Monthly Archives: April 2018

23 Apr

How Do I Best Use My HELOC?

A home equity line of credit is a revolving line of credit that uses your past mortgage payments as collateral. Essentially, it’s a credit card that uses your house as a guarantee of your paying back the borrowed amount.

HELOCs are great for many things, but there are a few uses that we routinely find are more popular than others.

Home Repairs

Typically, HELOCs are best used on equity-building purchases. By using the money to repair and update your home, you are essentially using your home’s credit to increase its value and improve its quality. This makes your home’s value increase, which is a great idea if you’re looking to sell your home in the near future.

Home Renovations

Similarly, to home repairs, renovations can drastically increase the value of your home, making them a popular use of a HELOC. By adding square footage or updating an outdated kitchen or bathroom, you can quickly add value to your home and see a quick return if selling soon afterwards.

Debt Consolidation

Another great use for a HELOC is to pay off some of your debts. Since the interest rates on home equity lines of credit are usually much lower than those on other loans, using the money to pay off debts could help reduce your interest costs. Interest rates and amount of debts owed depend on individual circumstances, so it is best to investigate your specific interest rates beforehand.

Education Expenses

College tuition payments can be expensive, are usually due in large lump sums, and are notorious for having high interest rates. A HELOC is a great way to borrow the money to pay tuition bills all at once, and then slowly pay off the debt over a set repayment period. Home equity lines of credit tend to be a good alternative to student loans due to their low interest rates, which will save you money in interest payments in the long run.

HELOCs are a great line of credit option if you are looking to do home repairs and renovations or consolidate debt and education expenses. Their low-interest rates make them a popular alternative to other types of loans and allow you to use your previous mortgage payments as collateral. Next time you’re in the market for a loan, think an RMLEFCU HELOC first!

Have more questions or would like to apply for a HELOC today? Visit our website or give us a call at 303-458-6660.

10 Apr

Go Green with eStatements for Earth Day

Earth Day is coming up on April 22nd this year and we have a quick and simple way for you to get your “green” on. By switching to RMLEFCU eStatements, you can access the same account information you receive with paper statements with greater ease and convenience. More importantly, your information is more secure and less likely to get into the hands of identity thieves.

Why Go Paperless?

There are many good reasons to go paperless and start using eStatements. Not only are you helping the planet, but you will be able to bank more efficiently and have the convenience of accessing your statements whether at home or on the go.

Not convinced yet? Check out these reasons to switch to eStatements:

Immediate Availability

View your statements as soon as they become available, rather than waiting for them to be printed. You’ll receive an email notification when your eStatement i

Convenient Access

Instead of having to track down a printed copy of your statement each time you want to view it, you can gain access to your statements on your laptop, desktop, tablet or mobile device. This allows you to retrieve statements when you’re on the go, whenever and wherever you want.

Simplified Record Keeping

Electronic delivery means less clutter in your mailbox and no more sorting through stacks of paper. Think of your online account as a virtual, more secure filing cabinet so you know exactly where your documents are at all times.

Increased Security

Your statement can only be accessed by you. By securing your account with your online login credentials, you can protect your information from being stolen or delivered to the wrong address.

Save the Trees

Last but not least, trade in your multi-page paper statements with an electronic version to save trees and reduce greenhouse gases associated with paper manufacturing. Mother Earth will thank you.

How to Sign Up

One of the other great reasons to use eStatements is that it’s easy to sign up. As an RMLEFCU member enrolled in online banking you can manage your eStatement preferences in your online banking dashboard once you log in. If you have any questions or need more information about signing up, feel free to contact us through our website or call us (303) 458-6660.