20 Jul

HELOC vs. Home Equity Loan: Which is Better for You?

HELOC vs. Home Equity Loan

Many people think Home Equity Lines of Credit (HELOCs) and Home Equity Loans are the same thing because they sound alike. In reality, they have some similarities but are very different regarding how and when you access the funds. In this post we’ll discuss the differences between the two and describe a few reasons to use each.

HELOC vs. Home Equity Loan

So, what is the difference between a HELOC and home equity loan? While they both borrow against your home’s equity, they go about it a bit differently. A HELOC allows you to draw on your home’s equity on an as-needed basis with a variable interest rate acting like a credit card that uses your home as collateral. A home equity loan on the other hand, gives you a lump sum up front with a fixed interest rate. They both use your home’s equity as collateral backing which is why they are usually referred to as “second mortgages”.

Why a HELOC?

A HELOC tends to be a better option for those who need extra money over a long period of time. For example, if your kid is going to college and you need to pay tuition over the next 4 years, a line of credit is ideal. You simply borrow the amount you need when you need it and only pay off the amount you’ve used. Check out a few more reasons to use a HELOC.

Why a Home Equity Loan?

A home equity loan is a better option for those who need a set amount of money up front. For example, if you need a new roof that will cost $3,000 and you’re planning a family vacation that will cost about $5,000. An $8,000 home equity loan is ideal for this situation because you know exactly how much you need to borrow.

Different situations call for different types of home loans. Determine if you need a larger sum of money now or have a longer-term financial commitment that will require spread out payments. Have more questions? Stop by an RMLEFCU branch or call to speak to a loan specialist today! You can also check out these helpful videos to learn more.

RMLEFCU HELOC vs Home Equity Loan

A Home Equity Line of Credit (HELOC) Explained by RMLEFCU

12 Jul

Kasasa Cash vs. Kasasa Cash Back

Kasasa Cash Back

If you’re thinking about upgrading your RMLEFCU checking account to Kasasa, you may have noticed that there are two different account options. While both are free, offer great rewards and ultimately put more cash back into your pocket, there are a few differences between them that might make one more attractive to you over the other.

Kasasa Cash

Kasasa Cash is a checking account that pays monthly cash rewards based on your account balance. The dividends for various balances are the following:

  • 3.00% APY* on balances up to $10,000
  • 3.00 to 0.73% APY on balances over $10,000 depending on balance in account*
  • 0.05% APY* if qualifications aren’t met

You only need $50 to open a Kasasa Cash account and start earning monthly dividends!

Kasasa Cash Back

Kasasa Cash Back account holders earn 3% cash back on all monthly debit card purchases. You swipe your card, we’ll put some cash back in your account. It’s that simple! You can earn up to $9 cash back per month on purchases up to $300 with no category restrictions.

How to Qualify

To earn your monthly rewards for either account simply do the following:

  • Have at least 12 signature-based debit card purchases post and settle
  • Be enrolled and agree to receive eStatement notice
  • Have at least 1 direct deposit/ACH credit transaction post and settle

In other words, what most people are already doing with their checking accounts can be earning you extra rewards! And don’t worry – if you don’t meet all the qualifications for the month, it’s no big deal. Your account is still free, and you can get right back to earning your rewards the very next month.

Both accounts offer ATM refunds nationwide, free online and mobile banking, and no services fees. So, what are you waiting for? Sign up for Kasasa and start getting paid to bank with RMLEFCU today!

 

 

*APY=Annual Percentage Yield. APYs accurate as of 05/31/2016. Rates may change after account is opened. Minimum to open is $50. If qualifications are met each monthly qualification cycle: (1) Domestic ATM fees incurred during qualification cycle will be reimbursed up to $25 and credited to account on the last day of monthly statement cycle; (2) balances up to $10,000 receive APY of 3.00%; and (3) balances over $10,000 earn 0.50% dividend rate on portion of balance over $10,000, resulting in 3.00% – 0.73% APY depending on the balance. If qualifications are not met, all balances earn 0.05% APY. Qualifying transactions must post to and settle account during monthly qualification cycle. Transactions may take one or more banking days from the date transaction was made to post to and settle an account. ATM-processed transactions do not count towards qualifying debit card transactions. “Monthly Qualification Cycle” means a period beginning one day prior to the first day of the current statement cycle through one day prior to the close of the current statement cycle. Transfers between accounts do not count as qualifying transactions. PIN based transactions do not count towards qualifying debit card transactions. Limit one account per SSN. ATM receipt must be presented for reimbursement of an individual ATM fee of $5.00 or higher.

09 Jul

Littleton Unparalleled Community Impact Award Ceremony

Officer Ford

We had the honor of presenting Officer David Ford, of the Littleton Police Department, with the Unparalleled Community Impact Award. He is currently assigned to the traffic unit as an accident reconstruction expert and traffic enforcement officer.  He also serves on the SWAT Team as a negotiator. He has been the coordinator and organizer for his department’s Shop with a Cop program. This program pairs a child from a less-privileged neighborhood with a police officer and they go shopping for Christmas presents together. Not only does the program provide numerous children with Christmas gifts, but it also fosters positive relationships between the police and the community. In addition to organizing and being a shopper for the event, David solicits community donations. This year is planned to have the best turnout for the event yet, all due to David’s hard work and dedication to the cause.

Shop with a copShop with a cop

 

 

 

 

 

 

 

 

Photos from the 2015 Denver Shop with a Cop event. (above)

Littleton Unparalleled Community Impact Award ceremony

The Littleton Unparalleled Community Impact Award ceremony was an emotional one. Officer Ford received the award before his friends, family, and colleagues and gave a heartwarming speech about why he is passionate about the work he does for the community. He explained that his motivation for becoming a police officer stemmed from his respect and admiration for a security guard from his high school that positively impacted him during his youth. His dedication to his work and his community is undeniable, and there is no doubt why he was the recipient of this honorable award.

If you were unable to make it to the ceremony, check out the coverage of the event and see David’s story!