Friday, June 7, 2013

Give Yourself A Mortgage Check-Up

Are you considering ways to improve your financial position? One good thing to look at is your
existing mortgage loan, particularly since interest rates have dropped substantially in recent months.
It's a good idea to re-assess your mortgage financing every few years. In that time, a lot can happen in your life. You've built equity in your home. Your income may have increased - or decreased. You may have accumulated additional debt, or paid down debt you had when you first took out your mortgage. And of course, mortgage interest rates have changed. The loan that was the perfect fit originally may not be right for you today.

If your income has increased or you've paid down your debt, consider refinancing for a lower interest rate and shorter term. You'll reduce your interest costs and better position yourself to enjoy a comfortable retirement or pay for future college expenses. If your income is less now due to retirement, one spouse staying home with children, or other factors, you may be able to reduce your monthly mortgage payment with a lower interest rate. In either case, refinancing to pay off consumer debt may also be helpful in increasing your tax deduction and reducing your monthly debt burden.
It takes only a few minutes to determine if a change in mortgage financing is right for you. Our mortgage consultants can help you compare your current mortgage's interest rate and monthly payment with the low interest rates available in today's market to determine if refinancing would be beneficial based on your current financial situation and needs.

Take a minute or so to give yourself a mortgage check-up today by calling Financial Security Consultants, Inc., your credit union's mortgage partner, at (410) 823-3300 or 1-800-730-7599.

Wednesday, February 13, 2013

Show Yourself A Little Love

On Valentine's Day, we take time to remember those we love.  But, this Valentine's Day, I'd like you to take some time to show yourself a little love.

There are many ways to do that - taking time for yourself, indulging in a little splurge, being with friends or family, or spending time on your favorite pastime. One way that you may not have considered is by securing your financial future.

Poor control over your finances can affect your emotional well-being.  A recent study by Quicken found that 52% of the American workforce lives in fear that they will not be able to retire by the age of 65. 33% lose sleep over their financial situation and 20% hide their debt out of embarrassment.

So, this Valentines Day, show yourself a little love by making a commitment to get your financial life under control.  Destinations offers many ways to help you find the financial solutions you need.
  • Free unlimited financial counseling is available by phone through our partnership with Accel.  
  • We can take a look at your loans from other financial institutions/dealerships and see if there is a way to lower your interest rate and/or payments.
  • Within online banking, we offer a free service called Money Desktop -- an account aggregation and financial management tool.  You can set up a budget and keep track of where your money is going.
  • You can save systematically through payroll deduction or automatic transfers from your accounts.
  • Use loan products designed to help you improve your credit, such as our Tax Loan and Second Chance MasterCard.
 The road to a secure financial future requires some time, commitment and may involve sacrificing some things now for security later.

Posted by:
Carol Szaroleta
Destinations Credit Union