22 Feb

Fund Your Next Getaway with a Vacation Loan

Vacation Loan

Personal loans are good for a lot of things, but arguably the best use is for much-needed vacation time! Whether it’s a month-long backpacking trip through Europe, or a relaxed family getaway in Hawaii, having a vacation loan can give you peace of mind when it comes to expenses.

A Little Extra Help

How disappointing is it when you struggle to set aside money all year for a nice vacation and discover that it’s not quite enough when the time comes? This is the perfect opportunity to utilize a vacation loan to give you the last little bit of funding needed. When people think of a vacation loan, they usually think of funding all vacation expenses with it. This is not typically the case! If you already have a good amount of money saved up, the loan can be used to simply cover the cost of lodging or expenses you may incur while at your destination. This not only lowers the amount you have to borrow, but can result in lower monthly payments as well.

Budgeting Benefits

Personal loans make vacation budgeting a breeze because they give you a set amount to spend, unlike a credit card. For example, if you take out a personal loan for $5,000 and by day 3 of a week-long vacation you have already spent more than half, you know it’s time to reign in the spending a little bit. By using only the funds you obtain from the loan, you are much better off sticking to a budget and avoiding overages.

Better Than a Credit Card

We provide personal loans for expenses you may not have all the funds for right now, to give you a better option than putting large expenses on your credit card. While it may seem tempting to fund a vacation on credit, it’s not recommended, as the interest rates are typically higher than those on personal loans and can fluctuate depending on how much you spend. With a vacation loan, you have a set spending amount and a set monthly payment.

Financing a getaway with a vacation loan is great way to ensure that you get the relaxation or adventure you need, even if you can’t quite afford it. To read more about the personal and vacation loans RMLEFCU offers and apply today, visit our website or give us a call at (303) 458-6660!

14 Feb

The Credit Union Difference: Auto Loans

Being in the market for a new or used car can be both stressful and overwhelming. Not only do you have a massive selection of vehicles to choose from, but you must also decide how you’re going to finance your new purchase. That’s where we come in. While dealerships may make their financing programs sounds attractive and unbeatable, it is always best to shop around for the best auto loan rates – starting at your local credit union.

We’ve gathered the top 4 reasons why choosing a credit union for your auto loan is the right way to go.

1.    Lower Rates

Credit unions have very competitive interest rates, especially on auto loans. On average, credit union loans are at least 1 percent lower than banks, which can save you some serious cash in the long run. Big banks often incentivize their loan officers for selling you on anything extra that will earn the bank more money, while credit unions work for their members, not commissions, so they have your best interest at heart. They won’t try to convince you to get any extra bells and whistles unless they honestly think it would benefit you.

2.    Personalized Service

Providing members with excellent customer service is at the top of credit unions’ priorities. Since credit unions are non-profit organizations and are run by volunteer board members and not a corporate office, members are provided with a more personal and customer-oriented experience. You can rest assured that credit unions have your best interest in mind when providing you with a loan, whereas big banks see dollar signs when recommending auto financing options. Credit unions work for their members, so the happier you are with the service you receive, the better off the credit union is.

3.    Educational Resources

As stated above, credit unions pride themselves on providing excellent member service. One aspect of this is providing members with educational and informative resources to make the best financial decisions possible – especially when it comes to auto loans. If you want unbiased answers regarding auto loans and the car buying process, turn to a credit union where they will be more than happy to assist you in making the best decision. RMLEFCU specifically partners with AutoTrek to provide our members with the best car buying resources, so you can thoroughly research your options prior to purchase.

4.    Easy-to-Use Process

The days of having to go into a branch to apply for an auto loan are over. Now, credit unions offer applications for auto loans to be done online, over the phone, or even at a car dealership. RMLEFCU specifically works with Credit Union Direct Connect to simplify your car buying experience and get you approved for an auto loan in minutes, right from the dealership.

When it comes to the car buying process, you can always count on credit unions to have your best financial interests in mind. Whether you are a first-time car buyer just starting your search, or are a seasoned car-buying veteran about to sign some papers at a dealership, make sure you check out credit unions before making an auto loan decision.

Have questions about RMLEFCU’s auto loans? Check out our website or contact us at (303) 458-6660.

08 Dec

Get Your First Home Mortgage With RMLEFCU

Buying your first home can be not only emotionally stressful, but financially stressful as well. In this video, Jess describes how RMLEFCU can help simplify your first home buying experience and make it as effortless as possible. She describes the common decisions first-time homebuyers encounter such as understanding the entire application process, deciding what type of mortgage is best for you, and ensuring your lender has your best interests in mind. If you’re looking to buy your first home soon, visit our website and check out our past blog posts First-Time Homebuyer Mistakes to Avoid and Colorado First Time Home Buyer Tips to learn more about the home buying process and how RMLEFCU can help make it as easy as possible.  

 

08 Nov

First-Time Homebuyer Mistakes to Avoid

First-Time Homebuyer Mistakes to Avoid

Buying your first home can be exciting and stressful. You are finally going to be able to call a home your own, but must also pay the price that comes with that ownership – the mortgage. While there are many things to consider before and during your home buying journey, RMLEFCU is here to make the whole process a bit easier with these first-time homebuyer mistakes to avoid.

Ignoring or Not Knowing Your Credit Score

Before you even begin planning to buy a home, you must first know if you are financially able to do so. Do you have enough money to pay for the house in cash? If not, how good of a loan will your credit score allow you to get? These are the hard, but important, questions to ask yourself when determining if you are ready to own your own home.

The first, and most basic, step to determine your financial ability, is knowing your credit score. This is the score that banks will look at when determining which home loans you qualify for and, ultimately, which houses you will be able to afford. By being aware of your credit score before meeting with a mortgage consultant, you will be able to more easily communicate your concerns and desires with them and are more likely to be happy with the result.

Looking for a Home Before a Loan

Being realistic about what you can afford is just one of the harsh truths that you must face while buying a home. By looking for houses before you know what kind of loan you qualify for, you may be setting unrealistic expectations for yourself. Instead, know where you stand before you start shopping. Visit our website or come into a RMLEFCU branch and have a financial discussion with one of our mortgage specialists to get pre-qualified for a home loan amount before you start looking.

Being Too Picky

Finding your dream house in your price range is really only a thing of fairytales. Make a list of what’s important to you in a home and decide what you need and what you can sacrifice on. For example, a great school district and large yard might be deal breakers if a home doesn’t have them, but you could maybe live without the dual master bathroom sinks and extra-large walk-in closet. It’s all about finding the happy medium between price and features.

Assuming Your Mortgage is the Only Expense

A common mistake some people make when budgeting for buying a home, is assuming that the mortgage payment will be their only expense. There are many other costs to take into account, such as property insurance, property taxes, maintenance costs, and homeowners association dues (if your residence has them). All these smaller, less significant costs can add up quickly when it comes to home budgeting and affordability. It’s best to over-budget and anticipate for more expenses early on so you’re not left blindsided and broke if anything changes in your financial situation.

The bottom line is that there more first-time home buying mistakes to avoid than you might have originally thought. It’s always better to be over-prepared, and that’s why we’re here! RMLEFCU is ready to help you finance your first home when the time comes and we have the experts here to get it done right. Visit our website or give us a call to get started and see how easy your first-time home buying process can be!

18 Sep

Car Buying Process Made Simple

Car Buying Process Made Simple

Have you been thinking about getting a new car recently? Don’t know where to start? Allow us to help. Here at RMLEFCU, we have partnered with AutoTrek® to bring you plenty of resources to simplify the car buying process.

Use an Auto Broker

When making a new or used car buying decision, many people utilize auto brokers to help them with the tedious process of finding the exact car they want at an affordable price point. Simply put, auto brokers streamline the process significantly and do all the heavy lifting for you. Just tell them what you’re looking for in a vehicle and a set price range, and they take care of the rest. From scouring the country locating a vehicle fitting your description to negotiating prices with the dealer; they take care of all the time consuming busy-work so you don’t have to.

RMLEFCU Member Deals and Discounts

By being a member of RMLEFCU, you receive the best deals and discounts in AutoTrek’s inventory. AutoTrek provides RMLEFCU members with the most current and accurate vehicle information on the market, so you can make the most informed car buying decision possible. They also offer members a complimentary vehicle report, so you are able to check the history and information on any vehicle as long as you have the VIN.

What’s the Value of Your Current Vehicle?

How much you will get for your current vehicle will probably effect which car you’ll set your sights on buying next. If the value of your current vehicle is more than expected, then suddenly you might be able to afford a slightly nicer make or newer model! Utilize the NADA appraisal tool to find the approximate trade in value of your vehicle and compare similar models side by side to ensure you’re getting the best deal.

Get Your Dream Car

By utilizing the New Vehicle Builder Tool, you’ll be able to research and build your dream car equipped with any and all the bells and whistles you’d like. You can then submit this vehicle to AutoTrek who will search high and low for your exact specifications. Once found, AutoTrek will take care of all the negotiations and deliver the vehicle to you at the best price possible.

RMLEFCU Auto Loans

So now you’ve got your dream car at the best price possible, but how are you going to pay for it? At RMLEFCU, we’re all about making the car buying process as simple as possible, so we offer competitive auto loans only available to members with no payments for the first 90 days! We’re making it easier than ever to get you into a brand-new ride at the lowest possible price, so what are you waiting for? Check out our website for more information and apply online today!

23 Aug

Get Rid of High Interest Student Debt with a HELOC

Student Loans with a HELOC

Nowadays, it’s incredibly expensive to attend college or a university. Most of us don’t have the cash to pay for higher education up front and wind up taking out high interest student loans. You don’t have to live with that high interest debt though. By using a HELOC, you can save money in the long term by paying it off with a great, lower interest option.

What is a HELOC?

First things first, what is a HELOC? A HELOC, or home equity line of credit, is a loan that is taken out by a homeowner and paid off over a certain period of time. It is similar to a credit card, but uses your home as collateral. With such a valuable asset as leverage, you are able to get a lower interest rate than a traditional loan.

There are usually two periods included in a HELOC loan process; the draw period and the repayment period. The draw period is the amount of time that the line of credit can be withdrawn from and only requires interest payments to be made. The repayment period is, you guessed it, when the total amount borrowed must be repaid over a set time period. Draw periods typically range from 5-10 years while repayment periods are closer to 10-20 years, depending on the loan.

Why Using a HELOC to Pay Off Student Debt is a Good Idea

 Taking out student loans through a bank or government program may seem like the easiest option, but with a 6-8% interest rate, you will realize soon after graduation just how much interest that adds up to. HELOCs typically have much lower interest rates (RMLEFCU rates can be as low as 4.25%), making the monthly payments much more affordable.

How Can RMLEFCU Help?

If you think paying off your student loan debt with a HELOC is the right move for you, make sure to use a reputable institution like RMLEFCU. We are currently offering amazingly low rates and even offer a convenient and easy way of accessing your Home Equity Line of Credit by giving you a HELOC Visa card.

Learn more by calling 303-458-6660 or clicking here. Whether you’re a recent graduate with piles of student loan debt or a parent paying for your child’s education, RMLEFCU is here to help you pay your debts off in the easiest way possible!