February 2015 - RMLEFCU Blog

27 Feb

Introducing DeposZip Mobile!

You can do just about anything on your smartphone these days. Order dinner. Keep track of your health. Maybe you’ve even used it to learn a new language! (Good for you!) Well RMLEFCU is adding one more convenience to your smartphone: check deposit!

Everybody loves receiving money. There’s hardly any downside to that, other than possibly receiving it in the form of a check and then having to find a time to make it to the bank during business hours. Even worse is receiving a check in a location where you don’t have access to your bank. How long should you be forced to wait until you can turn that flimsy little sheet of paper into cold, hard cash – or better yet, a deposit into your bank account? Well the wait is over!

Introducing DeposZip Mobile, the fastest, most convenient way to deposit your checks! A completely free, safe and secure way to deposit your checks using only a device with a camera and a way to connect to the internet. Take less than five minutes to deposit your check anytime, anywhere, and the funds will be credited in just one business day. Registration is simple and only needs to be done once!

How to Get Started:

5 Tips for the First Time Homebuyer

So you’re ready to buy a house for the first time! It’s exciting, it’s groundbreaking, it’s a huge step forward…and it’s also a long, stressful process with a lot of opportunity for mistakes. We have five tips for a first time home buyer that should help you find your perfect home and mortgage. (*fun fact* mortgage translates literally to death pledge.)

1.) First things first, make a list that includes your absolute needs, your “really wants”, and your “won’t haves”. The priority of the list is completely up to you. Maybe having a double vanity in the master bathroom is more important to you than living in a neighborhood with low property taxes. There’s no right or wrong formula for what’s necessary for your home: it’s what is right for you! Once you’ve made the list, stick to it. A house with perfect hardwood floors is not going to make up for the long work commute that was on the top of your “won’t have” list.

2.) Organize your documents. This may seem like a no-brainer, or even a minor step in the home buying process. We’re here to tell you it’s an absolute must to get this done ahead of time. There’s hardly anything more stress inducing than choosing a home and applying for a mortgage and realizing that you have fifteen different documents you need to round up by the morning. Sheyna Steiner for bankrate.com warns that most mortgage lenders will require “two recent paystubs, the previous two years’ W-2s, tax returns and the last two months of bank statements — every page, even the blank ones.” Not only does doing this early save time, but it’s an essential step in preparing your budget, which just so happens to be our next tip.

Getting Your Finances Ready for 2015 Part 2

Planning and Saving in 2015, Your Best Financial Year!

The holidays may be a distant memory past, but the debt you incurred while trying to make sure you gave everyone the present of their dreams has not. It’s time to get out of the red and into the black with some easy tips on budgeting and saving in the New Year!

1.) Make sure you’re getting the most out of your financial institution. Not all banks are created equal, and certainly not many (or any!) banks are better than credit unions (in our humble opinion). Does your financial institution offer free checking? Low interest rates on auto loans and mortgages? ATM fee refunds? Make sure you shop around and find a place that suits your service and financial needs.

2.) Establish your financial goals and then prioritize them. People often feel overwhelmed with everything they should be saving for, like paying off debt, buying a car, and/or building savings. It can feel a lot less impossible if you work towards one goal at a time. Decide what is the most important to you, and save for it. When you reach that goal, you’ll feel so good you’ll be ready right away to jump into your next savings project. Be sure to check out RMLEFCU’s Custom Savings Accounts!

3 Years vs. 5 Years: How Long Should Your Auto Loan Be?

Choosing an auto loan for your new car is a big decision. It can affect your monthly finances, your credit, and your ability to sell the car down the line.

The most common auto loans are 3-year loans and 5-year loans. Here are the benefits and drawbacks of each:

3-Year Auto Loan

Benefit: These loans are less expensive overall. They are less risky for the lender, so they carry a lower interest rate. If you anticipate having very solid income for the next three years, a 36-month plan will save you money over the course of the loan. It will also allow you to pay off your car faster, meaning you can resell it sooner. That is a significant benefit, since cars depreciate quickly.

Drawback: 3-year plans come with a higher monthly cost. This can eat into your monthly budget. Even if you can afford it now, if your financial future is uncertain—if you know you’ll be looking for a job in six months, for instance—you may not want a 3-year loan. These expensive monthly payments leave you less discretionary income to handle life’s uncertainties, whether it’s unemployment or unexpected medical bills. You cannot eliminate these uncertainties, but if you anticipate having them, a high monthly payment might not be your best option. Read More →