30 Sep

International Credit Union Day 2019 at RMLEFCU

International Credit Union Day at RMLEFCU

Local Service. Global Reach.

Celebrate 71 years of International Credit Union Day® at RMLEFCU.

On Oct. 17, 2019, credit union members around the world will celebrate International Credit Union Day®, an annual event to commemorate the credit union movement’s impact and achievements. This year marks the 71st anniversary. In honor of this special day, RMLEFCU invites its members and the entire community to come stop by any branch for snacks and RMLEFCU swag!

Since 1948, International Credit Union Day has been celebrated annually on the third Thursday of October. Each year, the international event affords the opportunity to remember credit unions’ proud history and promote awareness of and support for the credit union and financial cooperative difference. This year’s theme is “Local Service. Global Reach.” It speaks to how each credit union serves a local community—and it is because of that local service in communities across the world that we have a global credit union movement that’s now 260 million members strong. ICU Day 2019 is a celebration of the impact credit unions and other financial cooperatives have made—and continue to make for their members. It is also a chance to be thankful for the lives and communities that have been improved by our movement.

International Credit Union Day is recognized by the World Council of Credit Unions, the global trade association and development platform for credit unions and other financial cooperatives, as well as numerous national credit union trade associations and federations around the world.

Credit unions from around the world will join forces to celebrate the day with membership drives, contests, and fundraisers to help their local communities. Credit unions will share their activities with the global community on social media using #ICUDay and #LocalServiceGlobalReach.

For more information about RMLEFCU’s events, www.rmlefcu.org.

 

23 Sep

Money Tips for Young Adults

Money Tips for Young Adults

As a young adult in your 20s or 30s, you’re probably excited about all the opportunities life has to offer, but you’re also aware of increased financial responsibility. Unfortunately, in most high schools or colleges, personal finance is not a required subject. This lack of basic financial education leaves many young adults clueless about how they should manage their finances, apply for credit, or even get and stay out of debt.

We’ve come up with three important things to understand about money to help you be more financially responsible.

Build a Budget

Regardless of your age, the number one money tip that you should follow is to live within your means. You should never spend more than what you’re earning. It’s easy to get into debt but getting out of it is much harder.

This is why it is helpful to have a budget. If you track your spending, not only will you see where your money goes, but you will also be more aware of what you spend your money on.

Start an Emergency Fund

Life can be unpredictable and being prepared for when unexpected things occur will benefit you in the long run. Having a safety net for those unplanned moments, like car repairs, medical expenses, or unemployment, will make it easier for you to bounce back financially.

As a rule for your emergency fund, you should have 3 to 6 months of living expenses saved up. This is where the previous tip helps. If you know how much you’re spending, you’ll know how much you need to save.

Save for Retirement

While retirement may seem a long way away, the earlier you begin, the better. Starting early on your retirement savings is recommended. If you start adding to your accounts now, you’ll see more money later! Start by investing in a 401(k) or IRA. Make sure you also maximize the opportunity if your company offers a matching contribution.

There are also a lot of retirement options to choose from. Read our blog post on Retirement 101 to learn more about the different retirement accounts you can choose from.

These three tips should give you a head start on financial responsibility, but the most important tip is not to compare with others. It’s easy to look on social media and get an elevated, flawless perception of reality and it may seem as if everyone is doing well and affording extravagant things, but everyone’s situation is different! If you would like help with financial planning, RMLEFCU offers personal services to members! Learn more about our financial planning services here or call us at 303-458-6660.

17 Sep

How to Get the Best Deal on Used Cars

Used Auto Loan

Shopping for a used car is like going on a treasure hunt. There are a lot of used cars out there and finding a good deal on a car that meets your needs and fits your budget can be quite challenging. Here’s what you need to know to get the best deal on a used car.

Set Your Budget

Deciding how much you can spend on a car and how you are going to pay for it should be the first step. There are really only two ways you can pay for a car, in cash or by taking out a loan. If you’re paying in cash, budgeting is simple. Don’t spend all your savings and remember to set aside money for registration, insurance, maintenance, and repairs!

Most people take out a car loan so they can protect their savings. It’s smart to get preapproved for a car loan. At RMLEFCU you can get an easy pre-approval to see what fits in your budget. With our easy application process and quick, local decision-making, you’ll get a pre-approval letter ASAP!

Finding Your Car

The internet is a great car shopping tool, especially for used cars. Take some time to choose the right car for you and your lifestyle. Narrow your search by making a list of must-have features and search for models with those features.

As a member of RMLEFCU, you have access to extensive car buying services available through Credit Union Direct Connect and AutoTrek to make finding your perfect car easier! As you move forward with your used car search, build a list of three target car models to research in more detail.

Negotiate the Best Price

 Negotiation doesn’t have to be stressful! Especially if you’ve done your research and have a pre-approval on a loan. Compare the seller’s asking price to the average market price, chances are, the seller is asking more than the market average.

When you bargain with a car salesperson, keep in mind you’re dealing with a pro who knows all the tricks. Don’t focus on a monthly payment. If you have a pre-approved loan, you’re a cash buyer as far as the dealer is concerned and you should negotiate on the price of the car, not the size of the monthly payment. Always be ready to walk if you’re not making progress toward a deal.

RMLEFCU has great car buying services for members. If you have any questions on our car loans and car buying services,  give us a call at 303-458-6660 or email us at lending@rmlefcu.org.

10 Sep

First Time Home Buyer Mortgage Tips

First Time Homebuyer Mortgage

Buying a home can be nerve-racking, especially if it’s your first one. When you find your ideal home, you should secure a mortgage that makes sense for you today and for the future. To ensure you can do this appropriately, here are some insider first-time homebuyer mortgage tips.

Apply for What You Can Afford Today

 First-time home buyers may be buying too much home. You may qualify for a large mortgage but making that steep monthly payment will impact all other parts of your life. Instead of shopping for a home that fits for the mortgage you qualify for, look at monthly payments to see if it is doable for your finances currently. When you’re making high monthly payments on a mortgage for your home, you can put yourself in a tough situation and not have money left for other things like savings and travel.

Shop for Your Mortgage 

Shopping for your mortgage is crucial and, when you ask the right questions, it can save you thousands of dollars. While filling out a mortgage application is tedious and time-consuming, that should not stop you from applying for a mortgage from more than one source.

Similar to shopping around for any large purchase you’re making, you should apply for a mortgage and get competitive rates. RMLEFCU’s mortgage application process is a breeze with our quick, local decision-making. We also have competitively low, fixed rates for home purchase and a variety of repayment terms available. On top of that, we also have helpful loan advisors with working knowledge of the local Colorado real estate market to help you get the best deal.

 Mortgage Down Payment

One prevailing myth about mortgages is that you’re required to put 20% down. While you will usually get a lower interest rate if you have a 20% down payment, that is not the threshold for achieving mortgage financing. Many lenders now permit much less and first-time homebuyer mortgage programs allow as little as 3% down. To see what your monthly payments will be, play around with a down payment calculator to help you land on a goal amount.

If you are a first-time homebuyer and are shopping around for a mortgage, you may find it difficult to sort through all the financing options. Take some time to read over these tips accordingly. A good mortgage broker or mortgage banker should be able to help steer you through all the different programs and options. If you have any questions about a first-time homebuyer mortgage or would like to speak to one of our loan officers, email us at lending@rmlefcu.org.