USALLIANCE Blog

Q:Should I take advantage of the dropping interest rates by refinancing my mortgage?

A: Refinancing a mortgage is essentially paying off the remaining balance on an existing home loan and then taking out a new mortgage on the same home, often at a lower interest rate. It may sound like a no-brainer, but there are many factors to consider.

Is it a good time to refinance?

Buying a home is a major life milestone. It’s a huge financial commitment and a commitment to your future. As such, it can bring up any number of emotions — excitement, hope, fear — all of which can add stress to an already heavy decision.

If you struggle with debt, you’re not alone. Between credit cards, student loans, mortgages, and car payments, the vast majority of Americans carry some sort of debt. Whether it’s to afford college, move into your first home, or deal with an unexpected health issue, there are endless reasons why you might need to rely on a financial cushion.

In the age of credit cards and mobile payments, it’s easier than ever to buy stuff you can’t pay for right away while supporting a lifestyle you can’t really afford.

Your career is beginning to take shape, and with any luck, you’ve started to earn a salary that allows you to put a little money aside each month. You know that saving is important, but there’s one nagging problem...Debt.

Your 20s and 30s are a time filled with new adventures and milestones — first job, first home, and perhaps marriage and children. To succeed at all of these, you’ll need credit, something that can be a challenge to build early on in your career. As many as 26 million Americans live without a credit history, which makes it difficult for them to get a credit card or take out a loan.

In May 2020, the U.S. Treasury Department and the Internal Revenue Service (IRS) began sending out Economic Impact Payments (EIP) as prepaid debit cards. The cards arrive in plain white envelopes that are strikingly similar to junk mail from credit card companies and scam mail. Unless you’re expecting it, you wouldn’t know this piece of mail has come from the federal government.

If you are one of the millions of Americans currently laid off or on furlough due to COVID-19, you may be panicking about incoming bills and wondering where you’ll find the money to pay for them all. Here’s how you can make a responsible, informed decision about your finances going forward.

It’s that time of year again! Get ready to break out the calculator and pencils, dig out the enormous pile of receipts, tax forms and pay stubs, and get to work.

If you’re in the market for a new car, you’re going to want to make sure you start by checking out your financing options. Though many people start their process on the dealer’s lot, if you go into the dealer prepared and knowledgeable about what you’re qualified for, you’ll enjoy a lower rate, a simpler loan application, and other benefits by choosing to finance your car with your credit union.