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Freedom First Credit Union Should I Refinance My Home Mortgage?

Q: Many of my friends have refinanced their mortgage recently, and they’re urging me to do the same thing. Money is always a bit tight, and the thought of an extra few hundred dollars a month is very tempting. Should I refinance?

A: Refinancing a mortgage is essentially paying off the remaining balance on an existing home loan and then taking out another mortgage, usually at a lower interest rate. It may sound like a no-brainer, but there are lots of factors to consider before deciding to refinance.


Freedom First Credit Union What is the Prime Rate and Why Does it Matter?

Q: What exactly is the “prime rate?” How does it affect me as an individual?

A: The prime rate is the current interest rate that financial institutions in the U.S. charge their best customers. These customers have excellent credit, and are eligible for this optimal rate because their loans carry the lowest risk for their financial institutions.

The prime rate is also referred to as the prime interest rate, prime lending rate or simply prime. You may hear this term thrown around a lot in the financial news or when reading up on loans and mortgages. That’s because the prime rate affects every level of the economy.

We have answers to all your questions on the prime rate.


Freedom First Credit Union Understanding The Credit Card Trap

Did you know the average American household carries $6,358 in credit card debt?

 

If that doesn’t sound too alarming, consider this: A debt of $5,000 with an interest rate of 24.99% (which is the current rate of a typical Capital One or Citibank card), where only the minimum payment is made each month and no additional charges are made to the card, accumulates $4,823 in interest over five years. That means the cardholder would be paying nearly double the amount that was originally spent!


Freedom First Credit Union Interest Rates Have Dropped. Here's What it Means for You.

 

You may keep hearing that interest rates are dropping – but what does that mean, really? Which interest rates? Who decides that? How does that affect me?

It can get pretty confusing to anyone who isn’t an economics major. But that’s why we’re here to help you understand what it all means.


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