Sign In

    Types of Loans You May Need Throughout Your Lifetime

    Last updated 2 years ago

    Depending on the stage of life you’re in, your financial situation may call for different types of loans to meet your financial goals. At Jeanne D’Arc Credit Union, a full-line of loan options is available to help you achieve your goals.

    Student Loans
    Whether you are planning to attend college yourself or have a child that will be enrolling in college, student loans can play an integral role in meeting your educational and career goals. A private student loan takes over where government loans, grants, and scholarships leave off. For future students who find that their financial aid package from a school is insufficient to cover educational expenses, private student loans can help make up the difference.

    Auto Loans
    At some point in your life, you’ll need a new car. Unfortunately, buying a car with cash is rarely an option for most consumers. An auto loan from your local credit union can be one of the best ways to afford a car. An auto loan allows you to make payments on your vehicle over the life of the loan.

    Mortgage Loans
    When purchasing your first home, a mortgage loan provides you with the financial means to accomplish one of the greatest American dreams: buying a home. A mortgage loan allows you to make payments of the term of the loan, instead of having to come up with the full cash amount to buy a home.

    Personal Loans
    Personal loans offer you the opportunity to borrow money for virtually any reason and make payments over the life of the loan to repay the loan. Some uses of personal loans may include consolidating high interest debt, travelling, or hosting a wedding.

    At Jeanne D’Arc Credit Union in Lowell, we are a member-owned financial institution that strives to fulfill the financial needs of our members. To learn more about Jeanne D’Arc Credit Union or to find out how we can help you achieve your financial goals, call us at (978) 452-5001.

    See How We've Helped Foxcut

    Last updated 2 years ago

    Jeanne D’Arc Credit Union is a member owned financial institution dedicated to assisting our members with all of their financial needs. In this video, you can see how Foxcut, a local hair salon, benefitted from the personalized service offered by Jeanne D’Arc Credit Union.

    If you or your business could benefit from the excellent financial care, knowledge, and personal touch of Jeanne D’Arc Credit Union, take the time to get to know us a little better. Visit one of our convenient locations in Lowell, or give us a call at (978) 452-5001 today! It would be our pleasure to offer our services to you or your small business.

    What is a Home Equity Loan?

    Last updated 2 years ago

    A home equity loan is one way to utilize the equity in your home to borrow money for a specific purpose. A home equity loan, often called a second mortgage, allows you to borrow a set amount using your home as collateral. Many homeowners use home equity loans to add onto or remodel their homes or to consolidate high interest debts.

    Fixed-Rate Home Equity Loans
    When you borrow a flat amount with a home equity loan, you’ll make the same payment each month over the life of the loan. In addition, the interest rate will be fixed throughout the loan period. The benefit of a fixed rate home equity loan is that your payment will not change, making it easier to budget for, and not leaving your payment amount subject to changing interest rates in the market.

    Home Equity Lines of Credit
    Another way to tap into your home’s equity is by getting a home equity line of credit. Like a credit card, a home equity line of credit is subject to variable rates, and your credit line can be used with a card or special checks as needed. Payments made to a home equity line of credit will vary depending on the interest rate and balance.

    Advantages of Home Equity Loans
    One of the greatest benefits of home equity loans is that the interest rates of home equity loans are typically far less than credit card and personal loan interest rates. In addition, the interest paid on a home equity loan is tax deductible, unlike credit card interest. For this reason, using a home equity loan to consolidate high interest debt can be highly advantageous.

    To learn more about how a home equity loan can benefit your financial situation, call on the expert financial services of Jeanne D’Arc Credit Union in Lowell. Schedule an appointment with one of our loan officers by calling (978) 452-5001.

    Considering a Personal Loan?

    Last updated 2 years ago

    If our recent blog posts have helped you better understand home mortgages or when it might be time to consider a personal loan then this list of websites will be a great place to learn even more. 

    • For extensive information regarding adjustable rate mortgages, how they work, and what you should expect as a borrower, check out this helpful guide from the US Federal Reserve.
    • From HowStuffWorks.com, read more about what a home mortgage is and how they are intended to get your family into the home you’re looking to purchase.
    • For a helpful tool that can help you determine how long it will take to pay off your fixed-rate mortgage, use this mortgage calculator from Interest.com.
    • To understand what you should keep in mind if you’re considering a personal loan to consolidate debt, read this information from Schwab MoneyWise.
    • If you’d like to learn even more to consider before you take out a personal loan, scroll through these pointers from Bankrate.com. 

    If you’re a resident of Lowell, Massachusetts, remember to direct all of your financial needs to Jeanne D’Arc Credit Union. Serving the community since 1911, we’re Lowell’s local bank of choice. Reach us at (978) 452-5001.

    Your Mortgage Loan Options

    Last updated 2 years ago

    Finding the right mortgage loan can be a confusing process. Knowing the contrasts between different home mortgages can be hard to keep track of. Here are two of the most common mortgage loan options that you should keep in mind when exploring the housing market. For more assistance, a qualified home mortgage professional can help you find the right mortgage for you.

    Fixed-Rate Loans
    For decades, the most popular mortgage option for American homebuyers has been the fixed-rate mortgage. This loan offers borrowers unparalleled security. Even if average interest rates climb over the years, in a fixed-rate mortgage your interest rate will be locked into your original loan terms. Most commonly issued in 15 or 30 year repayment plans, fixed-rate mortgages require regular payments of the same amount every month until your debts are paid and your loan expires. This allows for easy financial planning, without any unwanted surprises.

    Adjustable Rate Loans
    Though perhaps not as stable as a fixed-rate mortgage, an adjustable rate mortgage is still worth exploring. Instead of locking in an interest rate, an adjustable rate mortgage will allow your loan’s interest to fluctuate based on home interest averages. Because there is a risk of interest averages increasing and requiring higher monthly payments over time, an adjustable rate mortgage will often ask much lower initial monthly payments and offer a low initial interest rate.

    To learn even more about the mortgage options available to you, get in touch with a trusted and informative lender. If you’re in Lowell, Massachusetts, come to Jeanne D’Arc Credit Union. We’ve been Lowell’s local bank since 1911. Call (978) 452-5001 to speak with a qualified and knowledgeable home mortgage expert.

Move Your "Someday" Closer

Click Here to Learn About Our IRAs!




Links

  • Recent Posts
    • Loading posts... Spinner
  • View All
  • Recent Comments
    • Loading comments... Spinner
  • Popular Tags
    • Loading tags... Spinner