Archive
Cash-Out Refinance vs. Home Equity Loan: Which Is Better?
Cash-out refinancing and home equity loans offer two different ways to get money out of your home. While similar in some ways, each route comes with features that will make them more suitable to particular kinds of borrowers. We take a closer look at the pros and cons of a cash-out refinance vs. a home...
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The Best Way to Consolidate Debt Without Hurting Your Credit
If you are considering a personal loan for debt consolidation, you may be worrying that this will damage the very thing you are trying to protect: your credit. Let’s look at the best way to consolidate debt without hurting your credit. Will Consolidating My Debt Hurt My Credit Score? While juggling card balances and incurring...
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What Is a Home Equity Line of Credit or HELOC?
When you have equity in your home (the amount it’s worth minus how much you owe), you can leverage it to pay for high-cost expenses in life. These can range from tuition bills to home renovations, to the consolidation of high-interest debts. One way to get cash from the equity in your home is with...
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In Memoriam, Crystal Barnett
It is with a heavy heart that we announce the passing of one of our long time Board Members, Crystal Barnett. Crystal was a member of Freedom Credit Union since 1980. Crystal served as a volunteer for the Supervisory Committee for over 25 years and in 2019, she was appointed to our Board of Directors where...
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Simplifying Auto Lending
Interested in Purchasing a New Car? Buying a vehicle is an extensive process, from searching for your ideal car, to securing financing that meets your needs, and all the price and financing haggling that may come in between. Your Credit Union is here to make the entire process quicker and easier for you, so you...
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The Risk of Storing Money in Payment Apps
Payment apps like Paypal, Venmo, Cash App, and Apple Pay are used by many to spend, manage, and send money. While convenient, it is important to know that these payment apps are not federally insured and stored funds have the potential to be lost. The CFPB (Consumer Financial Protection Bureau) recently warned consumers about the...
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Free New Homebuyer Counseling with GreenPath Financial Wellness
New home on the horizon? Now you can get in the best possible position to achieve your financial goals. The Power of a Plan From reviewing your credit history to understanding financing options, getting your financial house in order for a home purchase can feel overwhelming. Our partnership with GreenPath Financial Wellness sets you up...
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Should You Use a Home Equity Loan for Debt Consolidation?
Many people use home equity loans to consolidate debt and achieve other goals. If you’re thinking about using a home equity loan to consolidate debt, there are some important things to consider. The following overview can help you decide whether this strategy makes sense for your financial situation. Benefits of Using a Home Equity Loan...
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HELOC vs. Home Equity Loan – Which One Is Better?
Home equity loans and home equity lines of credit (HELOCs) are loans secured by a borrower’s home. However, they differ from each other in some important ways. Let’s take a look at their similarities and differences so that you can determine which one is better for you. An Explanation of Each HELOC A HELOC is...
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Consolidating Debt with Personal Loans
Millions of Americans find themselves trapped in a cycle of mounting debt. What starts off as a few hundred dollars can quickly balloon into thousands as compounding interest rates ruthlessly stack up month after month. As financial strain intensifies, many feel overwhelmed and uncertain about how to break free from this downward spiral. Debt consolidation...
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