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    A First-Time Home Buyer's Guide to Mortgages

    Last updated 1 year ago

    Buying your first home is a wise financial decision, as it allows you to stop giving your money to landlords and start building equity into something that’s solely yours. Because homes tend to cost more than buyers have on hand, you will most likely need to take out a home loan, also known as a mortgage. Investigating your mortgage options ahead of time will make the buying process easier for yourself and your financial institution.

    Getting Started

    Your real estate broker will help you determine an appropriate down payment for your home. Once you have figured out your down payment and finalized closing costs, you will have a better idea of how much your mortgage payments will be. The final amount can help you determine whether you can benefit from a fixed or adjustable-rate mortgage.

    Fixed Rates

    For most home owners, a fixed-rate mortgage is the most desirable option because of its consistency. As the name suggests, fixed-rate mortgages mean you will pay the same flat rate throughout the life of your mortgage. Even in the event of a financial collapse, your interest rate will stay the same. When it comes to an investment as important as your home, it makes sense to have such stability.

    Adjustable Rates

    Unlike fixed rates, adjustable-rate mortgages (ARMs) vary throughout the year. The amount of interest is based on percentage rates that the U.S. Treasury Securities Index posts regularly. The benefit of selecting an ARM is that you can start out with a lower rate than you would with a fixed rate. This can affect how much you feel comfortable spending on a home, as you may get more space or luxury for your repayment schedule. The drawback is that these rates can increase in coming years or months, and you will be obligated to pay accordingly. However, the rate could decrease, too.

    At Jeanne D’Arc Credit Union, we have mortgage options to fit your budget and financial situation. Call us at (978) 452-5001 for more information on home loans, personal banking, retirement savings, and other services in Lowell, MA. We’ll do whatever it takes to better secure your finances.

    Read Through These Financial Resources for More on What Jeanne D'Arc Credit Union Has To Offer You

    Last updated 1 year ago

    Joining a credit union means that you receive the benefits that commercial banks give their private investors and shareholders. The following resources will give you more information on why joining a credit union is a beneficial decision and how it can help you wisely manage your finances. At Jeanne D’Arc Credit Union, we believe in putting our members first and investing in their financial future. Contact us today at (978) 452-5001 to learn more.

    • A Jeanne D’Arc Credit Union savings account is a great way to start building your financial future. To learn more about savings accounts, read this article by HowStuffWorks.com.
    • The Department of Labor wants you think about how you can become financially fit. They have created a savings guide that provides great advice you can use at all stages of your life.
    • If you are tired of the fees that accompany your current credit card, think about switching to a credit union credit card. Forbes.com points out the benefits in this article.
    • USNews.com gives you more reasons to enjoy the financial and customer service benefits of being a credit union member.
    • The Federal Reserve Bank of Dallas provides a detailed guide on how you can begin your financial future by making wise financial decisions at an early age.

    What Does It Take to Start Your Financial Future?

    Last updated 1 year ago

    In order to build a secure future, you have to begin by establishing a firm financial foundation. The helpful staff at Jeanne D’Arc Credit Union can help you figure out what your first steps should be. From acquiring a car with an auto loan to attending college with the help of a student loan, our services will get you on track to a bright financial future. Here are a few suggestions to get you started:

    Open a Savings Account

    Opening a savings account is a great start to building a strong financial future. This type of account allows your spare funds to earn a small amount of monthly interest. Jeanne D’Arc Credit Union savings accounts do not require you to pay any monthly fees, which means you will truly save when you open an account with us.

    Learn to Balance a Checking Account

    A checking account is very convenient because it enables you to use a debit card and checks to purchase items and pay bills. When you bank with Jeanne D’Arc, you’ll learn to regularly balance your checking account, which will help you better understand and manage your income and expenses. At Jeanne D’Arc Credit Union, you will likely not have to worry about a monthly checking fee. Only our premier checking account incurs a small fee if the minimum balance is not met.

    Manage a Credit Card

    In order to have a successful financial future, you must establish credit and build a strong credit score. This is made possible by successfully managing a credit card, which allows you to purchase items on credit. A Jeanne D’Arc Credit Union financial representative can help you figure out which credit card is best for you and your financial situation.

    Since 1912, Jeanne D’Arc Credit Union has been providing clients with sound financial advice and accessible financial options. Our helpful and knowledgeable staff can help you to build your financial foundation so you can take advantage of our low-interest loans, IRAs, home equity products, and other financial services. Call (978) 452-5001 to discuss your financial options.

    The Great Debate: Banks vs. Credit Unions

    Last updated 1 year ago

    Perhaps you are interested in acquiring a home mortgage loan, but you aren’t certain whether you should borrow from a bank or credit union. While both provide similar financial services, you should be aware of the key differences between them, as one option may benefit you more than the other.

    Banks and credit unions are both financial institutions; the former is a for-profit institution while the latter is a non-profit organization or cooperative. As this video illustrates, each institution regards its customers in very different ways.

    If you want to be more than a number in a folder, then experience the difference of being a Jeanne D’Arc Credit Union member. For 100 years, Jeanne D’Arc Credit Union has been putting credit union members first and helping them achieve their financial dreams. Visit our website or give us a call at (978) 452-5001 for more information.

    Simple Strategies to Help Save On Everyday Activities and Pay Down Your Debt

    Last updated 1 year ago

    Life brings many unexpected expenses, many of which are paid with a credit card. Paying the minimum balance on your credit card bill may seem practical, but the longer you live with your debt, the more interest you will end up with. Make a debt-free life your top financial priority and pay down your debt with these helpful spending strategies:

    Use Less Gasoline

    If you use your car to get everywhere, you probably spend a lot of money on gas. One great way to save money is to choose more economically efficient ways to get around. Use public transportation or organize a carpool to get to your job every day. You might also walk or bike to destinations that are a reasonable distance away and experience savings while getting some fresh air.

    Shop with Your Head

    Food is an essential purchase. However, there are many ways you can save at the grocery store. For instance, buying in bulk and choosing generic brands is a great way to get the products you need for less money. Also, never underestimate the savings that come with coupons or items on sale. Finally, never go shopping when you’re hungry—you are less likely to make smart purchases when your stomach is telling you to buy everything.

    Rethink Your Entertainment

    If you regularly pay full price for event tickets, you should check museums, skating rinks, local parks, and movie theaters to see if they have free or reduced-price events. You might also think about hosting a movie or board game night at your home. Also, rather than paying for coffee-to-go at a café, take the time to make your own at home before you leave. You can save money, pay down your debt, and enjoy fun entertainment options if you make thoughtful financial choices.

    Jeanne D’Arc Credit Union is committed to helping you find financial stability. We can help you transfer your balance to a credit card with a lower rate, as well as travel and CashBack rewards. For more information, visit our website or call us at (978) 452-5001.

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