Latest News https://wwfcu.org/media/?p=2624 https://wwfcu.org/media/blog/yes-you-can-get-a-personal-loan/ Personal Loans credit rebuilder flexible terms interest rate personal loan Yes, You Can Get a Personal Loan By now, you’ve probably heard a lot about the “credit union difference” and how credit unions are better than banks (at least we think so!). But what does that mean to you, our members? Well, a heck of a lot when it comes to personal loans. Consider making a credit union your first stop when Thu, 11 Jul 2019 10:50:38 Z Amy Neale <p>By now, you’ve probably heard a lot about the “credit union difference” and how credit unions are better than banks (at least we think so!). But what does that mean to you, our members? Well, a heck of a lot when it comes to personal loans.</p> <p>Consider making a credit union your first stop when shopping for a personal loan. Historically, credit unions like ours offer these benefits over banks:</p> <ul> <li><a href="https://www.wwfcu.org/products-services/loans/our-rates">Lower interest rates</a> even if you have average or poor credit</li> <li>Loan specialists willing to work with you and look at more than your credit score</li> <li>More flexible terms</li> </ul> <p>Credit unions will almost always have better loan rates than banks. That’s because we’re not-for-profit and member-owned. That means any profits we make go back to our members in the form of better rates and fewer fees. The lower the rate, the better the chance that you’ll be able to get a personal loan.</p> <p>Oftentimes, getting the personal loan you need boils down to the relationship you already have with your financial institution – especially at a credit union. If you’ve been a long-term member in good standing, chances are the loan specialist will look at your whole financial picture, even overlooking an occasional credit blemish.</p> <p><strong>Types of Personal Loans</strong></p> <p>There’s more than one type of personal loan out there. There’s always the traditional secured personal loan, where you use some sort of collateral to get your loan. WWFCU offers these various types of personal loans as well:</p> <ul> <li><a href="https://www.wwfcu.org/products-services/loans/share-pledge-loans"><strong>Share Pledge Loan</strong></a> – This personal loan lets you use your savings as loan collateral for an extremely low interest rate. The only requirement is that your savings (shares) must be on deposit at WWFCU. There’s no waiting and no approval time needed when you apply.</li> <li><a href="https://www.wwfcu.org/products-services/loans/first-chance-finance-loan"><strong>First Chance Finance Loan</strong></a> – If you’re age 18 to 20, this loan lets young adults start building a solid payment history. We’ll loan you $500 after you’ve had your WWFCU account for at least ​60 days and have been employed for 60 days or more. No credit or cosigner needed.</li> <li><a href="https://www.wwfcu.org/products-services/loans/all-other-loan-types"><strong>Bounce-free Loans</strong></a> – If you have a negative account balance, this loan not only helps you turn that negative into a positive – it also gives you the chance to re-establish your good credit. Interest rates are based on your credit score. <a href="https://www.wwfcu.org/products-services/loans/all-other-loan-types">Check out all of the loan requirements here</a>.</li> <li><a href="https://www.wwfcu.org/products-services/loans/all-other-loan-types"><strong>Credit Rebuilder Loan</strong></a> – If you’re looking for a little extra cash and want to boost your credit score at the same time, this loan ranges from $500 to $1,000 with a 12-month term. <a href="https://www.wwfcu.org/products-services/loans/all-other-loan-types">Requirements can be found here</a>.</li> </ul> <p>Whether you get a personal loan with us or somewhere else, just be aware that you have many options and to shop around for the best fit. <strong>To speak to a WWFCU loan specialist, call (734) 721-5700 or </strong><a href="https://www.wwfcu.org/products-services/loans/apply-now"><strong>click here to apply for a loan today</strong></a><strong>.</strong></p> 2019-07-11 10:50 +00:00 2019-07-11 05:50 -05:00 https://wwfcu.org/media/?p=2621 https://wwfcu.org/media/blog/a-brief-history-of-credit-unions/ Credit Unions credit union history A Brief History of Credit Unions Since we’re celebrating the birth of our country this week, we thought we’d take some time to share the birth of the credit union movement with you. Would you be surprised to know that credit unions first started in Germany? In the 1850s, two gentlemen opened the first credit unions. Cooperative pioneer Hermann Schulze-Delitzch created Fri, 05 Jul 2019 11:45:18 Z Amy Neale <p>Since we’re celebrating the birth of our country this week, we thought we’d take some time to share the birth of the credit union movement with you.</p> <p>Would you be surprised to know that credit unions first started in Germany? In the 1850s, two gentlemen opened the first credit unions. Cooperative pioneer Hermann Schulze-Delitzch created the first retailer-based, urban credit union. It served traders, shop owners and artisans.</p> <p>Around the same time, Friedrich Wilhelm Raiffeisen founded the first rural credit union for ex-serfs who had smaller and less predictable incomes. By 1913, there were over two million credit union members in Germany. The movement soon spread throughout Europe including Belgium, Italy, France, England, Switzerland and British India.</p> <p>The first credit union in North America started in Quebec in 1901 with just a 10¢ deposit. In the United States, St. Mary’s Bank of Manchester in New Hampshire was the first credit union. It was founded in 1908 to serve French-speaking immigrants who moved to New Hampshire from Canada.</p> <p>The credit union movement got an additional boost from central banker Pierre Jay and Boston merchant and philanthropist Edward Filene. They helped establish legislation in 1908 which became known as the Massachusetts Credit Union Act of 1909. This served as a model for the Federal Credit Union Act of 1934, which was signed into U.S. legislation by President Franklin Roosevelt.</p> <p>There are now currently over 5,600 credit unions in the United States serving more than 116 million members.</p> 2019-07-05 11:45 +00:00 2019-07-05 06:45 -05:00 https://wwfcu.org/blog/?p=2564 https://wwfcu.org/media/blog/should-you-buy-that-boat/ Loans boat loan boat shopping buy boat new boat Should You Buy that Boat? Now the warmer weather is here, so are the hopes and dreams of Michiganders wanting to buy a boat. But is buying a boat the right thing for you? By now you’ve probably heard the saying that a boat is a hole in the water into which you throw money. Whether that’s true or not, Thu, 27 Jun 2019 11:15:05 Z Amy Neale <p>Now the warmer weather is here, so are the hopes and dreams of Michiganders wanting to buy a boat. But is buying a boat the right thing for you?</p> <p>By now you’ve probably heard the saying that a boat is a hole in the water into which you throw money. Whether that’s true or not, it’s never stopped anyone from buying a boat! Before you decide to start throwing money at that hole in the water, here are some things to consider.</p> <p><strong>Can You Afford a Boat?</strong></p> <p>In many ways, buying a boat is similar to a car, but you need to look at it in a different light. While a car is a necessity to get you to work or chauffer your kids to school and various activities, a boat is a pure luxury. Do the math to see if the bottom line of a boat or the monthly payments make sense with your budget. If it does, then it’s time to figure out how much you should actually spend. <a href="https://www.wwfcu.org/products-services/loans/loan-calculator">Our loan calculator</a>can help with this. </p> <p>The good news is boat loans typically have better rates and longer terms than auto loans, sometimes up to 15 years. Keep in mind, like other loans, your credit rating will be a factor. <a href="https://www.wwfcu.org/about-us/get-in-touch/contact">Speak to a WWFCU Member Service Specialist</a>to find what loan terms work best for you. </p> <p><strong>What Kind of Boat Do You Want?</strong></p> <p>It’s one thing to know you want a new or used boat, but what kind? To answer this question, you’ll need to ask yourself a few others. How do you plan on using the boat? Do you want to tow tubers or water skiers? Do you want enough space to entertain or sleep over? Or are you purely interested in fishing? Depending on how you answer these questions, you’ll have a much better idea what type of boat to buy: fishing boat, bowrider, pontoon, cabin cruiser or ski/wake boat.</p> <p><strong>What Are the Startup Costs?</strong></p> <p>Buying a boat means more than just paying for the sticker price of the boat. How are you going to transport it or store it? If you purchase a boat and trailer from the same store/person, you may be able to negotiate its cost. Do you need a dock and a hoist, a slip in a marina or a mooring?</p> <p>There are other items you’ll need to have as a boat owner such as ropes, life jackets, paddles, signal flares, etc. Those are the basics you’ll need. Anything on top of that, decide that you’ll “treat” your boat to something new each summer such as tubes, water skis and more. </p> <p><strong>What Else is Required?</strong></p> <p>When you buy a boat, you’ll need to insure it. At the very least you’ll need liability insurance and probably damage coverage – especially if you’re buying a newer boat. If you’re getting a loan, you may also need comprehensive coverage for your boat. </p> <p>Depending on your age, as a Michigan resident you may need to go through boater education and get a Boater Education Card. <a href="https://www.boat-ed.com/michigan/">Learn more about boater education here</a>.</p> <p><strong>Where Will You Store Your Boat Off-Season?</strong></p> <p>As a boat owner in Michigan, you’ll need to figure out where you’ll store the boat in the winter months. You’ll not only need to find somewhere to store it, but either winterize the engine and boat yourself or hire an expert to do it. </p> <p><strong>How Much Will a Boat Cost?</strong></p> <p>Obviously, the price of a boat depends on many things. What type of boat? Is it new or used? We thought we’d give you a range of costs to give you a general idea of what you’ll be paying for a boat. For a new boat, plan on spending $20,000 on up. You can check prices using the <a href="https://www.nadaguides.com/Boats">NADA Guide</a>for used boats.  A boat trailer will cost about $2,000 to $5,000. If you need to get a mooring, expect to pay $3,000 or more. A boat lift/hoist will run you anywhere from $6,000 to $10,000. Insurance can range from a few hundred a month to over $1,000. Finally, expect to pay at least $2,000 a year for boat maintenance and cleaning. </p> <p><strong>Time to Decide?</strong></p> <p>So, if none of the above has scared you off from buying a boat, then you’ll want to think about your timing. Before you head to the boat dealer, get prequalified from a lender (like us!). If you’re purchasing a used boat, you may want to hire an inspector to check it out. And remember whether you’re shopping for a new or used boat, you’ll also want to take it out for a test run if possible. </p> <p>Time to have a fun summer!</p> 2019-06-27 11:15 +00:00 2019-06-27 06:15 -05:00 https://wwfcu.org/blog/?p=2562 https://wwfcu.org/media/blog/the-financial-realities-of-starting-your-own-business/ Business business owner business plan business savings start business The Financial Realities of Starting Your Own Business Ready to take the leap from working for someone else to starting your own business? We have a rundown of some of the financial realities you’ll need to consider before diving in. Start with a Business PlanIf you don’t already have a business plan, you’ll need one before you start your business. A business plan Thu, 20 Jun 2019 10:13:07 Z Amy Neale <p>Ready to take the leap from working for someone else to starting your own business? We have a rundown of some of the financial realities you’ll need to consider before diving in.</p> <ul> <li><strong>Start with a Business Plan</strong><br />If you don’t already have a business plan, you’ll need one before you start your business. A business plan outlines the first few years of your business. A good business plan not only helps you shape the concept for your business, it forces you to learn more about your industry. The <a href="https://www.sba.gov/">Small Business Administration</a>(SBA) can help you <a href="https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan">put together a plan</a>, and it also has tons of great free resources you’ll need for every step of your business. Once you’ve got your business plan, you can use it to attract partners, investors, employees and more. </li> </ul> <ul> <li><strong>Research Start-up Costs and Expenses</strong><br />The SBA estimates that the average cost of starting a business is about $30,000. However, costs vary greatly depending on your type of business and where it’s located. Regardless of what type of business you’re launching, you’ll need to consider the cost of creating and maintaining a website, your office/retail space, payroll, utilities, inventory, etc. Don’t forget, there could be various fees and permit costs as well as the possible expenses of licenses and insurance. Do the research for your state/city so you won’t experience any surprise costs along the way. <br /><br /></li> <li><strong>Open Separate Accounts</strong><br />It may be tempting to just use your personal checking and savings account or credit card to start paying for business expenses – don’t do it! Open a <a href="https://www.wwfcu.org/products-services/checking/business-checking">business checking</a>, <a href="https://www.wwfcu.org/products-services/savings/business-savings">savings</a>and credit card accounts in your business’ name. This will help come tax time and won’t muddy the waters when you’re launching your business. </li> </ul> <ul> <li><strong>Don’t Skimp</strong><br />Whether it’s software or inventory for your company, get what you can afford without cutting any corners. Paying a little more up front to get the best software for your business, etc. could make the difference between success and failure. To save money, consider renting some equipment and furniture. Leasing items will also free up more money in the beginning when you need it most. </li> </ul> <ul> <li><strong>Track Your Income and Expenses</strong><br />Sounds simple, right? Keeping track of the money coming in and going out can help you determine just how successful your business is and where to make some tweaks in the future. Start with a simple spreadsheet if you have to, just be thorough and diligent tracking everything. Once you have some experience and revenue under your belt, you can invest in a helpful accounting program for more extensive tracking. Many programs also help you with payroll, invoicing, equipment depreciation and more. </li> </ul> <ul> <li><strong>Build Your Business’ Credit</strong><br />Business credit is just as important as <a href="https://wwfcu.org/blog/for-national-credit-education-month-do-you-know-what-affects-your-credit-score/">personal credit</a>when it comes to running a business. Just like you, your business can have its own credit report and score. Having good business credit can mean the difference between getting a <a href="https://www.wwfcu.org/products-services/loans/business-loans">business loan</a>or not. Credit can be built through working with vendors that report your payments to business credit bureaus (just ask them if they do). Smartly using a business credit card can also help build credit.</li> </ul> <ul> <li><strong>Have a Business Emergency Fund</strong><br />We’ve talked extensively before about the need of having a <a href="https://www.wwfcu.org/products-services/loans/business-loans">personal emergency fund</a>for unexpected costs on the horizon. The same holds true for your business. Having a few months’ worth of income saved in a separate savings account can help you plan for off-season slumps or the inconsistent income that comes with owning your own business. </li> </ul> <p>Don’t be discouraged by all the financial realities and major decisions that come with starting your own business. The rewards of being an entrepreneur can far outweigh any negatives. </p> 2019-06-20 10:13 +00:00 2019-06-20 05:13 -05:00 https://wwfcu.org/blog/?p=2560 https://wwfcu.org/media/blog/recent-college-grad-here-are-10-money-saving-tips/ Savings Student Loan Uncategorized build credit college grad college graduate pay bills savings Recent College Grad? Here are 10 Money Saving Tips You’ve graduated – congratulations! Now what? Getting your degree has been your goal for so long, you probably didn’t think much about what happens after you get your diploma. Yep, it’s time to be a grown-up, this includes all of the financial responsibilities that come with it.  Here are ten tips to help you navigate Thu, 13 Jun 2019 10:08:45 Z Amy Neale <p>You’ve graduated – congratulations! Now what? Getting your degree has been your goal for so long, you probably didn’t think much about what happens after you get your diploma. Yep, it’s time to be a grown-up, this includes all of the financial responsibilities that come with it. </p> <p>Here are ten tips to help you navigate the adult word of personal finances:</p> <ul> <li><strong>Understand Your Finances</strong><br />Either you’re on the verge of being solely responsible for your finances or you already are. Either way, you need to understand the world of personal finances and how to keep on top of yours. Get a few books about personal finance basics. And be prepared for all the finances that will now (or soon be) your responsibility like rent, transportation, utilities, food and more. </li> </ul> <ul> <li><strong>Create a Budget</strong><br />Once you get a handle on every expense you’re responsible for, it’s time to put together a budget. Most people hate the term budget, so you might want to see it as more of a spending plan instead. Using a piece of paper, spreadsheet or app, put down all your monthly expenses and subtract them from your monthly take-home income. If you end up with a negative number – you’re in trouble and need to take some steps to even it all out. </li> </ul> <ul> <li><strong>Reduce Your Debt</strong><br />The first step to getting your finances in check is getting your debt under control. Student loans are probably a major expense and you’re not alone. The average college graduate is facing about $37,000 in student loan debt. Whatever your debt, don’t add to it with new credit cards or major purchases when you’re just starting out. </li> </ul> <ul> <li><strong>Keep Costs Down</strong><br />A first potential step in keeping costs down is moving back home. In fact, about a third of young adults (age 18 to 34) are currently living with their parents. If you need to move back home, make it for a predetermined, short period of time to get ahead of your debt. Other changes you can make is buy a <a href="https://wwfcu.org/products-services/loans/vehicle-loans">used versus new car</a>, find ways to cut your cellphone, internet and/or cable bills. You might want to also forgo those $5 lattes and start taking your own cups of coffee to work, as well as packing lunches. That could save you at least $50 per week!</li> </ul> <ul> <li><strong>Pay Your Bills</strong><br />It seems like a no-brainer, but not everyone manages to pay all their bills each month. Make this a non-negotiable task each month. When possible, do your best to pay above any minimum payments as well. Keeping up with your bills helps with your credit and stops you having to deal with those nasty compound interest rates.</li> </ul> <ul> <li><strong>Build Your Credit</strong><br />As we just mentioned, paying your bills on time is a great first step to building your credit. Good credit means you’ll be able to more easily buy a car or home further down the road. Your credit also affects your car insurance rates, possible employment and more. To check out your credit rating, you can get a <a href="https://www.annualcreditreport.com/index.action">free credit report once a year here</a>. <a href="https://wwfcu.org/blog/for-national-credit-education-month-do-you-know-what-affects-your-credit-score/">Click here to learn more about credit scores</a>. </li> </ul> <ul> <li><strong>Find the Right Job<br /></strong>When it’s time to get your first “real” job, you might be tempted to go for the higher paycheck and ignore if it’s in your desired field. Don’t do it! While the average starting salary for recent grads is $48,000, there are plenty of other factors to consider in your job hunt. Getting a job in your field will more often than not pay off in the long run and give you invaluable experience. Plus, you don’t want to get stuck in a field you hate just because it pays well. You’ll regret it. </li> </ul> <ul> <li><strong>Start Emergency Fund</strong><br />From car repairs to unexpected health costs, having an emergency fund can make the difference between sinking or swimming financially. Experts recommend saving three to six months of income in a <a href="https://www.wwfcu.org/products-services/loans/business-loans">separate emergency fund</a>– just in case. Start out with at least $1,000 and work your way up from there. Make sure you don’t touch that money for any non-emergency reasons. We promise, you’ll be happy you left it alone.</li> </ul> <ul> <li><strong>Plan for Retirement</strong><br />We know, you’re just starting out and retirement is decades away. Why think of retirement now? Because, you’ve got those decades to save up a nice little nest egg. If your employer has a matching 401k program, take advantage of it. It’s basically free money! If not, <a href="https://wwfcu.org/products-services/savings/investments/iras">open an individual retirement account (IRA)</a>and don’t spend it until you’re at least 65 years old. </li> </ul> <ul> <li><strong>Splurge a Little</strong><br />We realize that nobody sticks to strict savings and budget plans unless they have a little fun along the way. Allow yourself small splurges here and there, and within your budget. Maybe a concert or a quick weekend away once in a while. You’ve worked hard for it and deserve it! </li> </ul> 2019-06-13 10:08 +00:00 2019-06-13 05:08 -05:00 https://wwfcu.org/blog/?p=2553 https://wwfcu.org/media/blog/5-ways-to-save-for-summer-vacation/ Savings Vacation budget travel Planning for Vacation savings vacation 5 Ways to Save for Summer Vacation How many times have you vowed you were going to take a summer vacation only to not have the funds when the time comes? WWFCU thinks you deserve a vacation this summer, so we put together five tips to help you save for it: Budget TripThe first important step to take is to figure out Thu, 06 Jun 2019 11:05:20 Z Amy Neale <p>How many times have you vowed you were going to take a summer vacation only to not have the funds when the time comes? WWFCU thinks you deserve a vacation this summer, so we put together five tips to help you save for it:</p> <ul> <li><strong>Budget Trip</strong><br />The first important step to take is to figure out how much you need to save. Pick a location, how you’re getting there, where you’d like to stay, what you’d like to do when you’re there and where you’d like to eat. Get an idea of the cost of each, add it up and wham – you’ve got your budget! If the total is higher than you thought, you might want to think about downgrading transportation or accommodations. You may also want to find a cheaper way to eat while you’re away. <br /><br />Once you have your more finalized total, count how many weeks you have from now till vacation and divide the total by the number of weeks. That’s how much you’ll need to save each week to make your dream vacation happen.</li> </ul> <ul> <li><strong>Separate Savings</strong><br />Now you know how much you need to save each week, you need a place to do it. Open up a new/separate savings account so you won’t be tempted to spend the money between now and your time off. If possible, set up an automatic deposit into the account with your employer or your financial institution. If you don’t see it, you won’t spend it! Having a separate account also make it simple to track how much you’ve saved and how far you need to go.</li> </ul> <ul> <li><strong>Cut Back</strong><br />Chances are you’ll need to cut back in a few areas to be able to afford saving to your vacation account. Instead of $5 for that mocha latte, make your own coffee at home. Instead of eating out, make more meals at home – including packing your lunch. Also, instead of going out to the movies, try checking out Netflix and making some microwave popcorn instead. Don’t feel like you’re depriving yourself too much, just remember it’s only temporary and for a very good cause!</li> </ul> <ul> <li><strong>Find Extra</strong><br />Another way to get extra money for your vacation is to earn it. This could mean scouring the house for items to sell on eBay or Craigslist. Another option is to get a second, part-time job to earn some additional funds. Even a few hours a week could make a difference. </li> </ul> <ul> <li><strong>Keep Motivated</strong><br />A simple photo on your fridge or phone/computer wallpaper of your vacation destination may be all you need to keep on track with your savings goals. Take it a step further and involve your other senses. Thinking about a trip to Italy? A little pasta and Italian music might help to keep you motivated. </li> </ul> <p>If you get close to your vacation date and don’t have the funds you need, don’t despair. It may be time to pick a bigger and better destination for next year’s vacation. The money you’ve already saved can make a big dent in the overall savings goals for that trip instead. Just keep in mind, the earlier you start planning, the more you can save. </p> 2019-06-06 11:05 +00:00 2019-06-06 06:05 -05:00 https://wwfcu.org/blog/?p=2540 https://wwfcu.org/media/blog/what-can-mobile-banking-do-for-you/ Mobile Banking mobile app mobile banking online banking WWFCU What Can Mobile Banking Do for You? The average American spends nearly four hours a day on their smartphone, and about a third of U.S. smartphone users use mobile banking or mobile banking apps. As a WWFCU member, you’re in luck! We offer both mobile banking and a mobile banking app. Whether you’re already familiar with our mobile banking or are new Tue, 28 May 2019 16:00:44 Z Amy Neale <p>The average American spends nearly four hours a day on their smartphone, and about a third of U.S. smartphone users use mobile banking or mobile banking apps. As a WWFCU member, you’re in luck! We offer both mobile banking and a mobile banking app. Whether you’re already familiar with our mobile banking or are new to it, we thought we’d break down how you can manage your WWFCU accounts using your smartphone.</p> <p><strong>WWFCU Mobile Banking</strong></p> <p>To take advantage of our mobile banking, you need to be enrolled in in WWFCU Home Banking. You can either <a href="https://www.wwfcu.org/online-services/24-7-home-banking/online-banking">sign up online </a>or call a Member Service Specialist at (734) 721-5700. You must also be signed up for <a href="https://www.wwfcu.org/online-services/24-7-home-banking/online-bill-pay">Online Bill Pay</a> to be able to use that in mobile banking or the mobile app. </p> <p>Here’s a look at what our mobile banking and mobile app have to offer:</p> <div class="wp-block-spacer" style="height: 31px;" aria-hidden="true"> </div> <table class="wp-block-table is-style-stripes"> <tbody> <tr> <td><strong> </strong></td> <td><strong>Mobile Banking</strong></td> <td> </td> <td><strong>Mobile App</strong></td> </tr> <tr> <td><strong>View account balances</strong></td> <td><strong>X</strong></td> <td> </td> <td><strong>X</strong></td> </tr> <tr> <td><strong>Account balance quick view</strong></td> <td> </td> <td> </td> <td><strong>X</strong></td> </tr> <tr> <td><strong>View transactions</strong></td> <td><strong>X</strong></td> <td> </td> <td><strong>X</strong></td> </tr> <tr> <td><strong>Search transactions</strong></td> <td><strong>X</strong></td> <td> </td> <td> </td> </tr> <tr> <td><strong>Transfer funds between accounts</strong></td> <td><strong>X</strong></td> <td> </td> <td><strong>X</strong></td> </tr> <tr> <td><strong>Reorder checks</strong></td> <td><strong>X</strong></td> <td> </td> <td> </td> </tr> <tr> <td><strong>View digital images of cleared checks</strong></td> <td><strong>X</strong></td> <td> </td> <td> </td> </tr> <tr> <td><strong>Bill Pay – pay bills, add payees &amp; view history</strong></td> <td><strong>X</strong></td> <td> </td> <td><strong>X</strong></td> </tr> <tr> <td><strong>Make loan payments</strong></td> <td><strong>X</strong></td> <td> </td> <td> </td> </tr> <tr> <td><strong>E-statements</strong></td> <td><strong>X</strong></td> <td> </td> <td> </td> </tr> <tr> <td><strong>Search account, credit card &amp; tax statements</strong></td> <td><strong>X</strong></td> <td> </td> <td> </td> </tr> <tr> <td><strong>E-alerts</strong></td> <td><strong>X</strong></td> <td> </td> <td> </td> </tr> <tr> <td><strong>Graphs – view account income &amp; expenses</strong></td> <td><strong>X</strong></td> <td> </td> <td><strong>X</strong></td> </tr> <tr> <td><strong>View WWFCU messages</strong></td> <td><strong>X</strong></td> <td> </td> <td><strong>X</strong></td> </tr> <tr> <td><strong>View branch location, ATMs &amp; CU Service Centers</strong></td> <td><strong>X</strong></td> <td> </td> <td><strong>X</strong></td> </tr> <tr> <td><strong>Contact Us – phone numbers</strong></td> <td><strong>X</strong></td> <td> </td> <td><strong>X</strong></td> </tr> </tbody> </table> <div class="wp-block-spacer" style="height: 26px;" aria-hidden="true"> </div> <p><strong>Staying Safe</strong></p> <p>We take our members’ online security seriously. To learn more about how we keep your online accounts safe, you can check out our <a href="https://www.wwfcu.org/privacy-policy.pdf">Privacy Policy</a>. Our encryption technology keeps your accounts secure and protects your information. You can help keep your data safe by not using public Wi-Fi when mobile banking and to never open emails attachments or links you weren’t expecting. Finally, be sure to pick a complicated password for additional protection.</p> <p><strong>If you have any questions about mobile banking or our mobile app, </strong><a href="https://www.wwfcu.org/about-us/get-in-touch/atms-locations-hours"><strong>stop by our branch</strong></a><strong>or call (734) 721-5700 to speak to a Member Service Specialist.</strong></p> 2019-05-28 16:00 +00:00 2019-05-28 11:00 -05:00 https://wwfcu.org/blog/?p=2567 https://wwfcu.org/media/blog/top-financial-tips-for-new-parents/ Lifestyle 401(k) budget emergency fund new parents savings Top Financial Tips for New Parents Being a new parent comes with a lot of decisions. From picking the right stroller and car seat to the perfect name, making the right choices can be stressful. We hate adding to your parental to-do list, but now is the time to add some financially-related tasks to your list as well. Insurance Add Your Thu, 23 May 2019 09:22:50 Z Amy Neale <p>Being a new parent comes with a lot of decisions. From picking the right stroller and car seat to the perfect name, making the right choices can be stressful. We hate adding to your parental to-do list, but now is the time to add some financially-related tasks to your list as well.</p> <p><strong>Insurance</strong></p> <ul> <li><strong>Add Your Child to Your Health Insurance</strong><br />It seems like a no-brainer, but this task can get overlooked in all of the chaos that comes with a new baby. Most health insurance plans want you to add your new bundle of joy within 30-60 days of delivery. Check with your insurance company and get that baby covered!</li> <li><strong>Update Your Life Insurance</strong><br />First, if you don’t already have life insurance – having a baby is an excellent reason to get one now for you and your spouse. This will protect your family when they need it most. Thankfully, life insurance is usually downright affordable. Many financial institutions, <a href="https://www.trustage.com/life?orgIdentifier=000000007401&amp;marketingCampaignCode=BCLGLXBLB4&amp;utm_source=000000007401&amp;utm_medium=CULK_Link&amp;utm_campaign=BCLGLXBLB4&amp;utm_content=CB000159">like WWFCU</a>, can give you access to discounted policies. If you already have a policy, be sure to make your child a beneficiary.</li> </ul> <p><strong>Accounts and Forms</strong></p> <ul> <li><strong>Health Savings Accounts</strong><br />If your employer offers a health savings account (HSA), and you already take part, you may want to adjust your contributions. An HSA lets you use pre-tax dollars to pay for a variety of health-related expenses like co-pays, infant formula, breast pumps and more. </li> <li><strong>Get or Update Your Will<br /></strong>Nobody likes to think about a time when they won’t be around, but now that you have a little one, you’ll want to make sure they’re covered by having a will.A will not only lists beneficiaries when you pass, but also states who you wish to be guardians if your children are under 18. Work with an attorney to update these things or to create a will if you don’t already have one. </li> <li><strong>Tax Time<br /></strong>Once tax time rolls around, you’ll see the financial benefits of having a child – the Child Tax Credit. The IRS also gives you credit for childcare with the Child and Dependent Care Credit. Be sure your tax planner is aware of your latest family addition or, if you file yourself, don’t miss these important credits on your return. </li> <li><strong>Important Records<br /></strong>Once your baby is born, make sure you receive paper copies of key records such as the birth certificate, Social Security card and immunization record. You’ll need three copies of the birth certificate – one for you, one for your child to have later in life and one for a guardian. The Social Security card will arrive by mail. And the immunization record is vital if you’ll be putting your child in daycare. Be sure to keep all of your important documents in a fireproof safe. </li> </ul> <p><strong>Budgets and Savings</strong></p> <ul> <li><strong>Change Your 401k</strong><br />Update the beneficiaries on your 401k to include your new baby. You may want to reconsider what your contributions are as well. It never hurts to save more when you can.</li> <li><strong>College Savings</strong><br />Sure, they’re just in diapers. But that doesn’t mean you shouldn’t start planning for their college education now. A 529 college savings account may be a great option for you. They grow tax-free and aren’t taxed when money is withdrawn as long as you use it to pay for qualified education expenses. According to the U.S. News, it currently costs $9,716 to $35,676 per year to send a kid to college – so start saving now. Speak to a financial planner to weigh your college savings options. </li> <li><strong>Revisit Your Debt<br /></strong>Ideally, this should be handled as soon as you find out a baby is on the way. Do everything you can ahead of time to reduce your debt by as much as possible. Switch high-rate credit cards for <a href="https://www.wwfcu.org/borrow/visa-card">lower rate ones</a>, consolidate your debt into a <a href="https://www.wwfcu.org/products-services/loans/our-rates">low-rate loan</a>and make more than your monthly payments till at least the baby arrives. </li> <li><strong>Revise Your Budget<br /></strong>You’ll soon be amazed at how something so tiny can cost so much! The USDA states it costs $233,000 to raise a child. Chances are, your budget could use some tweaking now that you have new family member. Diapers, formula, clothing and childcare can make a big dent in your finances. Experts recommend upping your monthly budget by at least 10% to accommodate these growing expenses. </li> <li><strong>Increase Your Emergency Fund<br /></strong>This is another one of those “if you don’t have one, get one” scenarios now that you’re a new parent. You want to make sure you’re financially covered in case of an unforeseen emergency or unexpected layoff. Most experts recommend having 6-12 months’ worth of expenses in your emergency fund. But start with whatever you can afford. <a href="https://wwfcu.org/blog/emergency-fund-basics/">Learn more about emergency funds here</a>. </li> </ul> <p>We’re not saying you have to do all of this today, but it’s good to review best recommendations and start from there. Be sure to speak to your accountant, tax expert or financial planner to make the choices that are right for you and your new family. </p> 2019-05-23 09:22 +00:00 2019-05-23 04:22 -05:00 https://wwfcu.org/blog/?p=2531 https://wwfcu.org/media/blog/fixed-rate-vs-adjustable-rate-mortgages/ Home Loans adjustable-rate mortgage fixed-rate mortgage home buying interest rate Mortgage Fixed Rate vs. Adjustable Rate Mortgages From picking neighborhoods and school districts, to dealing with down payments and home inspections, there are a lot of choices homebuyers need to make. A major decision, one that will affect your finances for years, is what kind of mortgage to get: fixed or adjustable rate.  The most popular type of mortgage is fixed-rate, which means Thu, 16 May 2019 10:13:57 Z Amy Neale <p>From picking neighborhoods and school districts, to dealing with down payments and home inspections, there are a lot of choices homebuyers need to make. A major decision, one that will affect your finances for years, is what kind of mortgage to get: <a href="https://wwfcu.org/products-services/loans/home-loans">fixed or adjustable rate</a>. </p> <p>The most popular type of mortgage is <strong>fixed-rate</strong>, which means it has the same interest rate for the life of the loan. That means your monthly payment (principal and interest) remains the same. An <strong>adjustable rate </strong>mortgage (ARM) comes with an interest rate that changes over time. It’s initially set below the market rate and then increases throughout the life of the loan. Each type of mortgage has its own pros and cons.</p> <p><strong>Fixed-Rate Mortgage – Pros and Cons</strong></p> <p><strong>Pros</strong></p> <ul> <li>Borrowers are protected from sudden and major monthly payment increases if rates go up</li> <li>You’re locked into your rate for the entire term of the loan (unless you refinance, that is)</li> <li>It’s simpler to create and stick to a monthly budget if you know what your monthly payment will be</li> </ul> <p><strong>Cons</strong></p> <ul> <li>Your monthly payment will initially be higher than that of an ARM</li> <li>If interest rates are high, it could be harder to qualify for a loan</li> <li>It could possibly cost you more in interest over the life of the mortgage</li> </ul> <p><strong>Adjustable-Rate Mortgage – Pros and Cons</strong></p> <p><strong>Pros</strong></p> <ul> <li>The interest rate and monthly payment are initially lower than those of a fixed-rate mortgage</li> <li>Lower rates mean that you could potentially qualify for a larger loan</li> <li>You could end up saving hundreds of dollars per month for the first several years of the mortgage</li> </ul> <p><strong>Cons</strong></p> <ul> <li>Your monthly payment may change often during the loan term</li> <li>Monthly payments may end up being more than you can afford once they increase</li> <li>ARMs are harder to understand compared to the more straightforward fixed-rate loan</li> </ul> <p>Here’s a breakdown of the various mortgages, highlighting what they coast in the long run:</p> <p>&nbsp;</p> <div class="wp-block-spacer" style="height: 35px;" aria-hidden="true"> </div> <p>&nbsp;</p> <table class="wp-block-table is-style-stripes"> <tbody> <tr> <td><strong> </strong></td> <td><strong>Fixed Rate Mortgage</strong></td> <td><strong>Fully Amortizing ARM</strong></td> <td><strong>Interest-Only ARM</strong></td> </tr> <tr> <td><strong>Loan Amount</strong></td> <td>$200,000</td> <td>$200,000</td> <td>$200,000</td> </tr> <tr> <td><strong>Term</strong></td> <td>30 years</td> <td>30 years</td> <td>30 years</td> </tr> <tr> <td><strong>Interest Rate</strong></td> <td>4.5% APR</td> <td>4% APR<sup>* </sup></td> <td>4% APR<sup>*</sup></td> </tr> <tr> <td><strong>Initial Monthly Payment</strong></td> <td>$1,013.37</td> <td>$954.83</td> <td>$666.67</td> </tr> <tr> <td><strong>Payment After 4 Years</strong></td> <td>$1,013.37</td> <td>$1,038.67</td> <td>$791.67</td> </tr> <tr> <td><strong>Total Interest Paid</strong></td> <td>$164,813.83</td> <td>$261,906.43</td> <td>$457,500.00</td> </tr> <tr> <td><strong>Total Payments</strong></td> <td>$364,813.83</td> <td>$461,906.43</td> <td>$457,500.00</td> </tr> <tr> <td><strong>Ending Balance</strong></td> <td>$0.00</td> <td>$0.00</td> <td>$200,000.00</td> </tr> </tbody> </table> <p style="font-size: 10px;"><sup><em>*</em></sup><em>Rate is fixed for 12 months, then adjusts by 0.25% every 12 months to a maximum of 12%. The highest rate charged was 11.25%.</em></p> <div class="wp-block-spacer" style="height: 27px;" aria-hidden="true"> </div> <p><strong>How to Decide?</strong></p> <p>There are a few factors to consider before deciding which type of mortgage is right for you. When choosing, ask yourself these questions: </p> <p><strong>How much can you afford?</strong></p> <p>Once you’re prequalified for a mortgage, look at your monthly budget and determine what you can actually afford. Your bottom line may influence which mortgage you pick. You’ll also need to figure out what you can afford if your ARM rate increases. Start with the worst-case scenario and work your way back from there. </p> <p><strong>How long do you plan on living in the home?</strong></p> <p>If you think you’re only going to be in the house for a few years, an ARM can help you save. If you plan on raising kids and growing old in your home, you should probably consider getting a fixed-rate loan.</p> <p><strong>What are the terms of the ARM?</strong></p> <p>ARMs come in all shapes and sizes, i.e. interest-only, fully amortizing, adjustment terms from one month to 10 years, etc. Know what you need and what your financial institution/credit union has to offer. </p> <p><strong>What are the interest rates and where are they going?</strong></p> <p>If rates are currently high, an ARM makes total sense. Their lower initial rates will help you save in the beginning. If rates are low, a fixed-rate mortgage might make the most sense. </p> <p>After you’ve <a href="https://wwfcu.org/products-services/loans/loan-calculator">crunched some numbers</a>, it’s always good to discuss your options with both an accountant and your mortgage lender to choose the mortgage that’s right for you. </p> <p><strong>WWFCU teams up with Mortgage Center to give its members the best, most affordable options. Click here to apply for a mortgage or call 888-562-6865 to explore your options today.</strong></p> 2019-05-16 10:13 +00:00 2019-05-16 05:13 -05:00 https://wwfcu.org/blog/?p=2549 https://wwfcu.org/media/blog/private-mortgage-insurance-pmi-basics/ Home Loans home buying Mortgage PMI private mortgage insurance Private Mortgage Insurance (PMI) Basics Private Mortgage Insurance (PMI) When purchasing a home, there are many different costs to factor into a budget. While many people are aware of expenses like taxes and the cost of making repairs, there are some costs that people don’tthink about, such as Private Mortgage Insurance (PMI). PMI is an additional monthly expense added to your Tue, 14 May 2019 16:29:02 Z Amy Neale <p><strong>Private Mortgage Insurance (PMI)</strong></p> <p>When purchasing a home, there are many different costs to factor into a budget. While many people are aware of expenses like taxes and the cost of making repairs, there are some costs that people don’tthink about, such as Private Mortgage Insurance (PMI). PMI is an additional monthly expense added to your mortgage payment when you make a smaller down payment on a home.</p> <p><strong>Why is PMI Required?</strong></p> <p>Private Mortgage Insurance is generally required by lenders when you are putting a low amount down on the home. When you put less money down on a home, the risk is higher, so lenders will require the insurance to protect themselves in case of a mortgage default.</p> <p><strong>Will PMI Ever Go Away?</strong></p> <p>With a conventional loan, PMI can be canceled when your equity rises above a certain percentage. Thishappens when mortgage payments are made or a home’s value appreciates.</p> <p>If you’re eligible to cancel PMI, your lender will want to schedule an appraisal to ensure that you have enough equity.</p> <p>With an FHA loan, you may be eligible to cancel PMI when you pay your mortgage down to a certain percentage of the original sales price. The market value of the home doesn’t matter.</p> <p>If you’d like to know whether you can cancel your PMI, speak with your mortgage lender.</p> <p><strong>Can PMI Be Avoided?</strong></p> <p>There are different ways in which paying for PMI can be avoided. You may not have to pay PMI if you put a larger amount down on a home or, in some situations, are willing to pay a higher interest rate. There are also mortgage options that do not require PMI, like VA loans. Our partner, Mortgage Center, offers several mortgages including the PMI Saver, which allows you to avoid PMI with a smaller down payment.</p> <p>If you have questions about PMI, including whether your PMI can be canceled, speak with yourmortgage lender. If you’d like to keep your mortgage with your credit union or are interested in the PMISaver mortgage, contact our partner, Mortgage Center, by calling 800.353.4449.</p> <p><em>Information as of February 2019.</em></p> <p>Mortgage Center is an Equal Housing Lender NMLS# 282701</p> 2019-05-14 16:29 +00:00 2019-05-14 11:29 -05:00