcu.frc.finresourcecenter.com/Loan__Credit_Management_78913.html?article_id=2279

Investments

Words of Warning about “Playing the Market”

November 29, 2016 wwfcu_9ocxxop6

Everyone has heard a story at one time or another of someone’s friend of their cousin’s roommate who “played the market” and hit it big. There are countless books written by successful traders who give general advice on how people can replicate the same success that they have achieved. Every day there’s news about movement on the stock market, and people murmur about how “someone, somewhere” must have made a killing. It can seem like there’s a fortune to be had if you just know the right rules or strategies. That idea couldn’t be further from the truth.

playing-the-market

“Technical” Analysis

When people look for “secret stock market rules,” what they have in mind falls under the umbrella of “technical analysis.” Proponents of technical analysis claim there’s no need to look at a business’s financial statements, as all the necessary information is contained in its price history data. This data is to be interpreted with a myriad of techniques involving various indicators, “candlestick patterns” and market pseudo-psychology. Some proponents will claim that there’s no need to even know the actual price level or timeline: if you show them an unlabeled chart, they believe they can tell you if it’s going up or down.

“Technical analysis” is an example of confirmation bias: people pay attention only to results that confirm their beliefs and ignore the ones that are contradictory. Don’t fall for this costly trap.

Seminars, Mentors and Proprietary Trading

If you start looking around for trading advice, you’ll quickly stumble upon allegedly “once-in-a-lifetime” and “one-of-a-kind” seminars or mentorships that claim they will teach you to be financially independent through trading. Usually there’s an ex-trader or two that run the whole thing and they’ll provide all sorts of software and live mentorship to “help” you make millions in the stock market. They usually charge somewhere in the neighborhood of $3,000 to $5,000, sometimes more. The sales pitch will make it seem like that’s pocket change compared to the life-changing dough you’re about to pull down once you learn to look for the right technical analysis patterns.

You may also see job postings for entry-level proprietary trading positions. These are usually billed as work-training programs where they’ll teach you to trade full-time. All you have to do is put up $25,000 starting capital. They’ll be a little more up front about the risks involved, but still push the idea of endless piles of cash if you’re “disciplined” enough to stick to the program.

Both of these “opportunities” are outright scams. You will lose all of the money you paid, possibly more. The truth is that no one knows any special patterns that are foolproof determinants of which way a stock is going to trade tomorrow. Any such knowledge would be tantamount to knowing the future. Hedge fund managers who have studied the stock market for the better part of their lives struggle to beat the market. If there really were any such “strategy” for success, you can be sure they would be employing it for better returns than they’re currently reporting.

If you want to “play the market” and do some active trading, that’s okay. Just be clear with yourself that you’re essentially gambling and don’t use any more money than you would be comfortable taking to the casino.

Original Source: http://kineticcu.frc.finresourcecenter.com/Savings_Calculator_99026.html?article_id=2185

Home Banking

Should You Be Using a Digital Wallet?

November 27, 2016 wwfcu_9ocxxop6

If you bought a smartphone in the last year or two, you may have noticed that it touted digital wallet technology. If so, you probably wondered why you would switch from whatever system is working for you now. Digital wallets are catching on more slowly than expected, but you can expect to see and hear more about them in the next few years. They claim to offer convenience and added security. But should you take the plunge?

Digital-Wallet

What Is a Digital Wallet?

Although the term “digital wallet” technically has a broad meaning, these days it almost always refers to the storage of payment credentials on your phone for use at brick-and-mortar stores, as well as for internet purchases. Near field communication technology, or NFC, allows you to simply hold your phone near a payment terminal, authenticate the purchase and be on your way.

Digital wallets keep all your cards in one place. Some of them also keep your various loyalty, rewards and coupons in one place — and pull up the right ones just as you need them.

The Late Bloomer

Unlike smartphones and MP3 players, technologies that the public quickly embraced, digital wallets haven’t gained much traction yet. The key reason? A self-perpetuating cycle: point-of-sale (POS) terminals with the required NFC technology were expensive to upgrade to and in low demand from consumers, so only a few retailers actually accepted digital wallets. And because using digital wallets as a payment method wasn’t widely accepted, few consumers bothered to set it up, keeping demand for the technology low.

Enter a possible game-changer. Credit card companies set October 2015 as a deadline for retailers to upgrade their POS terminals to models that include chip readers. Since that date, any retailer without chip-reader compliance will be held liable for fraudulent transactions. This has created a huge incentive for retailers to upgrade their terminals, and many are upgrading with models that include NFC technology. In another year or two, it could be pervasive.

Security Concerns

A consensus among tech and security bloggers is beginning to develop that digital wallets are safer than credit cards. If you lose your credit card or hand it to an unscrupulous clerk, your credit card number is as good as compromised. Digital wallets store your information behind multiple layers of security, including encryption, your fingerprint and a complex process called tokenization. Tokenization prevents your actual card number from being skimmed by a third party by utilizing dummy numbers. So, even if your phone is lost or stolen, it will be very difficult for anyone to access your personal information.

There is one major security caveat. Some, but not all, financial institutions transfer individual responsibility of fraud to their customers if they choose to use a digital wallet.

Should you make the switch? First, check with your credit union, bank or credit card company to see if you’ll still be protected from fraud if you use a digital wallet. If that’s the case, it may be worth a try. Unfortunately, NFC isn’t ubiquitous yet, so you’ll still have to carry cards for occasions when you visit retailers that haven’t upgraded yet. Nevertheless, you can take pride knowing you’re leading the technological tide!

Original Source: http://palisades.frc.finresourcecenter.com/Consumer_Resources_148443.html?article_id=2191

Financial Wellness Investments

Who Can You Trust With Your Assets When You’re Gone?

October 27, 2016 wwfcu_9ocxxop6

A will isn’t the only way to transfer your assets upon your death. Trusts are a useful tool that can be used to achieve a maximum amount of control over how your assets will be distributed among your loved ones and other beneficiaries. Trusts may also reduce the amounts spent on probate court and estate taxes.

So, Just What Is a Trust?

A trust is a fiduciary agreement that allows a third party to hold assets on behalf of a beneficiary. That third party may be any adult who is competent and has no felony convictions. However, it’s a good idea to select someone who has an adequate knowledge of asset transfer and is impartial — like a lawyer, accountant or trustee service.

A trust will either be revocable or irrevocable. A revocable trust allows you to maintain control of your assets while you’re still alive. You may make changes at any time to how the assets will be distributed upon your passing. While a revocable trust will often prevent assets from having to pass through probate, it’s still subject to estate taxes. Once you’re gone, it becomes an irrevocable trust, and no changes can be made.

You may also set up an irrevocable trust while you’re alive. Doing so requires that you give up control over the assets within. Once it’s executed, the trust is no longer part of your estate and, therefore, in addition to avoiding probate, its assets will generally not be subject to estate tax (depending on the laws in your state).

It’s worth noting that a trust does not replace a will. Trusts usually deal with specific distribution of specific assets, whereas a will governs your entire estate a bit more generally. Think of a trust and a will as two pieces of a whole.

How to Set Up a Trust

It’s possible to form a trust on your own with the help of some software with detailed instructions. Expect to do a lot of legwork getting documents notarized. However, there are many different kinds of trusts, and laws regarding the different kinds vary widely from state to state. So, for anything other than the simplest of trusts, it’s a good idea to enlist the help of an expert. Find a reliable estate attorney to help guide you through the establishment of a trust. It’s common to use the same attorney to set up both your will and trust.

When to Get a Trust

The rule of thumb for when to set up a trust in addition to a will is when your net worth totals more than $100,000. You can expect the costs of estate planning to be a few thousand dollars, but you’ll save (or, rather, your beneficiaries will save) a great deal by avoiding probate, and reducing the estate tax to a (legal) minimum. There will also be fees to administer the trust after you have passed away, but if you have significant assets, the fees will pale in comparison to the savings.

Even if you don’t have a substantial net worth, a trust could still be useful if you have assets you want distributed in a specific way over time. For example, you may have $25,000 that you want distributed to a grandchild in $5,000 increments over the course of five years. Just be sure that the setup and administration fees don’t eat up the assets you’re trying to protect.

A trust is a great tool to ensure that your valuable possessions end up where you want them. There is some cost involved in setting up and administering a trust, and it requires planning, but once set in motion, you can trust that you’ll rest easy.

Home Loans

Unique Mortgages for Every Situation

September 21, 2016 wwfcu_9ocxxop6

Our partner, Mortgage Center, offers a variety of mortgage options that other lenders cannot. These Credit Union Exclusive Programs have been designed to bridge the gap in conventional loans, so that you can find the loan program that is best for you. Here are just a few of the exclusive programs available to you:

Condominium Loans are the right choice for community living.
The Right Choice Home Loan can be the right choice for you if you have less than perfect credit. Mortgage Center can work with you!
Golden Jumbo is for properties that exceed conventional loan limits.
A Hobby Farm Loan is for members interested in raising livestock or growing crops for fun.
The One-Time Close Construction Loan allows you to build a customized home and make interest-only payments during construction. Once your home is completed, the loan will automatically convert to a conventional mortgage.
Maximum Cash-Out Refinance – take advantage of the equity you’ve built today!
Smart Choice Refinance – offers the ability to consolidate your 1^st and 2^nd
PMI Saver – avoid the extra expense of Private Mortgage Insurance (PMI).
Doctor Loan – offers medical doctors, who have a minimum of 6 months medical residency remaining, to exclude deferred student loans from their Debt to Income (DTI).

Read More

Mortgage Center also offers members traditional loans including fixed-rates, adjustable rates (ARM), FHA financing, and much more. Call 888-562-6865 to speak with a Mortgage Center loan expert to start your no-cost prequalification today.

APPLY ONLINE TODAY

Mortgage Center NMLS# 282701

1 … 12 13 14 15 16 … 30

Author: wwfcu_9ocxxop6