Borrow Money From A Credit Union

Tuesday, December 11th, 2012

The recession and all the financial problems people have endured have been forcing people all across the nation to look for alternative methods for saving money. The banks tend to be at the forefront of this movement, as people are fed up with the way they are run. The Bank of America has won numerous “rewards” for being the worst business in America, so it should come as no surprise why people are looking elsewhere.

This is why Credit Unions have been making a lot of headway in recent years. People looking to Borrow Money from a credit union rather than a bank can expect a lot better service. Why do they get better service? Simple, a credit union is a non profit organization that is essentially run by it’s members. Those with accounts at a credit union can vote on how it is run.

Credit unions are there to serve you as best as possible. Banks are normal businesses, they sell their service and they want to make as much of a profit as they can. But a credit union does not have to worry about that. They just need to make enough to continue running. In a lot of cases, a credit union will actually return money to it’s customers if it earns more than it needs.

So for those looking to Borrow Money from a credit union, you might ask how you join one? Well unfortunately, credit unions are a bit exclusive. You have to meet certain criteria to be allowed to have an account with one. Not all credit unions are the same, and if you even have one in your area, it’s requirements may not be the same as other credit unions.

If you have a union in your area, you should look into what kind of requirements they have to see if you are eligible for joining. The criteria for joining can be all sorts of things, from your credit history, age, how long you have lived in the area, what your job is. Since they can be so diverse it is important to look for yourself.

If you are eligible to join your local credit union, you still may be a bit wary. If a bank gets robbed and your money stolen, you will be reimbursed. There is no real risk in leaving your money in a bank. You should be happy to know that this sort of thing also carries over to credit unions. Unions are also insured so that your money will be reimbursed should anything happen.

However, it is important to do your research. Make sure the credit union actually is insured before giving up any of your money. The last thing you want is to fall into a scam.

When looking to Borrow Money from a credit union you can expect superior service and lower fees and rates than at traditional banks. While difficult to join with their various requirements, they are almost always a better option than the banks are and can end up saving you a lot of money.

Certificate Of Deposit Accounts

Friday, October 26th, 2012

Recently I got a call from a good friend who had just lost his job. He was devastated and worried that he and his wife would lose everything they had worked so hard for. They didn’t have any savings. To make sure this doesn’t happen to you, open certificate of deposit accounts as soon as you can.

My friend and his wife are hard workers. They have been working at good jobs full time for around 20 years. The fact that he lost his job, and hers was in jeopardy, wasn’t really their fault. They did every thing the way they were told to .

They did, however, spend all the money they made and they lived to the limit of their income. They are just like millions of other people who have suddenly had the carpet pulled right out from under their financial world.

And like many people, they were completely unprepared. They had not saved nearly enough to protect themselves and they had a lot of debt. They didn’t have a lot of credit card debt, they tended to save for the smaller things that they wanted and needed, but what they did have was debt on their home and some grown up toys.

It might be a little too late for them to plan for their rainy day, but it is not too late for you. One way to save for your future is to open certificate of deposit accounts. A certificate of deposit, or cd, is simply a form of a savings account.

The concept is pretty simple; you open a cd and you agree to keep your money in the cd (with the bank) for a certain length of time. You will earn a certain interest rate for the amount of time your money is with the bank.

But, if you want to get your money out early, you will lose most or all of the interest you have earned. For that reason, you need to make sure that you only agree to a term that is convenient for you and your goals.

If you get “greedy” and only look at the higher rate rather than the longer term and you find yourself in a situation where you need that money, and you will lose your higher interest anyway.

You have many choices not only in the amount you invest in your cd, the term but also what financial institution you get your cd from. You can check the rates and conditions at your local bank and credit union.

But to make sure you aren’t overlooking any great opportunities, you should probably head online and check out the rates of other, non local financial institutions too.

To streamline this process you can go to sites like Bankrate.com where they have compiled the rates being offered by various financial institutions all on one site.

We will never be able to control everything in our world, but there are some things we can do to protect our future. Take some time and find the best certificate of deposit accounts for you and your financial goals.

Buying Investment Property-Embrace Investing

Friday, September 28th, 2012

Adding some sort of investment to your income streams is a good idea and one that many people are beginning to embrace. But, Buying Investment Property can also have it’s potential challenges too, especially if you are just starting out and don’t really know what you are doing.

It’s important that you find a balance between being too cautious and not cautious enough. At the end of the day you never want to invest more money than you can afford to lose.

You also want to take some time to gain some experience before you jump in with both feet. But, don’t hold off on Buying Investment Property until you “know everything”. For one thing, you will never know everything and for another, to become truly good at investing you will need to actually learn on the job for the most part.

You should probably consider taking a class or investing in a home study course first. Getting a basic overview of the process first is a good idea.

Here are some other tips to help you out:

1. Remember the most important three words in real estate: location, location, location. You may think that house on the outskirts of the worst part of town is a great price, but there is a reason for that.

You don’t want to buy a property in an area people wouldn’t want to live! If you do you will either have a hard time renting it out or you will only get the type of tenants that no landlord really wants.

Believe me when I tell you that in the long run you will be much better off spending more and finding a property in a more desirable part of town.

2. Form your own “team” of qualified professionals to work with. People with integrity and knowledge. You will want to have a licensed realtor, an attorney a banker and even a home inspector. Once you have formed relationships with these people you can count on them to help you out, though not for free, with all your investments.

3. Always treat this process like the business it is. Never let emotion get in the way. If you see a house that you absolutely love but it is priced too high or has other issues than you must learn to walk away.

This is important if you are looking for a house for yourself to live in (though in that case there is a little more wiggle room) but it is vital if you are looking for an investment property.

You must know exactly how much you can afford to spend on any given property. That amount must include not just your mortgage payments but any rehab costs that you will have as well as all taxes and insurance.

It’s also a good idea to have some money left in the bank in case you can’t find a renter right away. Having at least enough to cover 2 or 3 months of rent will help ensure that you sleep well at night!

Buying Investment Property is a great way to ensure an ongoing income stream and can allow you to significantly increase your net worth. Just take a little time to learn all the ins and outs first.