Steps to Take Before Applying for a Mortgage 

Buying a home is an exciting achievement, but it’s also a huge investment. Before you begin the home-buying process, you need to know what lenders will look for to approve your home loan. You should also get a sense of what the upfront home-buying costs will be. Here are some ways to make sure you’re ready to buy your dream home.   Check Your Credit Score.  Check your credit score so you’ll know where your creditworthiness stands. Most lenders would consider a credit score that’s 750 or higher very good. Still, even if your credit score isn’t that high, it doesn’t mean lenders won’t approve you for a home loan. But it’s still in your best interest to improve your score before applying for preapproval. A good credit score might save you thousands of dollars in interest over time. Here’s a list of things to do before applying for a home loan:  Visit www.AnnualCreditReport.com to get a copy of your credit report and check…

May 3, 2021Borrowing Basics No Comments

Buying a home is an exciting achievement, but it’s also a huge investment. Before you begin the home-buying process, you need to know what lenders will look for to approve your home loan. You should also get a sense of what the upfront home-buying costs will be. Here are some ways to make sure you’re ready to buy your dream home.   Check Your Credit Score.  Check your credit score so you’ll know where your creditworthiness stands. Most lenders would consider a credit score that’s 750 or higher very good. Still, even if your credit score isn’t that high, it doesn’t mean lenders won’t approve you for a home loan. But it’s still in your best interest to improve your score before applying for preapproval. A good credit score might save you thousands of dollars in interest over time. Here’s a list of things to do before applying for a home loan:  Visit www.AnnualCreditReport.com to get a copy of your credit report and check…

PEFCU Mobile Services: Bill Pay

Want an effortless way to pay your bills? Then use our free Bill Pay service to conveniently schedule your monthly payments electronically. Here some reason reasons why using Bill Pay is a smart financial choice.   You save money. There’s less of a need to spend money on the stamps, checks, and envelopes.  You get peace of mind. Rather than relying on snail mail, you can control when your payment reaches its destination. This will help you avoid late fees.  It’s safer. Bill Pay is more secure than mailing paper checks. Our website is encrypted and has other security firewalls that regular mail doesn’t. You don’t have to worry about your banking information being intercepted through the mail and used for fraud.   It helps you stay…

April 26, 2021PEFCU Perks No Comments

Want an effortless way to pay your bills? Then use our free Bill Pay service to conveniently schedule your monthly payments electronically. Here some reason reasons why using Bill Pay is a smart financial choice.   You save money. There’s less of a need to spend money on the stamps, checks, and envelopes.  You get peace of mind. Rather than relying on snail mail, you can control when your payment reaches its destination. This will help you avoid late fees.  It’s safer. Bill Pay is more secure than mailing paper checks. Our website is encrypted and has other security firewalls that regular mail doesn’t. You don’t have to worry about your banking information being intercepted through the mail and used for fraud.   It helps you stay…

Understanding Closing Costs on Your New Home 

Are you searching for your first house? As a first-time homebuyer, you’ve got a lot of work ahead to find a “home sweet home.” You’ll need to find a realtor, hunt for the perfect house online by tearing apart the MLS and other property listing sites, go to showings, compare home values, and more. But the labor is worth the reward!   But before all of this happens, you should be preapproved for your home loan and have your down payment saved up so you can have the smoothest closing possible. And not only that, but you should also have money saved to pay the closing costs.  Fees for Services Associated with the House Sale  Closing costs are fees paid to third parties that facilitate the home closing and transfer of ownership. These third parties could include lenders, title companies, insurance companies, city/county public…

April 1, 2021Borrowing Basics No Comments

Are you searching for your first house? As a first-time homebuyer, you’ve got a lot of work ahead to find a “home sweet home.” You’ll need to find a realtor, hunt for the perfect house online by tearing apart the MLS and other property listing sites, go to showings, compare home values, and more. But the labor is worth the reward!   But before all of this happens, you should be preapproved for your home loan and have your down payment saved up so you can have the smoothest closing possible. And not only that, but you should also have money saved to pay the closing costs.  Fees for Services Associated with the House Sale  Closing costs are fees paid to third parties that facilitate the home closing and transfer of ownership. These third parties could include lenders, title companies, insurance companies, city/county public…

Teaching Your Child About Money 

For some, discussing money with their young kids can be difficult. For some people, their own financial uncertainties are a barrier to teaching their children about money. Others just may not realize the importance of teaching financial responsibility to children early. Fortunately, as a PEFCU member, you have access to a variety of tools that can help you teach your young child important lessons about money that will help them live their best life.    Now is an ideal time to teach your school child valuable lessons about money. Here are some themes you can discuss:  How to make a budget. Using their allowance, teach your child to budget. A simple budget includes three categories: Savings, Charity, and Spending. Explain to them the importance of “saving some, giving some, and spending some.” It might help to label three different jars for each category as a visual to help your child understand where their money goes each week.…

April 1, 2021Wallet Wins No Comments

For some, discussing money with their young kids can be difficult. For some people, their own financial uncertainties are a barrier to teaching their children about money. Others just may not realize the importance of teaching financial responsibility to children early. Fortunately, as a PEFCU member, you have access to a variety of tools that can help you teach your young child important lessons about money that will help them live their best life.    Now is an ideal time to teach your school child valuable lessons about money. Here are some themes you can discuss:  How to make a budget. Using their allowance, teach your child to budget. A simple budget includes three categories: Savings, Charity, and Spending. Explain to them the importance of “saving some, giving some, and spending some.” It might help to label three different jars for each category as a visual to help your child understand where their money goes each week.…

5 Reasons Why You Shouldn’t Delay Creating Your Will

A hard conversation has to be had right now. When you’re young, death tends to be the last thing on your mind. But to protect your family and assets, you must prepare for the unforeseen. So, let’s just dive right into it: You need a will.   A will is a legal document that explains what should happen to your assets and your dependents if something happens to you. It’s not only for people near retirement age, but it’s also needed just as much when you’re young. Here’s why you should get a will now if you’re in your 20’s, 30’s, or 40’s.  To Appoint a Guardian for Your Children  If you’re a parent, there’s nothing in life more precious than your children. It’s hard to think about, but if you have…

March 29, 2021Future Planning No Comments

A hard conversation has to be had right now. When you’re young, death tends to be the last thing on your mind. But to protect your family and assets, you must prepare for the unforeseen. So, let’s just dive right into it: You need a will.   A will is a legal document that explains what should happen to your assets and your dependents if something happens to you. It’s not only for people near retirement age, but it’s also needed just as much when you’re young. Here’s why you should get a will now if you’re in your 20’s, 30’s, or 40’s.  To Appoint a Guardian for Your Children  If you’re a parent, there’s nothing in life more precious than your children. It’s hard to think about, but if you have…

Knowing your FICO Score

We’ve added another helpful feature to make it easier for you to monitor your credit score.  FICO for mobile is a new feature that allows members to opt-in to see their FICO Score.  This tool lets you see how lenders determine your creditworthiness. It will also show you how you can improve your financial health.    FICO scores are the most widely used by lenders who checking credit rating. Your score is calculated using many factors from your credit report. Don’t worry. Checking your FICO score with our PEFCU app will NOT affect your credit score.   To start using this feature:  Log in to your PEFCU Mobile Banking app account.   Select the “Menu” button found in the upper left corner of your screen.   Tap “FICO Score.”  Once you’re…

March 26, 2021PEFCU Perks No Comments

We’ve added another helpful feature to make it easier for you to monitor your credit score.  FICO for mobile is a new feature that allows members to opt-in to see their FICO Score.  This tool lets you see how lenders determine your creditworthiness. It will also show you how you can improve your financial health.    FICO scores are the most widely used by lenders who checking credit rating. Your score is calculated using many factors from your credit report. Don’t worry. Checking your FICO score with our PEFCU app will NOT affect your credit score.   To start using this feature:  Log in to your PEFCU Mobile Banking app account.   Select the “Menu” button found in the upper left corner of your screen.   Tap “FICO Score.”  Once you’re…

Is Leasing a Car a Smart Financial Move?

Having reliable transportation for work, recreation, and running daily errands is essential. If public transportation or riding a bike isn’t an option, you may be looking at a range of cars that fit into your lifestyle. From new cars to used cars, you have to decide on the make, model, and year and whether you plan to buy or lease a vehicle.   Leasing Options Making a Comeback Several years ago, leasing was a very popular financing solution. People could lease the newest vehicles on the lot for a lower initial cost and lower monthly payments versus getting a car…

March 26, 2021Borrowing Basics No Comments

Having reliable transportation for work, recreation, and running daily errands is essential. If public transportation or riding a bike isn’t an option, you may be looking at a range of cars that fit into your lifestyle. From new cars to used cars, you have to decide on the make, model, and year and whether you plan to buy or lease a vehicle.   Leasing Options Making a Comeback Several years ago, leasing was a very popular financing solution. People could lease the newest vehicles on the lot for a lower initial cost and lower monthly payments versus getting a car…

Are You Ready to Buy a Home?

Now is an excellent time to buy real estate. There are near-record low-rates, builders are building again, and current home values are on the rise. Wherever you look, someone is raving about the hot market.   It seems like it’s the right time to buy. But is it the right time for YOU to buy?  Purchasing a house is one of the biggest financial decisions you’ll ever make. To help answer that question, we’ve put together several tips to help you on your home-buying journey.   Get Pre-Approved.  While researching, you’ll often hear the terms “prequalified” and “preapproved.” They may seem to be the same, but they are as different as night and day when it comes to getting a mortgage.   Prequalified just means you gave your estimated living expenses and income to a lender. Based on these numbers, they give…

March 18, 2021Borrowing Basics 8 Comments

Now is an excellent time to buy real estate. There are near-record low-rates, builders are building again, and current home values are on the rise. Wherever you look, someone is raving about the hot market.   It seems like it’s the right time to buy. But is it the right time for YOU to buy?  Purchasing a house is one of the biggest financial decisions you’ll ever make. To help answer that question, we’ve put together several tips to help you on your home-buying journey.   Get Pre-Approved.  While researching, you’ll often hear the terms “prequalified” and “preapproved.” They may seem to be the same, but they are as different as night and day when it comes to getting a mortgage.   Prequalified just means you gave your estimated living expenses and income to a lender. Based on these numbers, they give…

Is a Certificate of Deposit Right for Me? 

As you work to build a secure future for yourself and your family, you want to put some money aside for emergencies. But you also want to save for the things you dream of; like a vacation, a bigger house, your children’s education, and your retirement. These dreams can come true if you devise strategies that will help you live your best financial life.  Cultivating the habit of saving is a great strategy. While making smart investments can increase your available nest egg for large purchases, it is also wise to keep some funds in risk-free savings that you can access either immediately or on a scheduled basis. A PEFCU Share Certificate (certificate of deposit or CD) is a great way to save. But there are still advantages and disadvantages. …

March 8, 2021Future Planning No Comments

As you work to build a secure future for yourself and your family, you want to put some money aside for emergencies. But you also want to save for the things you dream of; like a vacation, a bigger house, your children’s education, and your retirement. These dreams can come true if you devise strategies that will help you live your best financial life.  Cultivating the habit of saving is a great strategy. While making smart investments can increase your available nest egg for large purchases, it is also wise to keep some funds in risk-free savings that you can access either immediately or on a scheduled basis. A PEFCU Share Certificate (certificate of deposit or CD) is a great way to save. But there are still advantages and disadvantages. …

Designate No Spend Days

How many times a day do you swipe your credit card? It’s common for most people to do this without thinking twice about it. From the coffee you pick up on your way to work to dining out for lunch, you may not realize just how often you’re spending money. The problem is, spending so frequently makes it difficult to save. From tapping your mobile device to making a purchase online, how much are you spending?  Spending Made Easy Makes Saving Difficult  Back when you had to pay in cash for everything, spending was much harder. These days, it’s too easy. You don’t even need to have your card in hand while shopping online, right now! While this helps you…

February 22, 2021Wallet Wins No Comments

How many times a day do you swipe your credit card? It’s common for most people to do this without thinking twice about it. From the coffee you pick up on your way to work to dining out for lunch, you may not realize just how often you’re spending money. The problem is, spending so frequently makes it difficult to save. From tapping your mobile device to making a purchase online, how much are you spending?  Spending Made Easy Makes Saving Difficult  Back when you had to pay in cash for everything, spending was much harder. These days, it’s too easy. You don’t even need to have your card in hand while shopping online, right now! While this helps you…