Posts Tagged ‘ loan ’

Home equity loan – how do I get one?

home equity

Need cash? Have a house? You’re in luck – you just may be able to use your home’s equity.

Deciding to borrow against the equity you’ve built in your home should be a decision made through careful thought and consideration. You’re essentially taking out another mortgage on your home and if you don’t make your payments you could find yourself losing your home.

Before you think about apply for a home equity loan, consider the following:

1. Why do you need a loan?

2. What are you going to use the money for? Is it for education expenses, an unexpected medical situation, home renovations/improvements?

3. Can you afford to make the payments?

4. Are you planning to stay in your current home or looking to sell soon and how will that affect your “making out” on the deal?

5. How much do you really need to borrow?

6. How much equity do you have?

Consider the type of loan you want – do you want a fixed rate loan at a fixed term? If so, you want to consider a home equity loan. If you want to be able to make a “draw” from a line of credit anytime you need money up to your available amount, then you want to consider a home equity line of credit. A line of credit will have a variable rate so at some point your rate could change.

If you have tax questions about tax deductions, you’ll want to talk with your personal tax advisor.

Check out our rates and terms.

Labor Day and celebrating the worker

This weekend marks the official end of summer. It’s Labor Day weekend, a time typically marked by the beginning of football season, the last of the summer picnics, fireworks, various festivals, and back-to-school. It began in New York City in 1882 as a day to celebrate the economic and social achievements of American workers.  So here’s to you, the American worker!

Given the ups and downs of the economy, it’s not always easy being an American worker or any kind of worker for that matter. That’s why it’s important to always be prepared in the event you find yourself involuntarily unemployed for reasons such as downsizing, companies closing, medical emergencies, illnesses, disability or even your own death. When you’re not working and not bringing in money, it’s hard to pay the bills. The last thing we want to see is all of your hard work and well-earned money be turned into foreclosures, bankruptcies, delinquencies or repossessions.

We want to help you protect your credit and your good name. The next time you get a loan from us, ask us about Member Value Protection (MVP).  When you opt to purchase MVP, you’ll get the peace of mind in knowing that your monthly loan payments will be cancelled in the event of death, disability or involuntary unemployment. Your consumer loan payment will be cancelled without penalty, added interest, or being reported as delinquent to the credit bureau.*

This program offers several different options. That means flexibility in choosing the package that’s right for you. Each option has specific eligibility requirements and a different range of benefits. For complete details, including monthly costs for each option, be sure to inquire about MVP when you apply for your loan.

* Whether or not you purchase Member Value Protection will not affect your application for credit or the terms of any existing credit agreement you have with Members 1st Federal Credit Union.  There are eligibility requirements, conditions and exclusions that could prevent you from receiving Member Value Protection benefits. Ask us for details or refer to your contract and/or terms and conditions.

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