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
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…

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
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.…

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
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…

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
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…

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
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…

Is a Share Certificate 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 is a great way to save. But there are still advantages and disadvantages.   Advantages of a…

March 8, 2021Future Planning 2 Comments
Is a Share Certificate 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 is a great way to save. But there are still advantages and disadvantages.   Advantages of a…

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
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…

4 Reasons Your Credit Score Changed

Your credit score carries a lot of weight in your ability to get credit. Not only that, it affects the interest rate you’re approved for, the cost of your insurance premiums—even your ability to be employed in certain occupations.    Many people don’t realize small actions cause ripple effects that can lower your credit score. If you monitor your credit score routinely, you may find these changes perplexing. These are four reasons why your credit score may have changed.  You made a large purchase on your credit card. If you make a big credit card purchase, it increases your Credit Utilization Ratio (CUR). The credit utilization ratio is the amount of credit you have available compared to the amount of credit you use. Ideally,…

February 22, 2021Borrowing Basics, Wallet Wins 2 Comments
4 Reasons Your Credit Score Changed

Your credit score carries a lot of weight in your ability to get credit. Not only that, it affects the interest rate you’re approved for, the cost of your insurance premiums—even your ability to be employed in certain occupations.    Many people don’t realize small actions cause ripple effects that can lower your credit score. If you monitor your credit score routinely, you may find these changes perplexing. These are four reasons why your credit score may have changed.  You made a large purchase on your credit card. If you make a big credit card purchase, it increases your Credit Utilization Ratio (CUR). The credit utilization ratio is the amount of credit you have available compared to the amount of credit you use. Ideally,…

Simple Way to Pad Your Nest Egg: Save Bonuses & Tax Returns 

As tempting as it is to buy that luxury pool, that plane ticket to Hawaii, or those new red stilettos, it’s more important to ensure your financial future. That means not living from paycheck to paycheck. You need to put money into a savings account to stay out of debt and prepare for financial emergencies. An unexpected illness, job loss, or costly repair can send people with no savings into financial ruin. A couple of missed paychecks, and they could lose their house, car, and other cherished necessities.   While committing to a savings plan may seem hard, there are easy ways to save. Start with cutting out that daily artisan coffee drink, 100+ cable channels, and eating out for lunch. These all add up over time. But, if you want a big boost to your savings goal, use those big windfalls of cash that you receive from the government or your…

February 22, 2021Future Planning No Comments
Simple Way to Pad Your Nest Egg: Save Bonuses & Tax Returns 

As tempting as it is to buy that luxury pool, that plane ticket to Hawaii, or those new red stilettos, it’s more important to ensure your financial future. That means not living from paycheck to paycheck. You need to put money into a savings account to stay out of debt and prepare for financial emergencies. An unexpected illness, job loss, or costly repair can send people with no savings into financial ruin. A couple of missed paychecks, and they could lose their house, car, and other cherished necessities.   While committing to a savings plan may seem hard, there are easy ways to save. Start with cutting out that daily artisan coffee drink, 100+ cable channels, and eating out for lunch. These all add up over time. But, if you want a big boost to your savings goal, use those big windfalls of cash that you receive from the government or your…

Why Personal Lines of Credit May Be the Best Choice

Many people turn to credit cards when financial fires need to be put out quickly. While credit cards can serve as a solid plan B, a Personal Line of Credit (PLOC) may be a better choice in certain situations.  A Personal Line of Credit lets you access the money you need when you need it. A PLOC can be used to make home improvements, pay off higher-interest debts—even help you with unplanned rainy days. With a PEFCU Personal Line of Credit, you can access your account through our Mobile Banking App or Online Banking. Making transfers between accounts easy. Understanding the opportunities PLOCs present can…

February 17, 2021Borrowing Basics No Comments
Why Personal Lines of Credit May Be the Best Choice

Many people turn to credit cards when financial fires need to be put out quickly. While credit cards can serve as a solid plan B, a Personal Line of Credit (PLOC) may be a better choice in certain situations.  A Personal Line of Credit lets you access the money you need when you need it. A PLOC can be used to make home improvements, pay off higher-interest debts—even help you with unplanned rainy days. With a PEFCU Personal Line of Credit, you can access your account through our Mobile Banking App or Online Banking. Making transfers between accounts easy. Understanding the opportunities PLOCs present can…