23 Mar

How RMLEFCU Can Help You During This Crisis

hands holding during crisis helping

First things first – we care about our members and want you to be successful. Please be proactive by contacting RMLEFCU if you run into any hard times during this crisis. We can help you save money, but most importantly, reduce some of the tension that you may face if you are facing financial hardship.

Here are just some of the ways RMLEFCU can help right now:

  • Skip-a-Pay is available now to members during this crisis to skip an RMLEFCU loan payment with no fee.* Exclusions apply.
  • Refinance your auto loan at RMLEFCU and receive a lower interest rate and no payments for 90 days. 90 days without a car payment could be a helpful break from a bill during this crisis. Save another 0.5% if you qualify for our relationship rate.
  • Refinance your mortgage with RMLEFCU and receive a $500 lender credit** toward closing costs, plus skip your first month’s payment. This could lower your monthly payment and allow you to skip a payment during the crisis.
  • Transfer your credit card balance from another institution onto an RMLEFCU credit card for free and a likely receive a lower interest rate. See our rates.
  • We are offering low rate personal loans to pay bills to those institutions who aren’t as understanding.
  • Sign up for debt protection to cover loan payments in the event of death, disability or involuntary unemployment.

Do not hesitate to call us if you are having trouble making a payment or if you have any questions about RMLEFCU’s services. Contact us at lending@rmlefcu.org or (303) 458-6660.

What to do During Times of Uncertainty

The last thing you need in times of uncertainty is financial stress. The following financial guide includes free tips, guidance, goods, resources, and financial assistance programs to help you save and access money. This will ensure you have what you need to handle some of the financial and emotional challenges that may occur in periods of instability, specifically during the COVID-19 outbreak. We’ll keep adding more tools, so keep checking back to this post!

Come Up with an Action Plan

Your first step is to come up with an action plan to move forward with confidence. Below are three things that you can bear in mind when you first receive reports about times of crisis.

  • Remain calm. Don’t make irrational or short-term financial decisions during this period of uncertainty. This can actually do more harm than good. Examples include withdrawing large amounts of cash or selling stock at the bottom of a crash.
  • Reduce expenses to a minimum. If your income is limited, it’s a smart idea to reduce your expenses to a minimum. If you are having trouble making a payment, please contact us. RMLEFCU understands what law enforcement officers and their families have to go through and we will work with you to the best of our ability to help reduce financial stress.
  • Keep investments for the long term. If you are an investor, it’s recommended that you do not check the markets daily and take caution against making decisions on the basis of media headlines. These fluctuations may seem concerning now, but over a longer period of time they will average out.

Re-Examine Financial Expenses

It’s not often in life that we re-examine our financial expenses. Here are a few practical things you can do to make the best of these times.

  • Re-examine your bills. Gather all your bills and find out the amount you need to pay every month for essential expenses. Then, you can prioritize your expenses by the amount of satisfaction. Then, you’ll have a better understanding of what to cut out of your budget during hard times.
  • Re-examine subscriptions. Subscriptions are easy to stack up and forget about. We’ve written a comprehensive guide to canceling your unneeded subscriptions to help you determine which are worth keeping and which you can do without.
  • Create a plan for the future. Think about the improvements you want to make in the way you spend your money. At the end of the day, the best way to use your income is to ask: what are the things you should spend money on that make you and your family happy, and what are the things you spend money on that don’t make you happy? When you have learned these things, you’ll be able to build a realistic strategy for healthy financial investment.

Help with Housing Payments and Utilities

Paying for rent and utilities can be some of the greatest challenges these days. Ask your landlord or utility provider if it is possible to seek an extension on full or partial payment if you aren’t able to make it. See if they’re willing to help you get on a payment plan. It never hurts to ask, and they’re most likely amenable to helping out when there is transparent communication.

You can also go to your credit union for assistance in the form of a low rate personal loan or the ability to skip a payment.

Finally, it could be a good time to pick up a side job in an industry that is booming right now, like food delivery or grocery stores, to make a little extra cash.

 

 

* Lines of credit, VISA or mortgage loans do not qualify at this time.

** Exclusions apply. Must be refinancing from another institution.

07 Aug

3 Staycation Ideas to Get You Excited About Summer

Staycation loan helps family buy camping gear

Oh, summer, warm weather, sunshine, the open road … or not. Among the many changes that the novel coronavirus has brought upon us, there is also the likelihood that your family has had to rethink your 2020 vacation plans. Not to worry! RMLEFCU has you covered with some fun stay-cation plans that will make you forget you were supposed to leave town at all!

Here’s how to plan a totally immersive, all-inclusive family staycation without leaving Colorado!

Be a Tourist in Your Own Town

When was the last time you explored your town’s history? There’s most likely a few local museums close by, historic markers, classic restaurants, or kitschy shops you pass by every day. Visiting these hole-in-the-wall businesses is a great way to discover your new favorite restaurant or store and helps to support local businesses!

It’s not often we play tourist in our own town. You may think you know where everything is, but once you imagine you’re a guest coming from a faraway place, you’ll find some amazing places to visit and things to do! 

Take the Scenic Route

Sometimes the open road calls to us but it’s hard to really enjoy the scenic route with the same car you drive to work every day. This is where car rentals come in handy! Renting your dream car for a day won’t cost too much and enjoying a long drive into the Colorado sunset could be your new favorite activity. If you have a specific destination, try spending a night or two! If you don’t, even better, the magic is in the journey.

Get in Touch with Nature

Now is the best time to put your camping gear to work! Pitch the tent, hang the hammock, bust out the hot dogs, roast a couple of marshmallows, and sleep under the stars. We are fortunate to be living in Colorado with plenty of exposure to the great outdoors. State and county parks, recreational trails, and green spaces in the city offer plenty of opportunities to get in a little exercise, enjoy the fresh air and sunshine, and see some amazing wildlife. You needn’t go very far to experience nature’s wonders. RMLEFCU is also offering a low-rate camper/RV loan to help you purchase the adventure gear of your dreams!

Staycations can be a lot of fun! What’s even better is our low rate Staycation loan is here to help you pay off some bills, purchase new equipment for your hobbies, get a head start on your home improvement projects, and even splurge a little on yourself!

A healthy and happy family staycation is what we hope for all of our members! We’d also like to remind you to observe recommended practices for social distancing whenever you leave home and keep up that frequent handwashing. Share your best staycation ideas or trips on social media and tag @RMLEFCU and #RMLEFCUStaycation to be entered into our Staycation Giveaway for Sunglass Hut gift cards!

22 Jul

Benefits of an Interest-Only HELOC

Interest-only heloc

A home equity line of credit can be a great tool for homeowners. And an Interest-Only HELOC allows for even more flexibility with your money and lower monthly payments.

This loan product gives you an allotted amount you can spend with a set amount of time to spend it. Essentially borrowing money against the equity built up in your home, with the interest being the minimum monthly payment.

In order to make the most of an Interest-Only HELOC, it’s important that homeowners understand what it is and how to utilize it to its full potential.

Access to More Cash

Home equity line of credit is comprised of two phases, a draw period and a repayment period. They’re pretty self-explanatory.

  • During the draw period, you’re able to access money from your line of credit to make monthly payments. Those payments go toward the interest you owe. In the long run, this adds flexibility.
  • Then, during the repayment period, you pay back the remaining interest and principal.

When you only have to make payments toward the interest, not the principal, the result is extremely low monthly payments.

Low Interest Rates

Interest-Only HELOCs are one of the most affordable and flexible ways to borrow money. The lower your HELOC interest rate is, the lower your monthly payments, so make sure your bank offers competitive rates. An Interest-Only HELOC has the monthly payment as the interest accrued, so that means even lower payments!

For example, RMLEFCU offers interest only HELOCs with rates starting as low as prime +1% APR.

Unlike a loan, a home equity line of credit is readily available whenever you need it. You apply for the line once, then draw on it as you need it. Remember, as the principal is repaid, funds immediately become available for use again.

Flexible Payments

In an Interest-Only HELOC, you only pay the monthly interest rate during the draw period, so you can manage your budget around those expectations.

Additionally, you can choose to pay back just the interest cost or make additional payments toward the principal. The freedom to choose your pay back amount can alter based on your available budget and income.

How to Know if an Interest-Only HELOC is Right for You

Most people choose an Interest-Only HELOC when attempting to conserve monthly income in the short run. However, there are other times when this option is beneficial:

  1. When you’re juggling fluctuating income and need flexible payment options
  2. If you plan on selling your home after renovations
  3. If you need to consolidate debt
  4. When you need a large sum of cash for an investment
  5. If you’re trying to minimize monthly payments during a flip
  6. If you’re making a down payment on a second home before selling your first

Call us today to discuss our low HELOC rates and put your home’s equity to great use! (303) 458-6660

24 Jun

Online Banking During COVID-19

Online Banking

Online banking has become more popular, as contact between employees and customers has been restricted due to COVID-19. It helps you to monitor your bank account using a computer or mobile device over the internet. You don’t have to visit a branch at your financial institution and, when it’s most convenient for you, you can do all of your banking activities, even during non-regular banking hours.

Banking Activities You Can Do Online

RMLEFCU offers our members a free, safe, and easy-to-use digital service. With internet access, you can handle a variety of banking activities at any time, anywhere.

Digital Banking

You can open checking and savings accounts easily without the hassle of printing or signing anything physically. In the past, during business hours, you had to visit a personal banker. With the capability to sign electronically, the whole process can now take less than 10 minutes.

Bill Pay

Rather than writing checks to pay bills each month, you can easily use the online bill payment system to pay one-time or recurring bills. Payments are credited easier and you will get a confirmation email. This electronic method saves you both time and effort.

Deposit Checks

With mobile check deposit, the fastest and easiest option is to use DeposZip. Snap a photo of the check through the mobile app and submit it for payment. There is no need to send the check by mail or go into the bank. It is free, secure, and easy to use. Save yourself some time and use this convenient mobile banking feature!

eStatements

Need to see if you cleared that check or how much your employer paid you? Transactions can be viewed easily, past statements can be downloaded, and specific transactions searched. eStatements reduce the chances of fraud and identity theft because the paper trail is eliminated.

Online Banking Security

Online banking is in many ways more efficient than conventional banking. The fact that you have your paycheck deposited directly into your bank account eliminates the risk of someone stealing your check from the mail. Plus, no one can copy your account information from checks you send to billers because bank computers securely send that information back and forth without storing it. To provide you an extra sense of security, RMLEFCU also offers fraud alerts for your accounts.

It’s relatively easy to keep safe while banking online. Keep up to date your computer, and other devices with current operating systems, antivirus software, and firewalls. Use complex passwords, and never write them down. Finally, never respond to emails, phone calls, or text messages that ask you to provide important information about your account. If you have any questions about mobile banking with RMLEFCU, call us at 303-458-6660!

12 Jun

What is Debt Protection and Why do You Need It?  

Sudden, life-altering events can cause financial strain, like making loan payments difficult. Preparation for these unexpected incidents is always good. RMLEFCU provides debt protection insurance so you can be confident your annual loan payments will be canceled in the event of death, injury, or accidental unemployment.

Our debt protection program offers you six different options — that gives you the flexibility to choose the right Debt Protection package for you. Each option has specific requirements for eligibility and different benefits.

What Does It Cover?

Debt protection is a contractual agreement between RMLEFCU and your borrowers to cancel or suspend all or part of the obligation to repay a loan due to specific events such as death, disability, and involuntary unemployment.

Debt insurance covers up to 6 months of payments if you are mistakenly unemployed, up to 12 months if you are sick and disabled, and are unable to work, and the debt balance is entirely paid out in the event of life loss.

A nice thing about debt insurance is that it helps keep your current credit score because the program requires you to keep up to date with loan payments. In times of financial crisis, the policy will continue to pay your loans, so your credit score will not be affected.

Reasons to Get Protected

Debt protection is easy to get at a reasonable price. Costs for coverage are reflected in your monthly payment. Applying for debt insurance when applying for a loan is easy, and a good idea in general. The fee is usually included with a monthly loan payment, and immediate coverage begins.

It also helps to bring down your financial risk. Debt protection provides financial security for you and your family. It will protect your credit rating during times of uncertainty and stress and gives you peace of mind. You don’t have to worry about making any or all loan payments should there be an unexpected incident in life.

For complete details — including the monthly cost for each option — talk with one of our loan representatives today or call us at 303-458-6660. We can discuss this program with you, explain how it is different from traditional credit insurance.