Credit unions Archives - Page 45 of 66

Apache is functioning normally

May 30, 2023 by Brett Tams

Compared to banks, credit unions offer more individualized service. Plus, many of them also provide lower fees and higher rates on certain accounts. However, you must become a member of a credit union to utilize its services. In most cases, credit union membership is reserved for people who live, work, and worship in a certain area.

Some credit unions are also geared toward those in specific professions, like education or law or anyone who makes a donation or joins an organization. You’ll be pleased to learn that most credit unions have made their membership criteria more lenient and opened up their offerings to more types of people. In fact, many of them are quite easy to join.

14 Best Nationwide Credit Unions

While many credit unions are small and can only be found in select local areas, there are quite a few that are nationwide. If you travel frequently for work or pleasure, you might be in the market for nationwide credit unions.

Fortunately, most credit unions that have a nationwide presence are easy to join and offer a variety of benefits. To make your search for the best federal credit unions a bit easier, we’ve compiled this handy list.

1. Connexus Credit Union

Headquartered in Wisconsin, Connexus Credit Union is known as one of the largest credit unions in the U.S. It has over 400,000 credit union members across all 50 states. This is no surprise as it partners with well-known companies, such as Liberty Mutual Insurance, Kraft, Honeywell, and BMW.

To join, you’ll need to qualify through your employer that’s one of the credit union’s partner companies or donate at least $5 and open an account. As a credit union member, you can enjoy high APYs on checking accounts and other deposit accounts as well as low rates on mortgages, personal loans, and car loans.

The Xtraordinary Checking Account offers an APY of up to 1.75% on certain balances so you can make the most out of your hard earned money. White you don’t have to pay any fees, Connexus does require that you spend a certain amount on your debit card and sign up for eStatements to take advantage of the interest.

Furthermore, if you don’t use your checking account for more than 90 days and have a balance of $100 or less, you may have to pay an inactivity fee. Connexus has more than 5,600 shared branches and over 67,000 fee-free ATMs. Plus, the credit union offers higher rates and exclusive discounts throughout the year.

2. Navy Federal Credit Union

If you’re part of the military community, Navy Federal Credit Union should be on your radar. You can become a member if you have an active duty or reservist military member, worked for the Department of Defense, or are the immediate family member of someone eligible for membership. You’ll also be required to open a Navy Federal savings account and make a minimum deposit of $5.

The credit union has about 350 physical branches worldwide and many of them are near military bases in Maryland, Virginia, and California. There are also more than 30,000 fee-free ATMs. If you like to do your banking on your mobile device, you’ll be pleased to know that there is a highly rated app.

If you join Navy Federal Credit Union, you can enjoy no monthly fees or minimal fees on basic savings or youth savings accounts. NFCU also offers several checking accounts as well as competitive rates for share certificates, which are basically certificates of deposits (CDs).

3. Consumers Credit Union

Based in Illinois, Consumers Credit Union has 11 branches in the Chicago suburbs but opens its membership to anyone in the country. All members get access to more than 5,000 shared credit union branches and over 30,000 ATMs.

To join, simply pay $5 and fill out a short application form. Consumers offers some of the highest annual percentage yields or APYs on its rewards checking accounts. However, it requires that you make at least 12 debit card purchases per month, enroll in eDocuments, and have a monthly minimum of $500 in ACH deposits, direct deposits, and mobile check deposits.

If you prefer, you can choose from a no-frills checking account that doesn’t earn any interest. Other product offerings include four savings accounts, IRA certificates, and money market accounts.

4. Pentagon Federal Credit Union

Founded in 1935, PenFed Credit Union is known as one of the largest credit unions in the country. It serves more than 2.8 million members and has over $36.6 billion in assets. While this best credit union was originally only available to military members and their families, it eventually opened the doors to anyone. You can join as long as you deposit $5 into a savings account.

As a PenFed member, you can reap numerous benefits, including great rates on checking accounts, savings accounts, and money market certificates. In addition, you can sign up for early direct deposit and access more than 85,000 fee – free ATMs across the nation.

Even though PenFed is not part of a shared branch network, like other credit unions, it pays high rates, and has about 40 of its own branches throughout the U.S. There’s also a solid mobile app and customer phone support with evening and weekend hours.

5. SkyOne Federal Credit Union

SkyOne Federal Credit Union is one of the best credit unions and has a mission to help families become financially stable. It serves more than 40,000 members with $600 million in assets. Since its inception in 1949, SkyOne has offered a robust lineup of financial products, like interest-bearing checking accounts, money market accounts, credit cards, mortgages, and car loans.

Its share certificates come with exceptional rates that you might not find at other credit unions. SkyOne also has a free mobile banking app, a plethora of free educational tools, and a network of thousands of credit union branches for easy access.

The main downfall of this credit union is that it’s geared toward those who work in the air transportation industry so you might have a difficult time qualifying. Fortunately, membership has recently become a bit more lenient to accommodate more people.

6. Alliant Credit Union

Illinois-based Alliant Credit Union has more than 700,000 members across the country. Unlike other credit unions on this list, Alliant operates strictly online. If you like the idea of online and mobile banking, this credit union should definitely be on your radar. Its online accounts pay highly competitive interest rates that can be as much as 22X the national average.

Plus, you don’t have to worry about overdraft or ATM fees. You can also score up to $200 per month in ATM rebates. While its checking and savings accounts are the most popular products, Alliant also provides mortgages, auto loans, personal loans, and credit cards. At this time, Alliant does not offer any no-penalty or specialty CDs.

Customer service is available 24/7 and there’s also an online contact form you can use for less pressing questions or concerns. To become a member, join Foster Care to Success (FC2S). Once you do, Alliant will pay the $5 membership fee to the organization for you.

7. First Tech Federal Credit Union

First Tech Federal Credit Union made its debut in 1952 when it was first founded by employees of Hewlett-Packard and Tektronix. Today, the credit union partners with large companies, like Hewlett-Packard, Amazon, Microsoft, and Nike. You can join as long as you work at one of its partner firms or become a member of the Computer History Museum or Financial Fitness Association.

There are 33 branches, mainly in California, Washington and Oregon, but with several locations across Colorado, Georgia, Idaho, Massachusetts and Texas. As a member, you can enjoy in-person service at more than 5,600 Co-op Shared Branch locations in the U.S.and access your money at over 30,000 free ATMs.

It offers a long list of financial products, like checking accounts, savings accounts, credit cards, loans and investment accounts. Most of these offerings come with low minimum opening balance requirements and no monthly maintenance fees. First Tech Federal Credit Union is unique in that there are many business banking services that are rarely seen at other credit unions.

9. Bethpage Credit Union

While it is located in New York, Bethpage Credit Union opens its membership to anyone who makes a $5 payment, regardless of where they live. The credit union partners with hundreds of other credit unions to offer access to more than 5,000 branches and over 30,000 fee free ATMs. Virtual visits by phone and video appointment are also available.

Bethpage’s product lineup includes three checking accounts, four savings accounts, share certificates, and money market accounts. Believe it or not, even the free checking accounts pay interest. In addition to deposit accounts, the credit union provides mortgages, home equity lines of credit (HELOCs), car loans, auto refinancing, personal loans, retirement planning, health savings accounts, IRAs, and insurance.

You can access your accounts on the go with the handy mobile app, which includes convenient features, such as budgeting tools, online bill pay, and budgeting tools. Bethpage also offers access to a digital wallet and Zelle money transfers.

10. Latino Community Credit Union

Headquartered in North Carolina, Latino Community Credit Union has 15 branches in the state as well as 1,300 free ATMs through the CashPoints network. While it was originally built for the Latino community, you don’t have to be Hispanic or live in North Carolina to join. All you have to do is submit an application and pay a $10 membership fee.

Latino Community Credit Union is federally insured by the National Credit Union Administration (NCUA) and offers 24/7 customer service via phone. Compared to brick-and-mortar banks, it provides competitive interest rates and accounts with low minimum opening balance requirements.

If you’re part of the Hispanic community, you may also benefit from services in both Spanish and English as well as a financial literacy education program that’s focused on low-income Latino families and immigrants.

11. Boeing Employees’ Credit Union

If you’re a Boeing employee or live or work in Washington, Boeing Employees’ Credit Union can be a good fit. Just keep in mind that you’ll be required to open the Member Advantage Savings account, Member Share Savings account or Early Saver account.

You can enjoy nationwide access to more than 30,000 free ATMs, discounts on local events, such as sporting games and fairs and impressive rates on CDs, money markets and IRAs. Plus, there are no monthly service fees or minimum balance requirements.

Other noteworthy perks include free credit score monitoring, Zelle payments, online bill pay, and budgeting tools. You can find more than 50 physical branches in Washington as well as one location in North Charleston, South Carolina, for in-person banking.

12. Blue Federal Credit Union

Blue Federal Credit Union began as Warren Federal Credit Union and has been in business for more than 70 years. It offers more products than most credit unions, including checking accounts, savings accounts, credit cards, home loans, personal loans, and investment banking. This is great news if you’d like the diverse offerings that are widely seen at banks at lower price points.

In addition to a vast selection of financial products, Blue Federal Credit Union provides rates as high as 2x to 5x higher than the national average and access to thousands of partner credit unions across the nation. Thanks to the tiered membership rewards program, you can earn great rewards.

To join, donate to the Blue Foundation and open a Blue FCU Membership Share Savings account. Once you’re a member, you can bank online, visit branches in Colorado or Wyoming, or go to shared branches across the U.S.

13. Wings Financial Credit Union

Wings Financial Credit Union is worth exploring, even if you don’t work in the aviation industry. It has more than 26 branches in Minnesota, Michigan, Florida, Georgia, and Washington. Not only is it NCUA insured, it’s part of the Allpoint, CO-Op, and MoneyPass ATM networks that offer access to more than 80,000 free ATMs.

To become a member, you should live in work in an eligible location, work in the aviation industry, or make a $5 donation to Wings Financial Foundation, a non-profit organization that offers financial education programs and college scholarships.

The credit union pays high interest rates on many of its accounts and doesn’t charge monthly service fees. Depending on your goals, you can open the Wings Financial High-Yield Savings Account, Wings Financial Credit Union High-Yield Checking Account, Wings Financial Investment Money Market Account.

14. NASA Federal Credit Union

NASA Federal Credit Union dates back to 1949 when it first launched to serve NASA employees. Over time, the credit union has expanded and has more than 140,000 members to date. You can join even if you’re not affiliated with NASA as long as you become a member of the National Space Society.

Popular product offerings at NASA Federal Credit Union include the Premier Checking, Premier eChecking, Premier Preferred Checking, Shared and Special Savings account or Education Savings Account.

We can’t forget the Star Trek credit cards which offer 2x points for gas station purchases, and 3x points for purchases at StarTrek.com. Furthermore, if you spend $3,000 in the first 90 days, you get a bonus of 30,000 points. You may redeem your points for merchandise, gift cards, and more.

Credit Unions vs. Banks

If you’re used to banks or unfamiliar with credit unions, you might wonder how credit unions and banks compare. The truth is both types of financial institutions offers similar products, but there are several differences between them, including:

Financial Products

In general, banks offer more financial products and services than credit unions, especially large banks with a national presence. Credit unions primarily focus on checking accounts, savings accounts, and credit accounts. While loans and investment products are less common, they can still be found at some credit unions.

Rates and Fees

Banks tend to charge higher rates and fees than credit unions. However, online banks are usually more affordable and comparable to credit unions as they have lower overhead costs. It’s a good idea to shop around so you can compare rates and fees at a variety of financial institutions and hone in on the best option.

Technology

Credit unions typically are less technologically advanced than banks. The good news is more and more credit unions, especially those with a nationwide presence, are improving their technical offerings. Many of them offer mobile apps, online bill pay, and other advanced banking tools that were unheard of in the past.

Bottom Line

With this list of the best credit unions nationwide, you’re sure to find a credit union or two that checks all your boxes. Whether you’re new to credit unions or have used them for a while, these types of financial institutions can help you meet (or even exceed) your personal finance goals.

Credit Union FAQs

What is the difference between a bank and a credit union?

While a credit union is a member-owned, non-profit institution, a bank is a for-profit financial institution that is owned by shareholders or individuals. Credit unions are known for more personal service and flexibility. Whether you use a bank or credit union depends on your unique goals and priorities.

Do I have to join a credit union?

All credit unions may have certain membership requirements. Fortunately, many are lenient and let you join if you make a donation or pay a fee. Some credit unions will pay for you once you make a deposit into an account. Of course, some credit unions limit membership to people in certain geographical locations or professions.

Do credit unions have ATMs?

Yes! In many cases, credit unions partner with a large network of ATMs. This makes it easy for you to access your money regardless of where you are.

Are credit unions insured?

Reputable credit unions are insured by the National Credit Union Administration or NCUA, which is similar to the Federal Deposit Insurance Corporation or Federal Deposit Insurance Corp of traditional banks. This means if the credit union fails because of bankruptcy, for example, you’ll get your money back.

Are credit unions online?

While credit unions have a reputation for in-person branches with individualized service, online credit unions do exist. Several examples include Alliant Credit Union, Connexus Credit Union, and Quorum Federal Credit Union. If you like the idea of online banking, an online credit union might make sense.

What is the best nationwide credit union?

Not all nationwide credit unions are created equal. In fact, there are many options available with various pros and cons. To pinpoint the ideal online or local credit union for you, explore the institutions on this list and consider your priorities. Remember, you can join multiple credit unions if you’d like.

Source: crediful.com

Apache is functioning normally

May 30, 2023 by Brett Tams

A variety of significant mortgage rates trended upward over the last seven days. The average interest rates for both 15-year fixed and 30-year fixed mortgages both saw an increase. For variable rates, the 5/1 adjustable-rate mortgage also notched higher.

On the heels of cooling inflation, the Federal Reserve announced on May 3 a 25-basis-point increase to its benchmark short-term interest rate. The Fed’s May meeting marks what could be the last increase we see for the time being. The central bank has signaled that it may soon be time to pause on rate hikes. Depending on incoming inflation data, the next step would be to hold rates where they are for an extended period of time in order to bring inflation down to its 2% target.

As long as inflation continues to trend downward, experts say a pause in rate hikes from the Fed could bring some stability to today’s volatile mortgage rate market.

Mortgages hit a 20-year high in late 2022, but now the macroeconomic environment is changing again. Rates dipped significantly in January before climbing back up in February. Throughout March and April, rates fluctuated in the 6% range.

“Ultimately, more certainty about the Fed’s actions will help to smooth out some of the volatility we have seen with mortgage rates,” says Odeta Kushi, deputy chief economist at First American Financial Corporation.

While rates don’t directly track changes to the federal funds rate, they do respond to inflation. Overall, inflation remains high but has been slowly but consistently falling every month since it peaked in June 2022.

After raising rates dramatically in 2022, the Fed opted for smaller, 25-basis-point rate increases in its first three meetings of 2023. The decision to hike by 0.25% on May 3 suggests that inflation is cooling and the central bank may soon be able to pause its rate hiking regime. While the central bank is unlikely to cut rates any time soon, positive signaling from the Fed and cooling inflation may ease some of the upward pressure on mortgage rates.

“If inflation keeps coming down, that will be the biggest driver, outside of the Fed, that’s really going to help bring rates down to a better level and improve affordability for home buyers,” says Scott Haymore, head of capital markets and mortgage pricing at TD Bank.

However, mortgage rates remain well above where they were a year ago. Fewer buyers are willing to jump into the housing market, driving demand down and causing home prices in some regions to ease, but that’s only part of the home affordability equation.

“Even though home prices in many parts of the country have fallen since the start of the year, high rates make buying prohibitively expensive for many,” says Jacob Channel, senior economist at loan marketplace LendingTree. It’s still difficult for many buyers, particularly those looking for their first home, to afford a monthly payment.

What does this mean for homebuyers this year? Mortgage rates are likely to decrease slightly in 2023, although they’re highly unlikely to return to the rock-bottom levels of 2020 and 2021. However, rate volatility may continue for some time. “Expect mortgage rates to yo-yo up and down in the first half of the year, at least until there is a consensus about when the Fed will conclude raising interest rates,” says Greg McBride, CFA and chief financial analyst at Bankrate. (Like CNET Money, Bankrate is owned by Red Ventures.) McBride expects rates to fall more consistently as the year progresses. “Thirty-year fixed mortgage rates will end the year near 5.25%,” he predicts.

Rather than worrying about market mortgage rates, homebuyers should focus on what they can control: getting the best rate they can for their situation.

“The most important thing is that they find the right home. The second most important thing is obviously to find the most efficient way to finance it,” says Melissa Cohn, regional vice president of William Raveis Mortgage.

Take steps to improve your credit score and save for a down payment to increase your odds of qualifying for the lowest rate available. Also, be sure to compare the rates and fees from multiple lenders to get the best deal. Looking at the annual percentage rate, or APR, will show you the total cost of borrowing and help you compare apples to apples.

30-year fixed-rate mortgages

The 30-year fixed-mortgage rate average is 7.04%, which is an increase of 15 basis points from seven days ago. (A basis point is equivalent to 0.01%.) Thirty-year fixed mortgages are the most common loan term. A 30-year fixed rate mortgage will usually have a smaller monthly payment than a 15-year one — but usually a higher interest rate. Although you’ll pay more interest over time — you’re paying off your loan over a longer timeframe — if you’re looking for a lower monthly payment, a 30-year fixed mortgage may be a good option.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 6.42%, which is an increase of 18 basis points compared to a week ago. Compared to a 30-year fixed mortgage, a 15-year fixed mortgage with the same loan value and interest rate will have a larger monthly payment. But a 15-year loan will usually be the better deal, as long as you can afford the monthly payments. You’ll usually get a lower interest rate, and you’ll pay less interest in total because you’re paying off your mortgage much quicker.

5/1 adjustable-rate mortgages

A 5/1 adjustable-rate mortgage has an average rate of 5.87%, an uptick of 8 basis points from seven days ago. You’ll usually get a lower interest rate (compared to a 30-year fixed mortgage) with a 5/1 adjustable-rate mortgage in the first five years of the mortgage. However, you may end up paying more after that time, depending on the terms of your loan and how the rate adjusts with the market rate. Because of this, an adjustable-rate mortgage could be a good option if you plan to sell or refinance your house before the rate changes. Otherwise, changes in the market mean your interest rate may be much higher once the rate adjusts.

Mortgage rate trends

Mortgage rates were historically low throughout most of 2020 and 2021 but increased steadily throughout 2022. Now, mortgage rates are roughly twice what they were a year ago, pushed up by persistently high inflation. That high inflation prompted the Fed to raise its target federal funds rate seven times in 2022. By raising rates, the Fed makes it more expensive to borrow money and more appealing to keep money in savings, suppressing demand for goods and services.

Mortgage interest rates don’t move in lockstep with the Fed’s actions in the same way that, say, rates for a home equity line of credit do. But they do respond to inflation. As a result, cooling inflation data and positive signals from the Fed will influence mortgage rate movement more than the most recent 25-basis-point rate hike.

We use data collected by Bankrate to track changes in these daily rates. This table summarizes the average rates offered by lenders nationwide:

Current average mortgage interest rates

Loan type	Interest rate	A week ago	Change
30-year fixed rate	7.04%	6.89%	+0.15
15-year fixed rate	6.42%	6.24%	+0.18
30-year jumbo mortgage rate	7.09%	6.93%	+0.16
30-year mortgage refinance rate	7.12%	7.03%	+0.09

Rates as of May 22, 2023.

How to find personalized mortgage rates

You can get a personalized mortgage rate by reaching out to your local mortgage broker or using an online calculator. Make sure to consider your current financial situation and your goals when looking for a mortgage.

Things that affect the mortgage rate you might get include: your credit score, down payment, loan-to-value ratio and your debt-to-income ratio. Having a higher credit score, a larger down payment, a low DTI, a low LTV or any combination of those factors can help you get a lower interest rate.

Apart from the mortgage interest rate, factors including closing costs, fees, discount points and taxes might also affect the cost of your house. Be sure to speak with multiple lenders — such as local and national banks, credit unions and online lenders — and comparison-shop to find the best loan for you.

What is a good loan term?

One important thing to consider when choosing a mortgage is the loan term, or payment schedule. The loan terms most commonly offered are 15 years and 30 years, although you can also find 10-, 20- and 40-year mortgages. Mortgages are further divided into fixed-rate and adjustable-rate mortgages. The interest rates in a fixed-rate mortgage are stable for the duration of the loan. Unlike a fixed-rate mortgage, the interest rates for an adjustable-rate mortgage are only set for a certain amount of time (commonly five, seven or 10 years). After that, the rate changes annually based on the market rate.

When deciding between a fixed-rate and adjustable-rate mortgage, you should consider how long you plan to stay in your home. Fixed-rate mortgages might be a better fit for people who plan on staying in a home for a while. Fixed-rate mortgages offer more stability over time in comparison to adjustable-rate mortgages, but adjustable-rate mortgages might offer lower interest rates upfront. If you aren’t planning to keep your new house for more than three to 10 years, though, an adjustable-rate mortgage may give you a better deal. There is no best loan term as an overarching rule; it all depends on your goals and your current financial situation. Make sure to do your research and understand your own priorities when choosing a mortgage.

Source: cnet.com

Apache is functioning normally

May 30, 2023 by Brett Tams

If you’re curious who the top mortgage lenders in Utah are, I’ve got some answers.

Last year, more than 500 lenders in The Beehive State originated nearly $100 billion in home loans.

But one mortgage company far exceeded the others, so much so that it wasn’t even close.

Interestingly, this company isn’t headquartered in the state of Utah, nor does it operate retail locations.

I’m talking about United Wholesale Mortgage, or UWM for short. Read on to see who else ranked in the top 10.

Top Mortgage Lenders in Utah (Overall)

Ranking	Company Name	2021 Loan Volume
1.	UWM	$9.3 billion
2.	Rocket Mortgage	$4.5 billion
3.	Intercap Lending	$3.6 billion
4.	Mountain America CU	$2.9 billion
5.	First Colony Mortgage	$2.9 billion
6.	Homepoint	$2.7 billion
7.	America First CU	$2.4 billion
8.	Academy Mortgage	$2.2 billion
9.	SecurityNational	$2.1 billion
10.	Wells Fargo	$2.1 billion

Yep, a wholesale mortgage lender topped the rankings in the state of Utah, originating about $9.3 billion there in 2021, per HMDA data from Richey May.

As such, we might say that a legion of mortgage brokers is #1, as wholesale lenders rely on these intermediaries to generate all their business.

What’s surprising is the margin above second place Rocket Mortgage, which funded just $4.5 billion there.

This meant UWM doubled the volume of its nearest competitor, who also happens to be the top lender nationwide.

In third was Draper, Utah-based Intercap Lending, which originated $3.6 billion in its home state.

In fourth was fellow Utah company Mountain America Credit Union, a Sandy-based company that funded $2.9 billion.

Rounding out the top five was Orem-based First Colony Mortgage Corp. with a similar $2.9 billion.

It’s not often that you see three of the top five lenders of a particular state headquartered within the state.

But wait, there’s more! After six placed Homepoint’s $2.7 billion came Ogden-based America First Credit Union with $2.4 billion in seventh.

They were followed by Academy Mortgage (yep, also from Utah), SecurityNational Mortgage (also Utah), and finally Wells Fargo

All told, six of the top 10 mortgage lenders in Utah are Utah-based companies, which could be some kind of a record for an individual state.

Top Utah Mortgage Lenders (for Home Buyers)

Ranking	Company Name	2021 Loan Volume
1.	UWM	$3.1 billion
2.	Intercap Lending	$2.0 billion
3.	First Colony Mortgage	$1.5 billion
4.	SecurityNational	$1.3 billion
5.	Academy Mortgage	$1.1 billion
6.	Chase	$921 million
7.	Homepoint	$859 million
8.	Rocket Mortgage	$791 million
9.	Wells Fargo	$681 million
10.	Guaranteed Rate	$677 million

When we fine-tune the list to only consider home purchase lending, UWM once again tops the list with $3.1 billion funded.

While still mostly blowing away the competition, second place Intercap Lending narrowed the gap with $2 billion funded.

In third was First Colony Mortgage with $1.5 billion, followed by SecurityNational Mortgage with $1.3 billion and Academy Mortgage with $1.1 billion.

Once again, Utah-based lenders dominated the list, taking four of the top five spots.

This tells me Utahns really prefer to keep it local when obtaining a home loan, especially a home purchase loan.

The rest of the top 10 included Chase, Homepoint, Rocket Mortgage, Wells Fargo, and Guaranteed Rate.

A lot of big, national brands in there after taking into account the local companies.

Top Refinance Lenders in Utah (for Existing Homeowners)

Ranking	Company Name	2021 Loan Volume
1.	UWM	$6.1 billion
2.	Rocket Mortgage	$3.6 billion
3.	Mountain America CU	$2.0 billion
4.	Homepoint	$1.9 billion
5.	America First CU	$1.8 billion
6.	Intercap Lending	$1.6 billion
7.	First Colony Mortgage	$1.4 billion
8.	Wells Fargo	$1.3 billion
9.	Freedom Mortgage	$1.3 billion
10.	Pennymac	$1.2 billion

When it came to refinances for existing homeowners, UWM once again took top honors with $6.1 billion funded, a clean sweep of all three categories.

In second was Rocket Mortgage with $3.6 billion, followed by Homepoint with $1.9 billion.

No Utah-based companies in the top three, which isn’t a big surprise as mortgage refinances are typically price-driven.

In fourth was Intercap with $1.6 billion, followed by Mountain America with $1.5 billion.

The rest of the best included First Colony, America First, Wells Fargo, Freedom Mortgage, and Pennymac.

Top Mortgage Lenders in Salt Lake City

Ranking	Company Name	2021 Loan Volume
1.	UWM	$3.9 billion
2.	Rocket Mortgage	$1.8 billion
3.	Intercap Lending	$1.6 billion
4.	Homepoint	$1.2 billion
5.	Mountain America CU	$1.1 billion
6.	SecurityNational	$1.0 billion
7.	America First CU	$800 million
8.	Chase	$730 million
9.	Academy Mortgage	$676 million
10.	Wells Fargo	$665 million

Top Mortgage Lenders in Ogden

Ranking	Company Name	2021 Loan Volume
1.	UWM	$1.6 billion
2.	Rocket Mortgage	$975 million
3.	America First CU	$971 million
4.	Academy Mortgage	$866 million
5.	Intercap Lending	$699 million
6.	Goldenwest CU	$601 million
7.	Homepoint	$542 million
8.	Pennymac	$507 million
9.	Freedom Mortgage	$469 million
10.	Wells Fargo	$442 million

Top Mortgage Lenders in Provo

Ranking	Company Name	2021 Loan Volume
1.	UWM	$2.2 billion
2.	First Colony Mortgage	$1.5 billion
3.	Rocket Mortgage	$925 million
4.	Intercap Lending	$724 million
5.	SecurityNational	$680 million
6.	Homepoint	$678 million
7.	Utah Community CU	$615 million
8.	Mountain America CU	$559 million
9.	Chase	$384 million
10.	Pennymac	$380 million

Who Are the Best Utah Mortgage Lenders?

Seeing that the top mortgage lender in Utah was a wholesale lender, you’d need to get the ratings of all the individual mortgage brokers to determine their overall likability.

That would prove too difficult and wouldn’t really tell us much as the broker is likely more important than the lender they work.

Second placed-Rocket has a good 4.48-star rating on Zillow, while third placed-Intercap has a stellar 4.97-star rating.

Mountain America is generally well-liked (America First not as much), though hard to determine if it’s because of their mortgage lending or other banking services. Both are credit unions.

First Colony also has a 4.97-star rating on Zillow, slightly better than Academy’s 4.96 and Homepoint’s 4.89 rating. Meanwhile, SecurityNational Mortgage has a 4.88-star rating.

Then there’s Wells Fargo, which we all know has had its share of mortgage-related controversies, yet is still a go-to for many.

Other Utah-based mortgage companies not in the top 10 include SLC’s own Primary Residential Mortgage Inc. with a 4.98-rating, and Sandy’s Citywide Home Loans with a 4.96 rating.

In other words, there are plenty of good options out there, both big and small, some of which are household names and others relative unknowns.

Put in the time to research a handful of companies before making a decision on one.

(photo: Pedro Szekely)

Source: thetruthaboutmortgage.com

Apache is functioning normally

May 30, 2023 by Brett Tams

In today’s financial landscape, consumers want a more individualized experience that may be lacking in traditional banks. This is one key factor contributing to the rising popularity of credit unions as a viable alternative.

Primarily, credit unions offer customers the opportunity to actively participate in their running, as well as access to more competitive interest rates. There are many other benefits, too.

But before we get into all that, what exactly is a credit union, and how different are they compared to banks?

What is a credit union?

If you’re thinking of joining a credit union, it’s a good idea to know exactly what you’re getting. The major difference between banks and credit unions is that credit unions are owned by the members they serve.

Unlike banks, credit unions are not a business needing to make profit. Instead, they can be defined as member-owned nonprofit financial cooperatives.

Where a bank makes profits, a credit union instead recycles funds back into itself. The result is that credit union members have access to better rates on savings and loans.

Credit unions are also much more personal and community-focused compared to traditional banks. As a credit union member, your deposits in checking and savings accounts actually help other members of your community to buy their first homes and establish businesses.

Because credit unions function as cooperatives, all members get to vote on major governance issues such as electing board members and directors.

What are the benefits of joining a credit union?

Credit union membership comes with several benefits. Some are well-known and immediate, while others might take a bit more time to see. Let’s take a closer look at how a credit union account could improve your life.

Personalized Customer Service

A credit union will have a much smaller customer base compared to a traditional bank. That, along with the fact that they are member-owned financial institutions, means credit union service comes with much more of a personal touch.

Some credit unions also provide great educational resources to help improve the finances of their members. You’re also more likely to have the chance to build a relationship with employees at your credit union, since they will also be members of your local community.

Better Interest Rates

The bottom line for credit unions is not profit, but being self-sufficient and providing good service to its members. This means that instead of making money off of customers, excess profits are passed onto customers in the form of competitive rates:

Lower interest rates on loans. Credit unions often offer better loan rates than most banks. While loan products may be more basic, you can still get mortgages, auto loans, and personal loans at better rates.
Higher interest rates on savings. Credit unions are a great place to deposit savings, as the interest rates on savings accounts are much higher than normal.

Lower Fees

Credit unions tend to have significantly lower fees across the board. Monthly maintenance fees, opening or closing account fees, and overdraft fees, are often minimal or non-existent with credit unions.

In many cases, opening a checking account with a credit union will cost you nothing.

Better Mortgage Accessibility

Credit unions can sometimes help members overcome barriers that might prevent them from obtaining a home loan. For example, if your credit history is lacking, your credit union might be willing to provide a loan where a bank turns you away.

This is just one aspect of the many relationship-building benefits that come with credit union membership. A credit union will also be more interested in helping you to navigate any difficulties that you may experience when paying off your loan.

Also, it helps to know that when you take out a mortgage with your credit union, that loan stays with them. When you take out a home loan through a bank, your loan is likely to be sold off to a larger lender, with interest proceeds going there instead.

With a credit union, you know that your money is going back into your local community.

Community Oriented

Credit unions are naturally community oriented. Because every credit union is essentially a cooperative, you’re actually an active part of a financial institution. Furthermore, taking into account common membership requirements, credit union members often live in the same community.

This is another reason why credit unions are increasingly popular as alternatives to banks, which rarely bring that sense of community and belonging.

Voting & Governance

Credit union membership means you get to actually have a say regarding how the institution is run. All members can vote on important decisions, including the selection of board members. Credit union members are all equal co-owners.

This is obviously in stark contrast to all traditional banks, which are run exclusively by owners and non-elected board members.

Variety of Service

While credit unions are often thought of as having less products compared to a bank, there actually may be a greater variety of services available. In addition to financial education and counseling, credit unions offer checking accounts, savings accounts, branches with other credit unions, as well as various loans and credit cards.

Many credit unions are focused on providing as much support to their members as possible, and regularly seek feedback on how to improve their services.

Insured Deposits

Just like with FDIC insurance at a bank, a credit union will have regulated deposit insurance. A federally insured credit union will be protected by the National Credit Union Administration, via the National Credit Union Share Insurance Fund. Some state credit unions are also insured by the same body, if not privately.

The NCUSIF is backed by the U.S. government and covers individual member deposits up to $250,000 at all federally insured credit unions.

See also: Best Nationwide Credit Unions of 2023

What to Consider Before Joining a Credit Union

We’ve looked at the many benefits of joining a credit union. It’s only fair to consider that there are some potential downsides, too. Here’s what you should be aware of if you’re considering credit union membership:

Exclusive Membership

Most credit unions are only open for those living or working within a specific community or profession. Although there are exceptions to this, it’s important to know that there may only be a handful of credit unions you can realistically join.

Limited Location Availability

Many credit unions are small institutions, with just one or two brick-and-mortar branches. If you need to conduct in-person business at your credit union, you may have to make a trip out of town. This could also narrow the pool of feasible credit unions you can join even smaller, especially if you like to bank in person.

Fewer ATMs

Unlike large banks, credit unions don’t have extensive ATM networks available. Instead, most credit unions will only have dedicated ATMs attached to a branch.

While you will still be able to use non-network ATMs to conduct basic banking transactions, you’ll be subject to fees for the service.

Limited Technology

One major downside of credit unions is that some of them are lacking in technology. When it comes to websites, mobile apps and online banking options, credit unions may often fall behind compared to big banks.

If online banking is a priority for you, make sure to look for a credit union with well developed online services.

Less Credit Card Options

While some big credit unions will do their best to compete with large banks, smaller credit unions are unlikely to have the same variety of credit cards available.

If you’re set on landing a credit line that comes with big rewards programs and sign-up bonuses, you might be disappointed with a credit union’s offerings.

Benefits of a Credit Union – FAQ

Can anyone join a credit union?

Credit unions are not exactly exclusive clubs, but in many cases there are certain requirements needed to become a member. Generally speaking, large credit unions operating several branches will be easier to join than smaller, localized ones.

Credit unions are designed to serve their communities. As a result, some are strictly for employees of a certain organization, while some are geared to anyone living or working in a designated community.

You can usethis website to find credit unions that are local to you, and find out which options you’ve got.

Is it better to keep my money in a credit union or a bank?

The answer depends on your own unique financial needs and priorities. While credit unions often have better rates for savings and loan products, banks don’t have membership exclusivity.

A bank may also just be a more convenient option for you, especially if you’re looking for specialized financial products or slick online banking services.

Are credit unions safe?

Yes. Storing your money in a credit union is just as safe as using a bank, provided your credit union is insured by the National Credit Union Administration. Don’t take it for granted that any credit union you join is suitably secured.

Bottom Line

Better rates on savings, loans and a personal touch are some of the biggest benefits to credit unions. However, as we’ve seen, there are potential downsides that could disrupt your plans of joining a credit union.

Before making any changes, be sure to research the credit unions in your area. Keep in mind that services and rates can vary widely between credit unions.

Once you’ve found a credit union you can join, you’ll want to compare rates, fees and other details to maximize the benefits.

Source: crediful.com

Apache is functioning normally

May 30, 2023 by Brett Tams

Today’s post is all about the best car buying tips so that you can save money when buying a car.

Not all car dealerships and car salesmen are bad. I know this for a fact because my husband used to be a new car salesman (and he was nice! I promise!). My husband knows all about the flack that salesmen get.

Despite the reputation car salesmen get, the car buying process is not perfect either.

Whether you are purchasing a new or used vehicle, there are several car buying tips and tricks you should know of so that you can walk away with the best deal possible. There are so many options and extras that come up when buying a car, which means there are many ways for you to end up leaving confused or paying more than you should be.

Whether you are buying a $500 car or a $50,000 one, you want to get the best deal possible. To make sure you don’t walk away from a deal angry or regretful, it’s important to be as knowledgeable as possible.

According to Edmunds.com, the average person in the U.S. spends $483 on a new car payment and $361 on a used car payment.

That’s a lot of money, which can leave a lot of room for mistakes and overpayment.

Before we begin, I want to tell you about several ways that car dealerships make their money. These are things you will want to be mindful of:

Your trade-in vehicle. To make a profit on your used car, they will want to offer you less money than they can sell it for. Of course, this is normal, but you want to be mindful of this so that you can get the most money out of your trade-in vehicle.
Incentives and bonuses from the car manufacturer. This means that if you can buy a car when a dealership hasn’t reached their selling quota, you may be able to get a great deal on your car purchase. Many times car dealerships will take a loss on the vehicle if it means that they will be able to reach their quota.
Financing the vehicle. Dealerships make money when you finance vehicles through them.
Extra options, such as an extended warranty.

Buying a new car can be fun and stressful at the same time. You don’t want to get tricked or duped, so here are car buying tips and tricks before you start shopping!

The best car buying tips:

Don’t just think about the monthly payment.

The most important car buying tip I can offer in this blog post is that you should not just care about the monthly payment.

You should only purchase what you can actually afford. Just because the monthly car payment looks affordable, it doesn’t mean that it actually is.

There are car payment terms that are as long as 96 months, which is just crazy to me. A car salesperson may stretch out the car payment so that it looks to be more affordable for you, but you should be aware of the whole cost, which includes things like interest and taxes.

Please, please, please, look at the whole cost and see if that’s actually an affordable amount for you to be paying.

Shop around for your own financing.

If you have to finance your car purchase, make sure you shop around before you agree to the dealer’s interest rate. Sometimes the dealer has the lowest rate, but sometimes they don’t.

You may be able to save yourself hundreds of dollars a year by simply shopping around. Plus, it’s extremely easy to shop around for the best interest rates – start with local credit unions and banks!

Go to a few car dealerships.

You can shop around car dealerships both online and offline.

I recommend shopping online before you go to a dealership, this way you can be prepared by learning as much as possible in advance. You also won’t be wasting your time at car dealerships that can’t get down to the price you want.

Don’t add small and unnecessary extras at the end of your purchase.

When you are about to purchase a car, you will be encouraged to buy many small options that you may not need. This may include extras such as:

Tire replacement
Paint protection
Extended warranties

While you may believe that you need some of the above options, you should make sure that you’re not just thinking about the monthly cost. The financing manager will offer you these extras in a way that makes it seem affordable. But, these extras only appear inexpensive because they are padded into your monthly cost, so don’t be fooled by how “affordable” they seem.

Yeah, $1 or $5 each month may not seem like much, but it can add up to a lot over a 5 year period!

Trust me, you are paying for these, and it’s not just a good deal that you are getting.

Related: 30+ Ways To Save Money Each Month

Determine how much your trade-in is worth.

If you have a trade-in vehicle, you should figure out how much it is worth before you step foot into a car dealership.

Kelley Blue Book is a great resource for doing this. While you may not get the exact amount that Kelley Blue Book claims you will get, it can be a good estimator or starting point when negotiating with the car dealership.

Know the right time to go.

There are certain times of the month and year that are better for car shopping than others. If a dealership is trying to meet their sales quota, they are more likely to give you a deal than when they’ve already beat their quota or if it’s the beginning of their quota.

This is because car manufacturers will give bonuses and extra incentives to car dealerships who sell a certain amount of vehicles. This gives car dealerships extra motivation to give really good deals if they are close to their quota.

I know someone who was able to lease a brand new car for just $70 per month, with no money down, because a car dealership needed to meet their quota. They got one heck of a deal!

To know the best time to go, you may want to make friends with a car salesperson, find out when their end of month or end of quarter is, and so on. Or, you could just ask. My husband would always tell people when the best time to buy was and would even call them, but many people did not believe him. If they only knew!

Don’t be afraid to negotiate.

Even if you get a discount, such as a car manufacturer discount, you should still negotiate. Many times, those friends and family discounts mean that you are not able to haggle at all, which can lead to you actually paying a higher price.

Cars sales are meant to be negotiated, whether it is a brand new vehicle or a used one. If you don’t haggle, you will most likely lose out on a lot of money, because negotiating is expected.

Other aspects of the vehicle buying process can be haggled on as well, this includes your trade-in vehicle, warranties, interest rates, add-ons, and more.

Learn more about negotiating at How To Rock At Negotiating On Everything.

Be nice.

No matter what, you should be a decent human being.

Being rude won’t get you the best deal, instead it may make the salesperson and the dealership not want to help you. After you purchase a car you are asked to go through the car manufacturer to grade your car salesperson. If the salesperson knows that you might give them a bad grade, they may not want your deal because it’s not worthwhile to them to have a bad score (which decreases their salary/income).

Plus, you should always be nice anyways. Salespeople are just doing their job and trying to make a living, and the majority of them are good people.

Miscellaneous car buying tips and tricks.

Here are several other car buying tips and tricks:

Never shop when you’re hungry or tired. You should always be well-rested and ready for an eventful day.
For the car dealership to beat their quota, sometimes they will buy a new car themselves and put it on the “used” car dealership side. The car is still brand new, but is now considered pre-owned. This can allow you to save a good deal of money. However, you do want to be mindful of the warranty, because the warranty has most likely started once the car was officially bought the first time (by the car dealership).
Purchase a car at the end of the car’s model year. Dealerships want to move out last year’s model to make room for the new ones, which can lead to a good discount.
Look into car insurance rates before you purchase. You may want to contact your car insurance agent so that you are not surprised by a high insurance rate after you make a purchase.
Don’t tell the salesperson what your budget is for a monthly payment. You should always negotiate on price first. A dealership will try to get you into something that will just barely fit your monthly payment budget, which can cause you to spend a lot more money in the long run.
Be confident. When negotiating, you should always be confident in what you are saying, and do not be afraid to walk away. If it’s not meant to be, then it’s just not.
Find the best car insurance. What is the most reliable car insurance company?

What other car buying tips and tricks do you know of? Share in the comments below!

Apache is functioning normally

May 29, 2023 by Brett Tams

For those looking to build their dream home, purchasing land is usually the first big step.

While building a house is far from easy, there are ways for first-time homeowners to make their dreams achievable. Land loans are a great resource, often used in conjunction with a traditional loan. Anyone choosing to build a house is likely to at least consider applying for a land loan.

A land or lot loan is a great financing option for those who have always dreamed of buying land and building their own home.

11 Best Banks for Land Loans

Because land loans typically carry higher interest rates than traditional mortgage loans, it pays to carefully consider the pros and cons of several lenders.

Below we’ve compiled a detailed list of the banks and credit unions offering the best land loans available today. Whatever lender you choose, be sure to check beforehand that they are fully licensed to provide mortgage loans.

The Nationwide Mortgage Licensing System (NMLS) is a centralized database of licensed lenders which you can use as a reference.

1. Atlantic Union Bank

Atlantic Union Bank offers land loans for both residential lots and undeveloped land. The bank is based in Virginia.

There are also separate construction loans available for those interested in financing the construction of a residence. Bear in mind that while Atlantic Union has a strong reputation as lenders, having been in business since 1902, they don’t have services like loan calculators, interest rate guidelines, or down payment information on their website.

For more information on a land loan with Atlantic, you’ll need to call them or visit a local branch to speak about a land loan.

2. Old National Bank

Old National Bank is headquartered in Indiana, and has been in operation since 1834. They offer lending products and services to residents of Indiana, Minnesota, Wisconsin, Michigan, and Kentucky. Old National has two different types of financing for land on offer, depending on the size of the property you’re interested in:

Lot Loans are designed to finance land purchases of no more than 5 acres, requiring a 20% down payment.
Land Loans are for larger property, designed to finance land purchases between 5 and 25 acres. These loans come with a minimum down payment of 35%.

Both land and lot loans with Old National will carry various interest rates and repayment terms. You can get either of these loan types for both improved and unimproved land, and there is no obligation to immediately begin building once a loan is secured.

Old National Bank also has around 250 brick-and-mortar locations since merging with First Midwest Bank. If visiting a local branch to speak with a loan officer is your preference, you shouldn’t have to travel too far.

On the other hand, you also have the option of using Old National’s online loan calculator and online loan application service, if visiting a local branch isn’t convenient.

3. Mountain America Credit Union

Mountain America Credit Union is a federally chartered credit union regulated by the National Credit Union Administration (NCUA) and headquartered in Sandy, Utah. They locations across Arizona, Idaho, Utah, Montana, Nevada, and New Mexico.

Mountain America’s lot loans are available with 85% financing on approved credit, fully amortizing fixed-rate and balloon options, and an easy online application process. The loans are designed to be easily converted to a construction loan, ensuring that you can move forward with your home building plans when you’re ready.

4. WaFd Bank

WaFd, or Washington Federal, offers bank loans for improved land up to the value of $700,000, without any immediate obligations to build.

You can use their online loan calculator to receive an estimate of the interest rates you can expect for a land loan. These estimates are based on your credit score, development plans and the specifications of your desired property.

The minimum down payments and interest rates will vary depending on your ideal loan term, as well as all the other details of your application.

You can apply directly for loans through their online portal, as well as in person at a bank branch. Land loans are available from WaFd Bank only in the following states: Washington, Idaho, Nevada, New Mexico, Oregon, Texas and Utah.

5. Banner Bank

Banner Bank is active in the states of Idaho, Washington, Oregon, and California. They offer financing for purchasing both improved and unimproved land. Banner allows customers to borrow up to 75% of a property’s purchase price, and they also claim to bring competitive interest rates and fees.

All loans with Banner Bank are approved in-house, which means a streamlined credit score check and loan approval process.

If you do apply for a loan with Banner Bank, you also have the option of locking in a fixed interest rate or a flexible rate. Banner also offers financing for construction and personal loans.

6. California Bank & Trust

Customers with California Bank and Trust can potentially avail of both a land loan and a construction loan in one. The bank offers financing for up to 60% of the lot purchase value, along with several loan options.

The option to choose either a single or dual-purpose loan, which can cover both land purchase and construction of a home, makes California Bank & Trust an attractive lender. This is a great option for those looking to save both time and money.

You can apply for a loan online, over the phone, or in person at a local branch.

7. Randolph-Brooks Federal Credit Union

Randolph-Brooks Federal Credit Union is not your typical financial institution. As a financial cooperative, its sole mission is to help members save time, save money, and earn money. Over the years, the credit union has expanded its reach to over 1 million members in Texas and beyond, with a strong presence in Austin, Corpus Christi, Dallas-Fort Worth, and San Antonio.

With over 60 branches dedicated to serving members and the community, RBFCU offers a range of land loan benefits and features, including term options up to 15 years, free 60-day rate lock, and up to 90% financing.

And the best part? There are no building requirements from the lender, so you can have the freedom to build your dream home the way you want. Set up automatic payments and let RBFCU help you make your land ownership dreams a reality.

8. Citizens Bank & Trust

Citizens Bank & Trust is a North Alabama-based institution that’s committed to providing a hassle-free lending experience. What’s more, you can roll your loan into a permanent one, saving you on closing costs.

With local decision-making and processing, you’ll get the personalized attention you deserve, while a streamlined application process ensures you get your funds when you need them. You can experience a stress-free borrowing experience when you choose Citizens Bank & Trust for your land loan needs.

9. Alpine Bank

Alpine Bank is active in Colorado, offering financial services including land loans. Specifically, they offer loans for both lot and new constructions, with a maximum loan to value amount of 75% for land classified as improved.

Alpine Bank doesn’t offer lending details on their website. You can use their website to connect with lending experts in your county. You can also reach out for more loan information online, over the phone, or in person at one of their local bank branches.

10. First Bank & Trust

If you’re looking to buy land or a lot and build your dream home, First Bank and Trust Company can help. Headquartered in southwest Virginia, with additional locations in Tennessee, North Carolina, and Virginia, the bank is committed to helping you realize your homeownership goals.

With a range of lot and land loans, you can choose the financing option that’s right for you, while enjoying competitive rates and flexible terms. Whether you’re looking to build your dream home or invest in a piece of land, First Bank and Trust Company has the financing options you need to make it happen.

11. First Hawaiian Bank

First Hawaiian Bank offers land loan options designed for those who are ready to buy land but not quite ready to build. With 2- and 3-year terms available and no prepayment penalty, you can secure the land you want without worrying about costly fees. And with interim financing available to purchase a vacant lot at residential pricing, you can lock down the land you need to bring your vision to life.

Best of all, your FHB land loan can be refinanced into a construction-to-permanent loan with reduced fees, making it easier than ever to get the financing you need to build your dream home.

What are land loans?

Land loans are loan products designed to help individuals and businesses purchase land for development. A bank, credit union, or online lender can offer specific loans for those interested in buying land. Land loans are also known as ‘lot loans’.

Similar to a mortgage loan, land loans provide individuals and small businesses the opportunity to finance the purchase of land for many purposes, such as investment, agriculture, recreation, or development.

However, because these types of loan are considered riskier for lenders, they typically come with a higher interest rate compared to a mortgage loan. In addition, the conditions of the loan will depend on the type of land being purchased, as well as what the land will be used for.

Let’s take a closer look at the types of land that a land loan can help finance.

Types of Land Classification

Your chances of obtaining financing for land will depend partly on the type of land you want to purchase. In general, lenders who offer land loans will view developed land as less of a risk than undeveloped land.

When it comes to land loans, there are three primary types of land considered for financing.

Raw Land

‘Raw land’ is the first classification and refers to completely undeveloped, rural land. Think no buildings, electricity or drainage system. This is the most difficult land to obtain financing for because land loan lenders view it as the greatest risk of abandonment.

As a result, if you plan to apply for a land loan for raw land, you’ll need to demonstrate that you’ve got a detailed plan for development. Showing lenders that you’re competent and dedicated to the project will help you navigate the lending market.

Although the purchase price of raw land is often cheaper than land that is developed, a raw land loan will come with higher rates. You may also be required to put up a more substantial down payment.

Unimproved Land

‘Unimproved land’ is a step up from raw land, and covers a broad variety of possibilities. Unimproved land will often be land that was once developed, or has seen failed attempts at development in the past. In some cases unimproved land will have some limited access to utilities and amenities, but will need significant repair and refurbishing.

An unimproved land loan can also be difficult to get, even though it poses less risk compared to raw land. Again, having a detailed plan and being aware of the challenges at hand will be a huge help when negotiating with lenders. A large down payment and a strong credit score will also be helpful.

While lenders tend to view unimproved land loans as less risky than raw land, it is still common for rates to be a fair bit higher compared to traditional mortgage rates, for example.

Improved Land Loan

‘Improved land’ typically has decent or good access to utilities, roads and water. Because improved land is the most developed land type, it almost always comes with a higher price tag. On the other hand, this means that interest rates will be significantly lower compared to raw or unimproved land loans. You’ll also find more affordable down payments for developed lots.

For most aspiring homeowners, purchasing land that is already developed with access to basic amenities is the ideal. This allows them to immediately get to work building a house, whereas having to develop land first could add at least another year to their construction project.

How to Apply for a Land Loan

If you want to buy land and build your dream home, you’ll probably want to apply for a land loan. Land loan applying isn’t complex, and land loans work the same as many other types of loan. Here are the steps involved:

Find a Plot

You should start by first identifying the plot of land you want to buy. It helps to have a few options chosen in advance. For example, in the event that you can’t afford to find a good lending option for your first choice, you can quickly move on to an alternative instead.

Draw up a Development Plan

The next step is to make a development plan for each plot that you have on your shortlist. You may need or want to hire professional help to create a solid plan. Try to include as much detail as possible, without overextending yourself or wasting too much time and money.

When it comes to development and construction plans, both an estimated timeframe and overall cost range are the most important details. A good plan will help you negotiate the best rates with a lender.

Find a Lender

Once your development plan is ready, it’s time to seek potential lenders. Depending on the type of development you’re proposing, as well as the type of land you want to buy, it may take some time to find willing lenders.

Be prepared to also take some time to consider more than one loan offer. Ideally, you can compare multiple lenders, and use a pre-approved quote from at least one lender to negotiate against others.

Complete the Application Process

Once you’ve chosen a lender and been approved for your loan, you’ll be guided through the lender’s application process. The majority of lenders will require information such as your development plan, a credit check, and personal information.

You might also need to provide details on things like zoning considerations, utilities access and land use restrictions, where relevant.

Alternative Land Financing Options

In addition to seeking a land or construction loan, there are several other types of loans and financing options available.

USDA Loans

If you’re looking to own land and build a home in a rural area, you may be eligible for a USDA loan. The U.S. Department of Agriculture offers loans that may assist low and moderate income families in finding a new home. USDA Section 523 loans are for wanting to purchase land to develop, and Section 524 loans are for financing new constructions by contractors.

While it isn’t easy to qualify for a USDA loan, the benefit is they require no down payment and the interest rates are low. USDA loans must be settled within two years, however, so there are no long term options.

FHA Loans

Another government-funded product, FHA loans are tailored towards those wanting to buy land and quickly build a home. The Federal Housing Administration insures these loans, protecting FHA-approved lenders from risk.

FHA loans are not available for land purchase alone, but for those intending to build a home on as well as land. FHA loans are sometimes granted in conjunction with construction loans, too. If you’re eligible for one of these loans, you’ll likely have a lower minimum down payment, but potentially higher interest rates.

Home Equity Loans

Home equity loans may be an appealing alternative to land loans for some homeowners. If you already own a property and have good credit standing, this kind of loan might be a good fit. A home equity loan acts as a second mortgage, and will essentially convert your equity into collateral for a new loan to fund your purchase.

Cash-Out Refinancing

Cash-out refinancing involves homeowners refinancing their homes to increase equity. This type of refinancing is essentially paying off your current mortgage to secure another mortgage, but with a lower interest rate and easier monthly payments.

Once the remortgaging is made official, your bank or financial institution will issue you a check based on the equity in your property. You can then use this payment to fund your land purchase.

SBA Loans

The Small Business Administration (SBA) offers loans to small business owners from the 504 loan program.

These loans are best suited to the purchase of real estate for business reasons, so they are not ideal for regular homeowners. However, if you’re looking for land to purchase to grow your business, you might want to consider an SBA loan.

Generally, the Small Business Administration will cover 40% of the purchase value, with 10% from the borrower and another lender of choice providing the other half of the loan. The terms and rates on SBA loans vary depending on the lender you choose to fund 50% of the land purchase.

Seller Financing

If you’re lucky, you may be able to obtain financing directly from the landowner you want to buy from. Also known as land contracts, these types of loans involve the buyer essentially taking out a loan directly from the seller, often with a substantial down payment.

Seller financing also tends to come with less than competitive interest rates. For those who struggle to qualify for a traditional mortgage or financing, seller financing can often be a great, but more costly, alternative.

Frequently Asked Questions

What is the best loan for buying land?

The best loan option for buying land depends on your circumstances. While improved land loans may seem ideal, the reality is there are multiple loan options to choose from.

Your credit score, debt-to-income ratio, and the condition of the land you wish to purchase are all factors that can influence which type of financing will suit you best.

Is it difficult to get a loan for land?

It’s true that obtaining loan financing for the purchase of land isn’t as easy as getting a regular personal loan. However, there are lenders out there with experience financing land purchases. As with any loan, the bottom line will be your credit score, as well as the size of your down payment. The nature of the land in question is also a primary factor.

If you can’t qualify for traditional financing options, there are alternatives such as USDA loans, FHA loans and more to consider.

Source: crediful.com

Apache is functioning normally

May 29, 2023 by Brett Tams

Certificates of deposit (often simply called CDs), by definition are time deposits. You give your money to the bank and then promise not to touch it for a specific length of time. In general, the longer you agree to let the bank keep your money via a CD investment, the higher the interest rate you will receive.

If certificates of deposit offer higher returns than a savings account, then why doesn’t everybody use them? The primary reason is that a CD investment is less liquid than a savings account in that you can’t just move money in and out without penalty as you can in a savings account. You can take your money out of a CD before it “matures,” but you are docked interest when you do. In fact, it is typical for a bank to penalize the interest amount even if it hasn’t been earned (meaning you could lose part of your principal if you close your CD early).

Anatomy of a CD

I was fortunate to win a $1,000 6-month certificate of deposit from ING Direct recently. (I never win anything!) Looking at it might be instructive:

Reviewing this screenshot, you can see that a certificate of deposit has an initial value (in this case, $1,000), an interest rate (3.50%), and a term (6 months). In other words, this is very much like a loan that I am making to the bank.

You can also see that the bank has an “Early Redemption Policy” that states that I would sacrifice three months’ interest if I chose to redeem this CD early, whether the interest has been earned or not. Because I have held the CD less than a month, I would actually sacrifice part of my principal if I were to close the account now.

When this CD investment matures on April 9th, I will have $1,017.28. Obviously $17.28 isn’t a huge return, but it’s important to remember that interest rates are low right now. (Also consider that if my $10,000 emergency fund were all in CDs, I would earn $172.80 in six months.)

Another important difference to be aware of is that, unlike a savings account, a certificate of deposit ends after a set amount of time. What happens at the end of the term depends on the arrangements you have (or have not) made with your bank. (I explain this further below.)

CD Tips and Tricks

A certificate of deposit is a great way to put your savings on steroids, so to speak, but there are ways to make them even better. Here are a few tips and tricks that can help you get the most out of your investment.

Use CDs to beat falling interest rates. When the Federal Reserve cuts short-term interest rates, you feel the pinch in your savings account. Certificates of deposit are a great way to buy yourself “protection.”

When you see a rate drop coming, open another CD. For example, the Federal Reserve just cut short-term rates another 0.50 percent last week. I would be shocked if banks didn’t follow suit, lowering the interest on their savings accounts. ING Direct could go as low as 2.25 percent.

When you see an interest drop coming, take some money from your savings account and throw it into a 6- or 12-month certificate of deposit, locking in the higher rate. (My web research hasn’t revealed what causes CD rates to move, but they do not move in lockstep with savings accounts.)

Climb the CD investment ladder. Just as you might use dollar-cost averaging to profit from fluctuations in the stock market, you can use a “CD ladder” to profit from fluctuations in interest rates.

Say you have $5,000 to invest. To build a CD ladder, you would invest the money in CDs with staggered maturation dates:

$1,000 in a one-year CD
$1,000 in a two-year CD
$1,000 in a three-year CD
$1,000 in a four-year CD
$1,000 in a five-year CD

As each CD matures, you immediately invest your money in a new five-year CD, effectively maintaining the one-year stagger, or ladder. You won’t earn the best possible rate of return, but you will earn a good one, and your income will be relatively constant. The CD ladder is also a form of diversification: you’re not betting all your money on one interest rate.

Protect yourself with parallel CDs. One of the biggest risks to your investment in a certificate of deposit is the need for early withdrawal. What if something happens and you need to pull the money out? As we’ve seen, this can be expensive. Nickel at Five Cent Nickel suggests mitigating your risk with parallel certificates of deposit.

Again, assume have $5,000 that you’d like to put into CDs. Instead of opening a single certificate of deposit for the full amount, consider opening multiple CDs. You might open three CDs at once, for example: two $1,000 CDs and one $3,000 CD.

This gives you a buffer in case you need to get at the money early. If you find you need $500, you can break a single $1,000 CD and the rest of your money is safe from penalty.

Related >> Beginners’ Guide to Investing

Beware of auto-renewals. Nicole wrote last week because she was surprised to find that her certificate of deposit at Countrywide had automatically renewed at the maturation date. Many (most?) banks will do this unless you instruct them not to.

If you know you’re ready to pull your money out of a certificate of deposit, be sure to contact your bank to find out the proper procedure for doing so. Nicole found herself locked into another twelve month CD when she needed the money now. If she broke the contract, she would be forced to sacrifice 180 days interest, whether earned or not.

(Note that Nicole’s story had a semi-happy resolution. She knows to speak up when something seems wrong. Countrywide wouldn’t let her out of the CD investment entirely, but “I was able to negotiate a compromise to transfer the money to a 3-month CD, rather than the 12 month CD. Although the interest rate is lower, I will be out in 3 months, which isn’t too bad.”)

Shop around. As with any financial decision, it pays to shop around for CD rates. You may find that your local bank actually offers a better deal on certificates of deposit than the online banks.

For example, my local credit union only offers 0.35% on its regular savings account, but its CD rates are competitive with (and sometimes higher than) ING Direct. Since I keep my checking account at the credit union, it might make sense for me to hold my CDs there. (In this case, however, they’re not high enough to make me switch; I’d rather track everything in one place at ING.)

Here’s my list of current CD rates from online banks.

CDs in Practice

I’m new to the certificate of deposit, but I can already see some uses for it. My $10,000 emergency fund, for example, is currently earning 2.75%. I may instead create a series of parallel CDs, as described above.

Also, I’m saving for my Mini Cooper. That money is also earning 2.75%. I’m nowhere close to buying the car, though, so I might as well put it into a certificate of deposit, too.

Though certificates of deposit are new to me, I’m sure that most of you have been using them for years. What tips and tricks can you offer? Do you have favorite sources for CD investments? How do you decide which money to keep there and which to keep in a savings account?

Identifying the Best CD Rates

It is important to think through how best to use a certificate of deposit in your overall financial plan, but it starts with understanding your goals and how a CD can help you reach them. Interest rates change constantly, so having up-to-date rate information is critical to identifying the best CD rates and terms to make the most of your investment. We have made the whole process easier in a convenient page that is updated weekly with the most current interest rates.

Different strategies can help you capitalize on fluctuating interest rates too.
A CD ladder can help you maintain a relatively constant income no matter how current CD rates change. A parallel CD strategy can help you maintain some accessibility to your funds during the term. Richard Barrington’s post can help you understand how to find the right CD but do shop for the highest CD rates and terms regularly to maximize your return. Bookmark this page as well so you can easily come back to our table to check rates and terms as often as you want.

Current Certificate of Deposit Rates

An online account is arguably one of the most convenient ways to manage CDs and, generally speaking, online banks offer higher rates than traditional brick-and-mortar institutions. The following listings of online banks are updated weekly too, and a little more information about each bank is given next to each listing as well. Credit unions and savings associations are also sources of CDs and other deposit accounts.

CD Basics

A certificate of deposit, or CD, is a deposit account that is generally considered a very low-risk investment. You might also hear it described as a time deposit because it is not a liquid asset that can be accessed on demand. Instead, the amounts deposited into a CD are expected to remain untouched for a specific period of time, which is the term of the CD. In exchange, the bank will pay you a fixed rate of interest.
Example investment: You put $10,000 in a 5-year certificate of deposit at an interest rate of 1.75%. At the end of five years, with interest compounded daily, you would have $10,914.

Early withdrawal penalty – The full value of the CD (your principal plus the interest earned) is accessible when the term has been reached; however, there is usually a penalty if you withdraw your funds before the end of the term. This means that the bank will keep a portion of the interest earned, which could also cut into the original principal balance if the CD has not accrued enough interest to satisfy the entire penalty yet.

For example, if a depositor wishes to close a one-year CD account after two months but the bank’s policy states that an early withdrawal penalty equal to three months’ interest would be due in that event, then the bank will dip into the depositor’s principal balance to make up for the shortfall between the interest earned and the penalty. Early withdrawal penalties vary from bank to bank, and this is another important item to consider as you shop for the best CD rates and open your new account.

Fixed interest rates – Even though interest rates change regularly, banks usually offer a fixed interest rate that doesn’t fluctuate, allowing you to lock in that particular rate for the entire term of your CD. Banks are willing to fix the interest rate, which is generally higher for certificates of deposit than for most savings accounts, because the funds remain on deposit with the bank untouched for that specific period of time. (In general, the longer the term, the higher the interest rate for a CD.)

FDIC insurance – The Federal Deposit Insurance Corporation insures most certificates of deposit so that the balance of your CD will be paid to you even if the banking institution becomes insolvent for some reason. The standard deposit insurance coverage limit is $250,000 per depositor, but it is important to verify the amount of FDIC insurance that applies to the particular CD accounts you open.

High Interest CDs that Can Double Your Interest Income

According to the FDIC, five-year CD rates (certificates of deposit or CDs) are currently averaging just 0.75 percent nationally. Fortunately though, not all CDs are created equally. Here are 10 CDs that offer at least double the interest income that today’s average account provides:

iGOBanking. Forget the awkward name and focus on the rate: Annual percentage yield (APY) is 0.35 percent on a five-year CD. iGOBanking is the online division of Flushing Bank. Though Flushing Bank is quite small, with deposits of less than $600 million according to FDIC data. The minimum deposit is just $1,000, so the iGOBanking CD is readily accessible. The penalty for early withdrawal is 12 months now. (Rate as of July 5, 2016.)
EverBank. EverBank has made a commitment to offering high interest rates by pledging to keep its CD rates in the top 5 percent of comparable products. With a 1.76 percent APY on its 5-year CD, it seems to be living up to that pledge. (Rate as of July 5, 2016.) EverBank’s 17 branches are all in Florida, but its products are available to a national audience online, and with more than $10 billion in deposits, they have built up a fairly substantial customer base. The minimum to open is a reasonable $1,500, but the only catch is a hefty penalty for early withdrawal — equal to 900 days of interest on its five-year CD.
Nationwide Bank. This online banking affiliate of the insurance giant offers a five-year CD with a 1.95 percent APY for balances between $0 and $9,999.99 and a minimum of $500 to open. That APY bumps up to 2.00 percent for deposits of $100,000 or more. These strong rates do require a long-term commitment, since the early withdrawal penalty is 360 days of interest. (Rates as of July 5, 2016.)
Barclays Bank. Barclays is an international banking powerhouse, and it offers a very competitive five-year CD with a 2.65 percent APY. This rate applies to its online CD, which has the added advantages of having no minimum balance requirement and the penalty for early withdrawals is 180 days. (Rate as of 05 March 2018.)
GS Bank. GS Bank’s five-year CD has a 2.00 percent APY and a user-friendly $500 minimum deposit to open. There is a 270-day early withdrawal penalty, so make sure you are committed for at least a couple years if you choose this product. (Rate as of July 5, 2016.)
BBVA Compass. Though most of these highest-yielding CDs are found at online banks, BBVA Compass also offers a traditional, branch-based alternative with 716 locations. The account minimum is just $500, and the rates may reach as high as 2.00 percent APY for a four-year term, depending on which branch location you visit. Rate collected within: Birmingham, AL: 0.50%(Rate as of July 5, 2016.)
Ally Bank. One of the leaders in online banking, Ally has built itself up to more than $40 billion in deposits. The 1.65 percent APY on its five-year CD is well over twice the national average, but there is a 150-day early-withdrawal penalty. Still this CD is an excellent choice even if you think that rates might rise within the next five years. (Rate as of July 5, 2016.)
Sallie Mae. Sallie Mae is probably better known for student loans, but it also offers online deposit products, including a five-year CD with a 1.80 percent APY and a $2,500 minimum deposit. The early withdrawal penalty is equal to 180 days of interest. (Rate as of July 5, 2016.)
Discover Bank. Though the Discover name is more commonly linked to credit cards, Discover Bank also has more than $40 billion in deposits. Its five-year CD rate offers an APY of 1.85 percent with a $2,500 minimum deposit to open and an early withdrawal penalty equal to what can be up to 18 months of interest. (Rate as of July 5, 2016.)

The above are not necessarily the 10 highest-yielding five-year CDs in the country. They were chosen because their rates are at least twice the national average, they are available in multiple states and they have relatively user-friendly websites. You may find additional options in your area, but the points discussed above can still provide you with some framework for what criteria to consider — including rates, minimums and penalties — when choosing a CD.

Have you been able to find CD rates that rival these? If so, please add a comment below. Don’t forget to include the details: name of the bank, state, rate, when you opened the account with this rate, and whether you can open the account online or must appear in person.

Source: getrichslowly.org

Apache is functioning normally

May 29, 2023 by Brett Tams

A credit union is a nonprofit institution that’s owned by its members. Compared to a traditional bank, a credit union tends to offer more personalized service.

You can turn to a credit union for a variety of financial products, like checking and savings accounts, credit cards, car loans, and mortgages. Some regional and federal credit unions also offer wealth management services and other extras.

A typical credit union only accepts members who live in a specific region or work for an eligible employer. For example, they may require that you’re a resident of Atlanta, Georgia or work as a teacher.

The good news is some credit unions require less and make it easy for just about anyone to join. If you’d like to join a credit union but don’t want to worry about the strict membership requirements at most institutions, you’ve come to the right place.

38 Best Credit Unions Anyone Can Join

There are hundreds of credit unions that anyone can join, but we’ve done the heavy lifting and found the best ones for you. The credit unions below, which are overseen by the National Credit Union Administration (NCUA) may be an option for you, regardless of what you do for a living or where you’re located.

Just keep in mind that you may have to make a donation, join an organization, live in a certain state, or meet some other eligibility requirement. We encourage you to explore this lengthy to list of credit unions anyone can join so you can hone in on the ideal credit union for your unique situation.

1. Alliant Credit Union

Alliant Credit Union made its debut in 1935 to serve the employees of United Airlines. It stands out for it high-interest savings and checking accounts with low minimum opening deposits as well as excellent customer service.

You’ll also receive access to more than 80,000 free ATMs across the U.S. and get reimbursed up to $20 in out-of-network ATM charges per month. Since it only has two brick-and-mortar locations, you should feel comfortable with online banking. If you’d like to join Alliant Credit Union, make a $5 donation to Foster Care to Success.

2. Connexus Credit Union

Connexus Credit Union was founded in 1935 and has a widespread presence in Wisconsin as well as more than 54,000 ATMs across the country. It couldn’t be easier to join the credit union as all you have to do is pay a one-time $5 fee to the Connexus Association, which supports financial education through college scholarships.

As a member, you can open one of its three checking options with high APYs and a traditional savings account or one that’s specifically designed for the holidays.

3. Pentagon Federal Credit Union

Pentagon Federal Credit Union, or PenFed, was founded in 1935 as a credit union for military and civilian government. Today, this Virginia-based credit union has opened it doors to anyone as long as they open a savings account and deposit a minimum of $5. It offers two savings accounts, including the Regular Savings and Premium Online Savings.

In addition, you can find checking accounts, CDs, and money market accounts. Other products include Coverdell Education Savings Certificates, IRAs, credit cards, mortgages, home equity loans, and student loans. Plus, you can enjoy modern perks like mobile check deposits, online bill pay, and instant transfers.

4. First Tech Federal Credit Union

First Tech Federal Credit Union is headquartered in California. The credit union offers many benefits, such as excellent customer service, many branches throughout the U.S. and Puerto Rico, online banking, and mobile banking.

It also has the Dividend Rewards Checking Account, which gives you 1.00% APY on balances below $1,000. You don’t have to live in California to join as long as you donate to a nonprofit called the Financial Fitness Association.

5. Consumers Credit Union

Consumers Credit Union was established in 1951 as a local credit union. Based in Illinois, it’s one of the largest credit unions in the state with over 100,000 members and more than $1.2 billion in assets.

You can join it, even if you don’t live in Illinois. All you have to do is donate the $5 membership free to an affiliated nonprofit. You can open almost all of its accounts online, except for the checking accounts and IRAs. The credit union also offers a high-yield checking account that offers high interest if you meet certain criteria.

6. Langley Federal Credit Union

Langley Federal Credit Union is based in Virginia and made its inception in 1936. At that time, members of the National Advisory Committee for Aeronautics, the predecessor to NASA, chartered the credit union.

Today, Langley offers membership to anyone who pays a fee to support an important cause in Virginia and deposits at least $5 into a savings account. You can choose from a checking account without a monthly fee, a variety of no-fee savings accounts with competitive interest compounds monthly, and Visa Cards with cash back rewards.

7. Lake Michigan Credit Union

Lake Michigan Credit Union made its debut in 1933 by a group of teachers. Headquartered in Grand Rapids, Michigan, it has 51 branches in Michigan and southwest Florida. Since it’s part of the Allpoint ATM network, members can enjoy free access to more than 55,000 free ATM.

To join, donate $5 to the ALS Foundation and deposit $5 into a Member Savings account. Once you do, you can earn perks through the MORE rewards program and redeem them for complimentary checks and free out-of-network ATM transactions.

You may also open the free, no frills Max Checking account. Note that the Member Savings account, which you must open to become a member, requires a minimum daily balance of $300 or you’ll be charged a $5 monthly fee.

8. Lafayette Federal Credit Union

Lafayette Federal Credit Union was founded in 1935 as an alternative to traditional banks. It offers numerous perks, like no minimum balance requirement or monthly maintenance fees, online banking, mobile deposits, free direct deposit, and special discounts.

You can join it if you live, work, worship, or attend school in Washington D.C. If you live outside the D.C. area, you may still become a member as long as you invest in a lifetime Home Ownership Financial Literacy Council (HOFLC) membership for only $10. This nonprofit focuses on helping consumers navigate the path to homeownership.

9. Affinity Plus Federal Credit Union

Affinity Plus Federal Credit Union has 26 branch locations across Minnesota. APFCU offers MyPlus Rewards that gives you points if you keep a certain amount of money in your bank account or use its debit or credit card.

To be eligible to join, all you have to do is donate $25 to the Affinity Plus Foundation and open a basic savings account. If you live and work in Minnesota or have a family member in the state, there are other ways to become a member.

10. Chevron Credit Union

Chevron Credit Union has been around since 1935 and has 19 branches that span six states, including California, Louisiana, Mississippi, Texas, Utah and Virginia. It operates under two brands: Chevron Federal Credit Union and Spectrum Credit Union.

To become a member, join one of its nonprofit partner organizations, such as the Contra Costa County Historical Society. You’ll also need to deposit $25 into a primary savings account and maintain a $25 minimum balance.

Chevron also offers a second chance checking account called New Solutions for those who need help rebuilding their banking history.

11. Ascend Credit Union

Since its inception in 1951, Ascend Credit Union has offered a variety of products, like checking and savings accounts, a money market account, Christmas Club account, youth accounts, credit cards, and loans.

If you’re interested in these services, join The Nature Conservancy, Tennessee Chapter and you’ll be eligible automatically. Note that there is a one-time fee of $25.

12. Hope Credit Union

Hope Credit Union is a black-owned credit union that was organized in 1995 by the Anderson United Methodist Church in Mississippi. You can join if you pay a $10 membership fee and show a foreign passport, permanent resident card, or Matricula Consular. Plus, you may use an ITIN number instead of a Social Security number.

Hope Credit Union provides a number of personal bank accounts, business banking accounts, and transformational deposits. With its transformational deposits, you can participate in socially responsible investing.

13. Boeing Employees Credit Union

Boeing Employees Credit Union, or BECU, was established in 1935 for Boeing employees and currently caters to more than 1 million members. But despite its name, you don’t have to work at Boeing to join.

Its products and services are available to you if you become a member or donor to the KEXP, which is a nonprofit art organization or the Sea Hawkers Central Council. The most noteworthy benefit of joining is the first-time homebuyer grant in which you can receive $7,500 toward your down payment and closing costs.

14. Hiway Credit Union

Hiway Credit Union made its debut in 1931 to serve employees of the Minnesota Department of Transportation. It offers a free checking account with no monthly fee or minimum balance requirements, a free money market account with a $500 minimum deposit, credit cards, and loans.

You can qualify for a Hiway Federal Credit Union membership if you donate to the Minnesota Recreation and Park Foundation for $10 per year or the Association of the U.S. Army, which costs $40 for two years.

15. GreenState Credit Union

GreenState Credit Union was founded in 1938. It provides its members with personal accounts, business accounts, credit cards, loans insurance, wealth management services, and more.

GreenState was named one of the fastest growing credit unions in 2021. As long as you live or work in the state of Iowa, you can become a member and take advantage of its services without any issues.

16. Cascade Credit Union

Cascade Credit Union made its debut in 1952 to serve employees of the Cascade Division of the Great Northern Railway. Today, it’s open to many people and offers great perks like members-only sweepstakes, competitive rates, online banking tools, financial counseling, and group insurance benefits.

If you’d like to join, simply become a member of the Great Northern & Cascade Railway Association (GNCR) and pay an annual membership cost of $40. The credit union can help you fill out your application online or in-person at a local branch.

17. Wildfire Credit Union

Wildfire Credit Union began in 1937 as Saginaw Telephone Employees Credit Union, its original credit union name. Its first location was in the basement of the home of Hank Kosk, the credit union’s treasurer.

After some office upgrades, the credit union opened the doors to its current location on Bay Road in Saginaw and merged with Flint Telephone Employees Credit Union that same year. Today, Wildfire Credit Union offers several deposit accounts as well as personal banking and business banking services. You can join if you live, work, worship, or attend school in Michigan.

18. Nextmark Credit Union

Nextmark Credit Union made its debut in 1958. Its offerings include personal and business checking, home equity loans, personal loans, credit cards, gift cards, and more.

To join, you must live in a qualifying county in Virginia or make a donation to Herndon Elementary PTA, a Title I school.

19. Technology Credit Union

Technology Credit Union, or Tech CU, was established in 1960. It’s based in Silicon Valley and provides its members with no shortage of benefits. These include competitive rates, online banking, access to fee-free ATMs, free credit score monitoring, conference room space, and easy online appointment booking. To become a member, join Financial Fitness Association for only $8.

20. Veridian Credit Union

Veridian Credit Union was established in 1934. Most of its members are those who live or work in Iowa or certain counties of Nebraska. However, it’s open to anyone who is a registered user of Dwolla, a financial technology company. This means you can join as long as you sign up for a personal account at Dwolla.

You’ll also need to open a savings account and deposit at least $5. If you’re already a member of a credit union or bank but would like to switch to Veridian Credit Union, the switch kit may be helpful.

21. Harborstone Credit Union

Harborstone Credit Union’s roots date back to 1955, when it was known as McChord Federal Credit Union and served airmen on the McChord Air Force Base. In 1996, the credit union expanded its membership to anyone in the state of Washington and changed its name as a result.

As long as you live, work, or worship in Washington, you may join Harborstone Credit Union and enjoy a variety of financial products and digital tools.

22. NASA Federal Credit Union

NASA Federal Credit Union began in 1949 to serve NASA employees. Since then, it’s grown to more than 177,000 members. While the credit union is headquartered in Upper Marlboro, Massachusetts, there are 12 branches in Maryland, Virginia, and Washington, DC.

Its product lineup includes a simple checking account with no minimum opening deposit, a savings account with a great rate, and several CDs. You can also monitor your credit score and make deposits with the mobile app. If you don’t work for NASA, you can still join. Simply sign up for a one-year membership at the National Space Society (NSS).

Hanscom Federal Credit Union opened in 1953. The credit union has over 20 branches in and around Boston as well as one in McLean, Virginia. It offers fee-free checking accounts, savings accounts with rewards, credit cards, and loans.

To join, you’ll need to support one of its partner organizations, such as the Burlington Players, a volunteer theater group. In addition, you’ll be required to deposit $25 into a free primary savings account.

24. Pen Air Federal Credit Union

Pen Air Federal Credit Union was founded in 1936 to support civil service employees of Naval Air Station Pensacola. It has 16 locations in northwest Florida and southeast Alabama. You may be surprised to learn that you don’t have to be an active duty or retired military member to join.

You’ll be able to take advantage of Pen Air Federal Credit Union if you become a member of the Friends of the Navy-Marine Corps Relief Society and deposit a minimum of $25 into a savings account. As a member, you can enjoy the Pen Air Platinum Mastercard, Share Savings account with the Round It program, and more.

25. State Department Federal Credit Union

State Department Federal Credit Union was founded in 1935. To join, you can become a member of the American Consumer Council for $8. This is a non-profit organization with a focus on consumer education and financial literacy.

The State Department Credit Union offers a long list of products and services, including basic, advantage, and privilege checking, a money market account, share certificate accounts, individual retirement accounts (IRAs), credit cards, and loans.

26. United Nations Federal Credit Union

United Nations Credit Union made its debut in 1947. As long as you join the United Nations Association of the United States of America, you can become a member.

UNFCU has a vast product lineup that includes a checking account, membership savings account, credit cards, debit cards, and loans, like car loans and debt consolidation loans.

Other membership perks include loyalty rewards, credit card rewards, and the member referral program.

27. Premier Members Credit Union

Premier Members Credit Union was established in 1959 for members of the Boulder Valley School District. You’re eligible to join if you make a donation to Impact on Education, a charity in the Boulder Valley School District, and open an online savings account or youth savings account.

As a member, you can expect perks, such as high interest rates on checking accounts, no monthly service fee, no overdraft fees, and free overdraft protection. The credit union also offers an extensive network of branches and ATMs for your convenience.

28. SRI Federal Credit Union

SRI Federal Credit Union is headquartered in Menlo Park, California. It was founded in 1957 and offers membership to anyone who joins the Financial Fitness Association for $8 per year.

The credit union’s account offerings include a checking and savings account, money market account, IRA, health savings account, and youth, teen, and gradate accounts.

29. United States Senate Federal Credit Union

United States Senate Federal Credit Union has been around since 1935. Its mission is to “improve the financial wellness of members throughout all stages and circumstances of life.” Its products are similar to what most credit unions offer.

As a member, you can enjoy access to a number of checking and credit union savings accounts, mortgage loans, personal loans, auto loans, Visa debit cards, and business advisory services. To join, you’ll need to become a member of the U.S. Capitol Historical Society for $65.

30. Wings Financial Credit Union

Wings Financial Credit Union was founded in 1938 by seven employees from Northwest Airlines. To date, it serves more than 320,000 members with more than $7.5 billion in assets. You can join if you donate $5 to the Wings Financial Foundation, even if you don’t work in the aviation industry.

There are no fees on its basic banking accounts, including its checking and savings accounts, a money market account, and CDs. Its high yield savings and checking accounts offer competitive rates to help you grow your money.

31. Skyward Credit Union

Skyward Credit Union was chartered in 1941. It offers a share savings account with competitive rates, an aim higher checking account with no monthly fees or minimum balance requirements, affordable mortgage and home equity loans.

It also offers online banking, a variety of insurance products, and access to over 30,000 surcharge-free ATMs. Like most credit unions require membership, so does this one. To become a member, join the Kansas Aviation Museum.

32. San Diego County Credit Union

San Diego County Credit Union has been around since 1938 and has over 430,000 credit union members. It’s considered the largest locally owned financial intuition in San Diego.

As a member, you can enjoy a free checking account, secured and unsecured credit cards, a wide range of account options with no service fees, and access to over 30,000 ATMs without ATM fees. To join San Diego County Credit Union, become a member of the Financial Fitness Association.

33. Bellco Credit Union

Bellco Credit Union is a Denver-based credit union that opened its doors in 1936. You can join it even if you don’t live in Colorado as long as you donate at least $10 to the Bellco Foundation, pay a one-time $5 membership fee, and deposit at least $25 in a savings account.

Once you do, you’ll have access to several noteworthy products, like the Boost Interest Checking account, which offers a competitive interest rate, the Premier Money Market Account, and two, no-fee credit cards.

34. Bethpage Federal Credit Union

Bethpage Federal Credit Union was founded in 1941 and currently has over 30 branches across Long Island and New York City. It has a reputation for competitive rates on it money market accounts and certificates of deposit (CDs).

The credit union also offers three checking accounts, a few savings accounts, retirement planning services, IRAs, insurance, and more. You don’t have to live in New York to join if you open a $5 savings account. As a member, you may meet with credit union staff virtually and bank on the go with a handy mobile app.

35. First South Financial Credit Union

First South Financial Credit Union opened its doors in 1957 to serve those on the Millington base. Since then, it has become of the safest financial institutions in the U.S., as stated by independent rating agencies. While the credit union has locations throughout Tennessee and Mississippi, its online banking services make it a suitable option if you live elsewhere.

Like other credit unions, it offers a full suite of checking, savings, CDs, and IRA accounts. To join, become a member of the Courage Thru Cancer Association, which supports St. Jude Children’s Research Hospital.

36. Dow Credit Union

Dow Credit Union was founded in 1937 in Midland, Michigan. It provides numerous products, including checking and savings accounts, certificates of deposit (CDs), HSAs, deposit trust accounts, and loans.

Fortunately, you don’t have to work at Dow Chemical to take advantage of them. To join, make a $10 donation to the Dow Chemical Employees’ Credit Union Endowed Scholarship Fund.

37. Blue Federal Credit Union

Blue Federal Credit Union was chartered in 1951 as Warren Federal Credit Union. If you’re looking for a high-yield checking account, you’ll appreciate its Blue Extreme Checking Account with no minimum opening deposit or monthly service fees.

Other perks include a tiered membership rewards program and round-the-clock customer service. The easiest way to become a member is to donate $5 to the Blue Foundation and open a Membership Share Savings Account with $5.

38. Digital Federal Credit Union

Digital Federal Credit Union (DCU), based in Marlborough, Massachusetts, was established in 1979. Today, it is known for its comprehensive range of financial products that includes checking and savings accounts, auto loans, mortgages, personal loans, credit cards, and wealth management services.

Perhaps one of DCU’s standout features is its commitment to digital banking, offering robust online and mobile platforms that compete with larger, nationwide banks. This makes DCU a fitting choice for those who prefer online banking, no matter where they live.

Membership is open to those who are a part of participating organizations or live, work, worship, or attend school in eligible communities. If you don’t fit those criteria, you can still join by becoming a member of a participating nonprofit organization, such as Reach Out for Schools, which requires a nominal donation.

See also: Best Nationwide Credit Unions of 2023

Bottom Line

Not all credit unions are created equal. Some have strict membership criteria, while others are more flexible. Before you join a credit union (or several credit unions) on this list, be sure to consider numerous factors.

You’ll want to look at eligibility requirements, branch location, monthly maintenance fees, accounts offered, interest rates, mobile banking, digital banking, reputation, and customer service. Best of luck as you explore the best credit unions and search for the perfect credit union.

Frequently Asked Questions

Can civilians join Navy Federal Credit Union?

Yes, civilians can join the Navy Federal Credit Union (NFCU), the largest credit union in the U.S. However, this is limited to immediate family members of service members in all branches of the armed forces. This broad eligibility criteria is one of the reasons why NFCU has grown to be the largest credit union in the country.

Can anyone join American Airlines Credit Union?

No, not anyone can join the American Airlines Credit Union. Membership is limited to those who work in the air transportation industry, including airlines, airports, and related businesses, as well as their family members. While this broadens the scope beyond just American Airlines employees, it still doesn’t include everyone.

Source: crediful.com

Apache is functioning normally

May 29, 2023 by Brett Tams

Looking to buy a new car? Here are 10 top tips for buying a new car so that you can learn how to save money with your next car purchase. Enjoy this new car buying guide!

I’ve recently heard a lot about people spending an exorbitant amount on their monthly car loan. Personally, I know several people who spend over $1,000 a month on their car loans while barely making enough to cover that and all of their other bills.

So today, I want to give you some tips for buying a new car so that you can save money on your next car purchase.

According to USA Today, the average new car price is around $37,000, with the average new car buyer paying around $550 a month with loan terms of 69 months. Many people are buying more expensive cars and taking out loans with high interest rates in order to “afford” them.

In fact, according to Edmunds, the current average annual interest rate on in 2019 is 6.19%. I’ve even seen car buyers with interest rates of 20% and higher.

And, people are extending their car loans for longer periods of time in order to get an even lower monthly car payment. While 72 months used to be a crazy long time to finance a car, terms of 84 months are even starting to become the norm.

Now, I’m not saying that you shouldn’t have a car loan or buy a new car. But, I do want people to be more mindful of their car spending and be more knowledgeable going into the car buying process.

Today’s post is all about the best tips for buying a new car so that you can save money when buying your next vehicle. And, many of these tips for buying a new car are also tips for buying a used car.

Not all car dealerships and car salesmen are bad. I know this for a fact because my husband used to be a new car salesman (and he was nice, I promise!). My husband knows all about the flack that salesmen get, and he even helped with some of the tips for buying a new car that I’m going to tell you about.

Despite the reputation car salesmen get, the car buying process itself can be really stressful for everyone.

Whether you are purchasing a new or used vehicle, there are several car buying tips and tricks you should know of so that you can walk away with the best deal possible. There are so many options and extras that come up when buying a car, which means there are many ways for you to end up leaving confused or paying more than you should be.

Whether you are buying a $500 car or a $50,000 one, you want to get the best deal available. To make sure you don’t walk away from a deal angry or regretful, it’s important to be as knowledgeable as possible.

Cars aren’t cheap, which can leave a lot of room for mistakes and overpayments. You can buy a car that doesn’t meet your needs, is too expensive, and more.

We’ve had a lot of vehicles in our life, from a really cheap $500 car that ran well (yes, you can find good vehicles for cheap), to expensive new vehicles. And, we’ve used all of the tips I’m going to share with you today.

Before I tell you the top tips for buying a new car, I want to tell you about several ways that car dealerships make their money. These are things to be mindful of:

Your trade-in vehicle. To make a profit on your used car, car dealerships will offer you less money than they can sell it for. Of course this is normal, but you want to be mindful of this so that you can get the most money out of your trade-in vehicle. Even though it takes a little more work, you can often make more money if you sell your car privately instead of selling it to a dealership.
Incentives and bonuses from the car manufacturer. This means that if you can buy a car when a dealership hasn’t reached their selling quota, you may be able to get a great deal on your car purchase (this is covered more in my list of tips for buying a new car). Many times car dealerships will take a loss on the vehicle if it means that they will be able to reach their quota.
Financing the vehicle. Dealerships make money when you finance vehicles through them.
Extra options. These are things like an extended warranty and upgrades.

Buying a new or used car can be fun and stressful at the same time. You don’t want to get tricked or duped, so here are tricks and tips for buying a new car before you start shopping!

Here are my best tips for buying a new car (or used one):

Think about the WHOLE COST of the car.

The most important of these tips for buying a new car that I can offer you is that you should think about more than just the monthly payment. This is the smartest way to buy a car.

You should only purchase what you can actually afford. Just because the monthly car payment looks affordable, it doesn’t mean that it actually is.

There are car payment terms that are as long as 96 months, which is just crazy to me. A car salesperson may stretch out the car payment so that it looks to be more affordable for you, but you should be aware of the whole cost, which includes things like interest and taxes.

Please, please, please, look at the whole cost and see if that’s actually an affordable amount for you to be paying every month.

Even if you aren’t buying a brand new car, used cars can still cost you more than you think in insurance and taxes, so always think about the total cost before you purchase your next vehicle.

Related: Jerry Insurance Review: How To Save Up To $800 A Year On Insurance

Shop around for your own car financing.

If you have to finance your car purchase, make sure you shop around before you agree to the dealer’s interest rate. Sometimes the first dealer you visit will have the lowest rate, but sometimes they won’t.

You may be able to save yourself hundreds (or even thousands) of dollars a year by simply shopping around. Plus, it’s extremely easy to shop around for the best interest rates – start with local credit unions and banks!

I’m in quite a few Facebook groups about personal finance, and this topic comes up over and over again: people who are excited about getting a car loan with an interest rate of over 20%. And sadly, many of these people are buying brand new cars, not realizing how much they are about to pay because they don’t know much about personal finance.

20% is not a good interest rate for a car loan – so please don’t be excited about that! I am saying this to help you, not to be mean in any way.

You should shop around and make sure you are getting the best possible rate. If you are getting a 20% interest rate on a car loan, then you should probably not be buying a brand new car. There are plenty of more affordable vehicles that are older but still quite reliable.

Visit more than one car dealership.

You can shop around car dealerships both online and offline.

I recommend shopping online before you go to a dealership, this way you can be prepared in advance with the costs, loan terms, extras, and more. While shopping around does take time, you won’t be wasting it on a dealership that can’t get down to the price you want.

Skip the extras at the end.

When you are about to purchase a car, you will be encouraged to buy many small options that you may not need. This may include extras such as:

Paint protection
Extended warranties
Upgrades

While you may believe that you need some of those options, you should make sure that you’re not just thinking about the monthly cost. The financing manager will offer you these extras in a way that makes it seem affordable. But, these extras only appear inexpensive because they are padded into your monthly cost, so don’t be fooled by how “affordable” they seem.

Yeah, $10 or $50 each month may not seem like much, but it can add up to a lot over a 5 year period!

Trust me, you are paying for these. Dealerships make money on these extras.

Related: 30+ Ways To Save Money Each Month

Figure out how much your trade-in is worth.

One of the best tips for buying a new car if you’ll be trading in your vehicle is to know how much it is worth before you step foot into a car dealership. This is important for car buying negotiating tips.

Kelley Blue Book is a great resource for researching what you’re old car is worth. While you may not get the exact amount that Kelley Blue Book claims you will get, it can be a good estimator or starting point when negotiating with the car dealership.

Know when to shop.

There are certain times of the month and year that are better for car shopping than others. If a dealership is trying to meet their sales quota, they are more likely to give you a deal than when they’ve already beat their quota or if it’s the beginning of their quota.

This is because car manufacturers will give bonuses and extra incentives to car dealerships who sell a certain amount of vehicles. This gives car dealerships extra motivation to give really good deals if they are close to their quota.

This is one of the best tips for buying a new car that my husband learned from selling cars.

To know the best time to shop for a new car, you may want to make friends with a car salesperson, find out when their end of month or end of quarter is, and so on. Or, you could just ask someone at the car dealership.

Don’t be afraid to negotiate.

Even if you get a discount, such as a car manufacturer discount, you should still negotiate. Many times, those friends and family discounts mean that you are not able to haggle at all, which can lead to you actually paying a higher price.

Cars sales are usually meant to be negotiated, whether it is a brand new vehicle or a used one. If you don’t haggle, you will most likely lose out on a lot of money.

Other aspects of the vehicle buying process can be negotiated on as well, this includes your trade-in vehicle, warranties, interest rates, add-ons, and more.

Learn more about negotiating at How To Rock At Negotiating On Everything.

Be nice.

No matter what, you should be a decent human being. This is one of my tips for buying a new car that applies to most other aspects in your life.

Being rude doesn’t get you anywhere. It won’t get you the best deal, and it may actually make the salesperson and the dealership not want to help you.

After you purchase a car you are asked to go through the car manufacturer to grade your car salesperson. If the salesperson knows that you might give them a bad grade (for no reason at all), they may not want your deal because it’s not worthwhile to them to have a bad score, which decreases their salary/income.

Plus, you should always be nice anyways. Salespeople are just doing their job and trying to make a living, and the majority of them are good people. If you’re nice to them, they may be willing to help you out a little more.

Miscellaneous tricks and tips for buying a new car.

Here are several other tips for buying a new car (or used one):

Never shop when you’re hungry or tired. You should always be well-rested and ready for an eventful day.
For the car dealership to beat their quota, sometimes they will buy a new car themselves and put it on the “used” car dealership side. The car is still brand new, but is now considered pre-owned. This can allow you to save a good deal of money. However, you do want to be mindful of the warranty, because the warranty has most likely started once the car was officially bought the first time, even if it was bought by the car dealership.
Purchase a car at the end of the car’s model year. Dealerships want to move out last year’s model to make room for the new ones, which can lead to a good discount.
Look into car insurance before you purchase. You should contact your car insurance agent so that you are not surprised by a high insurance rate after you make a purchase.
Figure out what you’ll need to pay in personal property taxes for your car, which varies state to state. You will need to add this into the total cost of your car.
Don’t tell the salesperson what your budget is for a monthly payment. You should always negotiate on price first. A dealership will try to get you into something that will just barely fit your monthly payment budget, which can cause you to spend a lot more money in the long run.
Be confident. When negotiating, you should always be confident in what you are saying, and do not be afraid to walk away. If it’s not meant to be, then it’s just not.

What other tips for buying a new car can you share? Leave them in the comments below!

Apache is functioning normally

May 28, 2023 by Brett Tams

Now that tapping home equity is back in fashion, I figured it’d be helpful to see who the top HELOC lenders are.

Last year, banks and mortgage lenders doled out nearly one million home equity lines of credit (HELOCs), per HMDA data.

A total of 962,000 HELOCs were opened in 2021, up 10.7% from the 869,000 originated in 2020, the first annual increase in three years.

I expect HELOC originations to rise again in 2022 now that mortgage rates on existing first mortgages are so low relative to what’s available today.

Read on to see who the top HELOC originators were last year.

Top HELOC Lenders

Ranking	Company Name	2021 Loan Count
1.	Citizens Bank	48,992
2.	PNC Bank	40,566
3.	Truist	40,088
4.	U.S. Bank	34,470
5.	Bank of America	31,375
6.	Huntington Bank	27,783
7.	Third Federal	16,449
8.	Figure Lending	14,726
9.	Regions Bank	13,266
10.	Boeing Employees CU	13,202
11.	Mountain America CU	12,241
12.	Zions Bank	11,127
13.	State Employees CU	11,053
14.	PenFed	10,362
15.	KeyBank	10,238
16.	Fifth Third	10,194
17.	TD Bank	9,536
18.	First Citizens	9,518
19.	M&T Bank	9,287
20.	America First CU	9,065
21.	BMO Bank	8,870
22.	Bank of the West	8,395
23.	Alliant CU	7,992
24.	Idaho Central CU	7,413
25.	Ent CU	7,399

Last year, Citizens Bank led all HELOC lenders with nearly 50,000 lines of credit originated (48,992), representing a solid 5.1% market share, per HMDA data from the CFPB.

They were followed by PNC Bank with 40,566 HELOCs originated for a 4.2% share.

A similar total was generated by Truist Bank (40,088) for a market share of 4.2%.

U.S. Bank took third with 34,470 HELOCs opened and a 3.6% market share, followed by Bank of America with 31,375 lines of credit opened for a 3.3% market share.

In 2020, Bank of America had been the #1 HELOC lender with a 5.6% market share before falling to fifth in 2021.

Huntington Bank took sixth with a 2.9% market share, Third Federal came in seventh with a 1.7% share of the market, and newcomer Figure Lending took eighth with a 1.5% market share.

Regions Bank and Boeing Employees Credit Union rounded out the top 10 with 1.4% of the market, each.

You can see the top 25 HELOC lenders in the above table for more details. These 25 institutions alone accounted for 44% of the overall HELOC market.

Looking for a HELOC? Try a Depository Institution

If you’re in need of a HELOC, know that they’re mostly offered by depository institutions, also known as DIs.

In 2021, 809 DIs, including 271 banks and 538 credit unions, originated 934,000 HELOCs, per the HMDA data.

That represented 97.1% of all HELOC originations reported. In other words, practically every HELOC was opened by a bank or a credit union.

This differs from first mortgages, which have been dominated by nonbank lenders over the past several years.

These nonbank lenders, or non-DIs, accounted for just 2.9% of the HELOC market.

For the record, just one of the top 25 HELOC lenders was an independent mortgage company, Figure Lending.

It’s unclear if that will change in 2022 and beyond, though these companies are looking to get in on the action by offering HELOCs and home equity loans.

For example, Rocket Mortgage launched a closed-end home equity loan (HEL) in early August.

Meanwhile, wholesale lender United Wholesale Mortgage (UWM) released two HELOCs, including a standalone and a piggyback.

Regardless, there’s a good chance a local credit union (or the bank you already do business with) will offer HELOCs.

Who Are the Best HELOC Lenders?

So we know it’s mostly banks and credit unions that offer HELOCs. The question is which one is the best of the bunch?

That’s hard to quantify because banks and credit unions offer lots of different products, not just HELOCs.

As such, reading their reviews probably won’t give us a lot to chew on. Sure, we can see how they are rated on the whole.

But that might mean nothing with regard to their home equity lending.

You still want them to have favorable ratings, but that aside, I would look at the interest rate and loan term offered.

HELOC rates can range quite a bit from bank to bank, so put in the time to see who is offering what.

And pay attention to the margin (which is added to the prime rate), the loan term (how many years to draw and pay it off), and the starting interest rate.

Also take note of any perks such as the ability to lock in your rate so it’s no longer adjustable.

Though the way things are going, HELOC rates might peak in 2023 before beginning to flatten or fall as the Fed stops raising rates (and maybe even lowers them).

Either way, be sure to exhaust all your options in your HELOC search to ensure you don’t miss out on a better deal.

Source: thetruthaboutmortgage.com

14 Best Nationwide Credit Unions

1. Connexus Credit Union

2. Navy Federal Credit Union

3. Consumers Credit Union

4. Pentagon Federal Credit Union

5. SkyOne Federal Credit Union

6. Alliant Credit Union

7. First Tech Federal Credit Union

9. Bethpage Credit Union

10. Latino Community Credit Union

11. Boeing Employees’ Credit Union

12. Blue Federal Credit Union

13. Wings Financial Credit Union

14. NASA Federal Credit Union

Credit Unions vs. Banks

Financial Products

Rates and Fees

Technology

Bottom Line

Credit Union FAQs

What is the difference between a bank and a credit union?

Do I have to join a credit union?

Do credit unions have ATMs?

Are credit unions insured?

Are credit unions online?

What is the best nationwide credit union?

30-year fixed-rate mortgages

15-year fixed-rate mortgages

5/1 adjustable-rate mortgages

Mortgage rate trends

Current average mortgage interest rates

How to find personalized mortgage rates

What is a good loan term?

Top Mortgage Lenders in Utah (Overall)

Top Utah Mortgage Lenders (for Home Buyers)

Top Refinance Lenders in Utah (for Existing Homeowners)

Top Mortgage Lenders in Salt Lake City

Top Mortgage Lenders in Ogden

Top Mortgage Lenders in Provo

Who Are the Best Utah Mortgage Lenders?

What is a credit union?

What are the benefits of joining a credit union?

Personalized Customer Service

Better Interest Rates

Lower Fees

Better Mortgage Accessibility

Community Oriented

Voting & Governance

Variety of Service

Insured Deposits

What to Consider Before Joining a Credit Union

Exclusive Membership

Limited Location Availability

Fewer ATMs

Limited Technology

Less Credit Card Options

Benefits of a Credit Union – FAQ

Can anyone join a credit union?

Is it better to keep my money in a credit union or a bank?

Are credit unions safe?

Bottom Line

The best car buying tips:

Don’t just think about the monthly payment.

Shop around for your own financing.

Go to a few car dealerships.

Don’t add small and unnecessary extras at the end of your purchase.

Determine how much your trade-in is worth.

Know the right time to go.

Don’t be afraid to negotiate.

Be nice.

Miscellaneous car buying tips and tricks.

Related Posts

11 Best Banks for Land Loans

1. Atlantic Union Bank

2. Old National Bank

3. Mountain America Credit Union

4. WaFd Bank

5. Banner Bank

6. California Bank & Trust

7. Randolph-Brooks Federal Credit Union