This April, we’re answering your money questions

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April is Financial Literacy Month, and we want to hear from you. What questions do you have about managing your money and finances? We’ll be accepting questions all month and giving you the answers to what matters most to you.

Submitting is easy! Just leave a comment below, tweet us at the @EECUdfw handle or post on our Facebook page at facebook.com/eecudfw. We’ll keep you updated with answers to the questions we receive here on our blog, on our Facebook page and through our Twitter account, so be sure to Like us, follow us and keep checking back for insight into the issues that matter most to our members.

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10 thoughts on “This April, we’re answering your money questions

  1. I’m 28 years old and want to buy a house one day. What do I need to be doing right now so that I can get a good mortgage later? I always hear about married couples buying houses because of combined income, but will mortgage lenders extend credit to a single person if they have good income/credit?

    Reply
    • Hi Bonnie! Mortgage loans are evaluated based on credit history and ability to make regular payments, so the best thing you can do to prepare is make sure your credit history is a strong. You can find some tips to help you build a strong credit history here on our website. Plus, even if you’re not ready to apply for a mortgage now, we’re happy to talk to you about your goals. Give our mortgage lending department a call at 817-882-0181 to talk more about how you can best prepare for this big financial step.

      Reply
  2. My goal is to pay off all of my credit cards. Is a Consolidation loan a good idea? I am follwing a budget now; no longer using the credit cards,

    Reply
    • Hello Elizabeth! A consolidation loan is a great way to help pay off high-interest credit cards. Since most loans that can be used for debt consolidation, such as a personal loan or home equity loan, have lower interest rates than credit cards, you’ll likely save more in the long run than if you simply pay your card balances down at their regular interest rates. Plus, a consolidation loan offers one monthly payment, which may help manage payments.

      Reply
    • Hi Anita! Credit card payments can be easily combined with a consolidation loan. Because credit cards often carry higher interest rates than other types of loans, you can take out a personal loan or home equity loan (if you’re a home owner) for the balance of your credit cards to pay them off. This will give you one monthly payment for your loan at a lower interest rate to help you save.

      Reply
    • Hey Courtney! Depending on your savings goal and timeline, we have several options for you with different compounding frequencies. Check out our ‘Savings & CDs‘ page to choose which account is right for you. Some of them can be opened through Online Banking, but you can open any of them by visiting one of our branches. Feel free to give us a call at 817-882-0800 if you have questions about any of our accounts.

      Reply
  3. I have a Car Loan through EECU but i got the loan via a car dealership…because my credit was not so good when i got the loan, i had very high interest rate…now that i have paid for the vehicle on time for 1yr, can i be eligible to refinance through EECU?

    Reply
    • Hi Violet! We do offer a one-time rate reduction for our members in that type of situation. Members without delinquent payments in the past 12 months can qualify, and a new rate will be based on the remaining terms of the loan and the current age of the vehicle, and a new credit history will be pulled. Since these qualifications are so specific to each individual, give our member contact center a call at 817-882-0800 or visit a financial relationship officer at any of our branches. Looking forward to talking more with you about it!

      Reply

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