Category: Borrowing Basics - Page 3

Your Mortgage Questions Answered

Buying a house is a big step. In fact, it is typically the biggest financial a person can make in their lives. With the right information and some guidance, owning a home can be more within your reach than you think. Below, we at PEFCU answered frequently asked questions about buying a home. Q: Do I need excellent credit to get a mortgage? What does my credit score need to be? A: When we receive your credit report, we don’t only review your credit score, but we view your credit history. Q: How much is needed for a down payment? A: PEFCU requires 5% down payment of the purchase price plus closing cost. The…

December 7, 2020Borrowing Basics 2 Comments

Refinancing Loans to Boost Your Savings

Let’s be honest: saving money isn’t as easy as it sounds. You create a monthly budget and try your best to follow it—then something always pops up and throws you off track. Sure, you can switch cable providers or phone plans, but those savings are usually minimal. Want to see more progress? Then refinance your current loans. You may find you are giving half or more of your income toward monthly loan repayments. By refinancing, you can save a substantial amount of money. You can then place these funds into an emergency or retirement account so you can build your personal wealth. What is Loan Refinancing? Loan…

November 4, 2020Borrowing Basics 2 Comments

Renting vs. Buying – Pros and Cons

Given the high upfront costs associated with buying a home, it is no surprise most young people start asserting their independence by renting their own living space instead. As they advance in their careers, save money, get married, and start families, most eventually buy a home. On the other hand, many other homeowners are selling their houses and choosing to rent to downsize. Whether you’ve been renting for a long time and want to buy a home or are a homeowner considering renting instead, you’re in the right place! In this article, we will discuss the pros and cons of renting and buying. Hopefully, we will help you decide which is best for you. Renting: Pros & Cons A common…

November 2, 2020Borrowing Basics No Comments

PEFCU Credit Card Rewards: Travel

After sheltering in place for several months, you must be itching to explore new territory. Why not take advantage of the rewards that come with the PEFCU Visa® Credit Card? Whether you’re taking a road trip, boarding a plane, or cruising the seas, your ScoreCard® reward points can help you make it to your next destination. You can find the best ways to use your points toward travel accommodations below: Hotel Reservations While you’re away on a trip, good sleep is crucial so you can enjoy the daily excitement. Your hotel accommodations can be the difference between a night of sweet slumber and a night of horrors. Whether you’re…

October 12, 2020Borrowing Basics No Comments

Car Buying 101: What You Need To Know

Where to start? Who said that buying your first car would be easy? Chances are that you’ve received lots of unhelpful and conflicting advice on your way to the dealership. So, before you take that test drive, here are six car buying basics that you should know: Loan pre–approval is your most powerful negotiation tool. Get this first! If you know your approval limit and interest rate, you’ll be able to effectively strategize. PEFCU usually offers better rates and terms than banks. Just reach out for more info. The total price is more important than the monthly payment. This is very basic. Many people think if they can handle the monthly payment, it doesn’t matter how long it takes to pay off the car…

July 6, 2020Borrowing Basics 3 Comments

5 Things To Know About Publix Stock Secured Loans

George Jenkins (Mr. George), the founder of Publix Super Markets, Inc., believed in investing in people. He believed that if his associates owned Publix, they would care for and continue to improve the business. When Mr. George founded Publix Employees Federal Credit Union (PEFCU), associates had the opportunity to own a Credit Union that met their unique financial needs. What better way for you to take advantage of ownership than to borrow against your non-ESOP shares when you need it? The PEFCU Stock Secured Loan will come in handy for planned events or unplanned rainy days. Here are five facts you…

July 4, 2020Borrowing Basics No Comments

Benefits of Refinancing Your Auto Loan

Are your car payments wrecking your budget without putting a dent in your loan? Are you throwing away money in interest payments each month? If so, refinancing your auto loan may be an easy solution. It’s a painless process that could keep your money in your pocket. Let’s review what auto refinancing is and how to decide if it’s right for you. What is Auto Loan Refinancing? Refinancing your auto loan sounds hard, but it’s simple. When you originally bought your vehicle, you likely financed it with the dealership or some other lender. By refinancing your loan, you are just switching it from your current lender to a new lender to save money. Why Should You Refinance? Better Rates: You would want to refinance your auto loan to take advantage of better loan rates. If auto loan rates are…

July 2, 2020Borrowing Basics No Comments

Understanding Your Credit Score

Most people believe if they make all of their credit cards, car loan, and mortgage payments on time, they can expect their credit score to be great. However, focusing on your payment history alone will not give you a complete breakdown of what actually goes into your credit score. Here are five factors that determine your credit score:  Payment History: 35% Lenders want to know that you are a reliable payer and you are making most of your payments in a timely manner. While a one-time late payment will have an impact on your payment history, if it is an unusual occurrence, it will not take long to regain your standing.  Your payment…

July 1, 2020Borrowing Basics No Comments

KNOW Before You GO: Car Shopping

There’s lots of excitement when you are shopping for a new or used vehicle. There’s the good excitement of test–driving those shiny, new cars. But there’s also the nervous excitement of making a big financial move. Whether you’re a car-buying novice or you’re a car-buying guru, we have a few tips that will calm you enough to make a cool-headed decision. Get Pre-Approved Your most important step is to get a pre-approval from the PEFCU. With a pre-approval, you’ll know how much you can spend before you go shopping and you’ll also have an advantage during dealership negotiations. Why? Because dealers know they can‘t charge you more than your pre-approved amount. You can apply for pre-approval at www.pefcu.com, via the PEFCU Mobile Banking app, or by visiting your local branch. Do Your Research Before you even step foot into a dealership, make sure to do your research. The Internet is a good place to start. Research what others are paying for the same vehicle in your area. Kelly Blue Book is a…

June 27, 2020Borrowing Basics No Comments

What Is Gap and Why Do You Need It?

What is GAP? You found the perfect car – sunroof, leather seats, navigation system – the works. You couldn’t be happier. Then…you sit down with the finance person at the dealership. Loan terms get tossed around and before you know it, you’re completely lost and unsure what you’re agreeing to. That’s Why We’re Here Our goal is to help make your car-buying experience as fun and exciting as possible. And one way we can help is by explaining upfront, the car-buying process. But right now, let’s focus on a common protection plan called GAP. What is GAP? GAP or Guaranteed Asset Protection is an important…

June 25, 2020Borrowing Basics, Wallet Wins 1 Comment

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