How the Credit Union Keeps Your Money Safe 

Anytime there is news of a bank failure, it’s natural to be alarmed. For many, their minds immediately jump to the “too big to fail” bank debacles during the Great Recession. Others start to question whether their money is safe. Between the news headlines and mentions of the FDIC stepping in to cover potential losses, many begin to feel uneasy.  So, it leaves the questions “How safe is your money?” and “What steps does the credit union take to protect your funds?”   The short answer: Yes, every credit union member’s money is federally insured. But what sets credit unions apart…

May 1, 2023PEFCU Perks, We Are PEFCU 2 Comments

Anytime there is news of a bank failure, it’s natural to be alarmed. For many, their minds immediately jump to the “too big to fail” bank debacles during the Great Recession. Others start to question whether their money is safe. Between the news headlines and mentions of the FDIC stepping in to cover potential losses, many begin to feel uneasy.  So, it leaves the questions “How safe is your money?” and “What steps does the credit union take to protect your funds?”   The short answer: Yes, every credit union member’s money is federally insured. But what sets credit unions apart…

Understanding the Components of a Mortgage Payment 

If you’re preparing to purchase your first home, you’re probably scratching your head more than you anticipated. Between the complex terminology and variety of home loan options, the home-buying process can quickly become confusing.   One area that first-time homebuyers struggle the most to understand is their monthly mortgage payment. Unlike a car loan, it’s not as clear-cut. And most real estate websites and financial calculators only focus on the principal and interest portion of your payment – which can be very misleading.  Before you get your hopes up and realize that the house you’ve been eyeing is out of…

April 14, 2023Borrowing Basics No Comments

If you’re preparing to purchase your first home, you’re probably scratching your head more than you anticipated. Between the complex terminology and variety of home loan options, the home-buying process can quickly become confusing.   One area that first-time homebuyers struggle the most to understand is their monthly mortgage payment. Unlike a car loan, it’s not as clear-cut. And most real estate websites and financial calculators only focus on the principal and interest portion of your payment – which can be very misleading.  Before you get your hopes up and realize that the house you’ve been eyeing is out of…

What is PMI (Private Mortgage Insurance)? 

One thing many first-time homebuyers are somewhat blindsided by is PMI (Private Mortgage Insurance). You may see it mentioned in some real estate advertisements, but not fully understand what it means. While PMI isn’t necessarily required for everyone, you should expect to pay it if you’re applying for a mortgage that isn’t backed by the government (FHA, VA, and USDA loans, for instance) or if your down payment is less than 20 percent of the value you’re borrowing.  Essentially PMI is protection for your lender. If you’re unable to make your payments, then the insurance helps lenders recover their losses.…

April 11, 2023Borrowing Basics No Comments

One thing many first-time homebuyers are somewhat blindsided by is PMI (Private Mortgage Insurance). You may see it mentioned in some real estate advertisements, but not fully understand what it means. While PMI isn’t necessarily required for everyone, you should expect to pay it if you’re applying for a mortgage that isn’t backed by the government (FHA, VA, and USDA loans, for instance) or if your down payment is less than 20 percent of the value you’re borrowing.  Essentially PMI is protection for your lender. If you’re unable to make your payments, then the insurance helps lenders recover their losses.…

Why Volunteering Matters in Your Local Community 

Hi, it’s me, Alyssa, your community connection, and boy has it been a busy start to the year! 😊    I bet you’re wondering why it’s so important for an organization to give back to its local community. People are more likely to be loyal to organizations that give back to their community, whether it be through volunteerism, monetary donations, or event sponsorships.  While philanthropy is admirable, it also increases brand awareness. Working with other organizations expands our network and gets our credit union name and logo out in the public eye, where you typically wouldn’t see it otherwise. This…

April 6, 2023Community Engagement No Comments

Hi, it’s me, Alyssa, your community connection, and boy has it been a busy start to the year! 😊    I bet you’re wondering why it’s so important for an organization to give back to its local community. People are more likely to be loyal to organizations that give back to their community, whether it be through volunteerism, monetary donations, or event sponsorships.  While philanthropy is admirable, it also increases brand awareness. Working with other organizations expands our network and gets our credit union name and logo out in the public eye, where you typically wouldn’t see it otherwise. This…

Financial Diets vs. Lifestyle Changes 

If you’ve ever tried to shed a few pounds, you know there are plenty of diets to choose from. And whether they’re dictating how much you can eat or what types of foods are acceptable, most diets have one thing in common – they’re unsustainable.  Sure, they might provide a quick fix to get you back in your favorite pair of jeans, but they won’t keep you healthy in the long term. The same “diets” are commonplace when it comes to finances. You can set goals to save more money or cut back on frivolous spending, but long-term success will…

April 6, 2023Borrowing Basics, Future Planning, Wallet Wins No Comments

If you’ve ever tried to shed a few pounds, you know there are plenty of diets to choose from. And whether they’re dictating how much you can eat or what types of foods are acceptable, most diets have one thing in common – they’re unsustainable.  Sure, they might provide a quick fix to get you back in your favorite pair of jeans, but they won’t keep you healthy in the long term. The same “diets” are commonplace when it comes to finances. You can set goals to save more money or cut back on frivolous spending, but long-term success will…

20% Down Isn’t Always Needed

We’re going to say it! YOU DON’T NEED TO SAVE 20% FOR A DOWN PAYMENT ON A HOME.   Let’s be honest. Saving 20%, especially in today’s economy, isn’t realistic. But purchasing a home can be a great financial decision that can reward you for years to come.   Buying a home is an investment in your future. Let’s say your rent is $1,500 monthly. If you keep that same rent for the next 30 years, you will have paid $540,000. And that’s being optimistic, considering rent tends to increase exponentially by the year! You wouldn’t get any of that money back…

March 30, 2023Borrowing Basics No Comments

We’re going to say it! YOU DON’T NEED TO SAVE 20% FOR A DOWN PAYMENT ON A HOME.   Let’s be honest. Saving 20%, especially in today’s economy, isn’t realistic. But purchasing a home can be a great financial decision that can reward you for years to come.   Buying a home is an investment in your future. Let’s say your rent is $1,500 monthly. If you keep that same rent for the next 30 years, you will have paid $540,000. And that’s being optimistic, considering rent tends to increase exponentially by the year! You wouldn’t get any of that money back…

Don’t Forget These Details When Home Buying 

As you prepare to buy your first home, it’s likely that you have already spent significant time researching the home-buying process. Fiscally you’re ready. You’re preapproved for your mortgage. Your monthly budget is ready to go, and a stellar real estate agent is in your corner. Now you just need to find that dream home!  Tips Before Making an Offer  Buying a house can quickly turn into an emotional decision. You find a home that would be perfect for raising your young family – schools are close by, and your commute to work is only ten minutes away. However, before…

March 2, 2023Borrowing Basics, Wallet Wins No Comments

As you prepare to buy your first home, it’s likely that you have already spent significant time researching the home-buying process. Fiscally you’re ready. You’re preapproved for your mortgage. Your monthly budget is ready to go, and a stellar real estate agent is in your corner. Now you just need to find that dream home!  Tips Before Making an Offer  Buying a house can quickly turn into an emotional decision. You find a home that would be perfect for raising your young family – schools are close by, and your commute to work is only ten minutes away. However, before…

4 Reasons to Refinance Your Auto Loan 

When people hear the term “refinance,” they often associate it with a long, tedious process. That can be true of mortgage refis due to the complexity of those loans. However, refinancing your car loan is quite simple and usually only takes a day or two.   The most common reason members refinance their vehicle loans is to save money. It’s a great way to reduce the total interest paid on your loan and free up extra cash each month. But there are other reasons why refinancing an auto loan could be in your best interest.  So, if you love your car…

March 2, 2023Wallet Wins No Comments

When people hear the term “refinance,” they often associate it with a long, tedious process. That can be true of mortgage refis due to the complexity of those loans. However, refinancing your car loan is quite simple and usually only takes a day or two.   The most common reason members refinance their vehicle loans is to save money. It’s a great way to reduce the total interest paid on your loan and free up extra cash each month. But there are other reasons why refinancing an auto loan could be in your best interest.  So, if you love your car…

10 Ways You Can Use a Home Equity Loan 

Homeowners often talk about tapping into their home’s equity to solve various financial challenges. But what exactly is home equity? And if you tap into your home’s equity, how can you use those funds?   What is Home Equity?   Home equity is the difference between the appraised value of a home and what you currently owe on the house. For example, if your home’s value is $450,000 and you owe $200,000 on a mortgage, your home’s equity will be $250,000.   However, you may not be able to borrow this entire amount. Other credit factors and lender limits will determine the…

March 2, 2023Borrowing Basics, Future Planning, Wallet Wins 2 Comments

Homeowners often talk about tapping into their home’s equity to solve various financial challenges. But what exactly is home equity? And if you tap into your home’s equity, how can you use those funds?   What is Home Equity?   Home equity is the difference between the appraised value of a home and what you currently owe on the house. For example, if your home’s value is $450,000 and you owe $200,000 on a mortgage, your home’s equity will be $250,000.   However, you may not be able to borrow this entire amount. Other credit factors and lender limits will determine the…

How to Make Your Dream Vacation a Reality 

Whether it’s trekking across Europe, embarking on a coast-to-coast road trip of the U.S., or cruising through the Canadian Rockies by train, most people dream about that one bucket-list vacation. To many, this adventure remains a dream. But with dedication and planning, it’s often more attainable than people realize.  As with any grand vacation, the key is preparation. From mapping out the entire trip to plotting the logistics and setting your budget, planning your perfect adventure will take time. Use the following guide to help you put your plans in motion for that once-in-a-lifetime excursion.   1. Determine Your Destination &…

March 2, 2023Wallet Wins No Comments

Whether it’s trekking across Europe, embarking on a coast-to-coast road trip of the U.S., or cruising through the Canadian Rockies by train, most people dream about that one bucket-list vacation. To many, this adventure remains a dream. But with dedication and planning, it’s often more attainable than people realize.  As with any grand vacation, the key is preparation. From mapping out the entire trip to plotting the logistics and setting your budget, planning your perfect adventure will take time. Use the following guide to help you put your plans in motion for that once-in-a-lifetime excursion.   1. Determine Your Destination &…