What Does Football Have To Do With Finances?

 

It might be the big game day between two major football teams this weekend, but they're not the only ones who can march down the field for the win.  

Just like you've sorted out your favorite dips and appetizers, you can plan out your new year financial tally for 2014. Score big and aim to bring down your monthly payments by consolidating your debt.

Some of you game players may have a few revolving balances on your highly over-rated, third string credit cards. By applying for a TFCU debt consolidation personal loan, you could move your finances off the bench and make first string.

 

Tropical Financial Credit Union has split the uprights and rolled out a few of our new 2014 promotions to our members to put them in the W column. If you're not an existing member, this is the call for the full on blitz to contact one of our local branches for further information on how YOU too can join the team and be a champion.

It's time - score big or go home.

^Cari

P.S. If you haven't received enough football terminology, tune in to THE Super Bowl this Sunday.

5 Tips for Saving For Your First Home

You want your own backyard. A place for you and your spouse to play fetch with your new puppy — and someday soon make lasting memories with your first child!  A couple of bedrooms and a couple of baths, all in a nice neighborhood. Right now it may all seem like a distant dream but with a solid savings plan you may be closer to that backyard barbecue than you think. Here are five tips to help you get to that housewarming faster.

It may take less than you think

It used to be common for lenders to require as much as a 20% down payment to qualify for a mortgage, but these days it can be much less. You may only have to come up with 3% in order to buy a home!

Of course, minimal down payments may affect the interest rate you receive — and you’ll have to pay private mortgage insurance, which guarantees the lender gets paid if you are forced to default. And a lower down payment means a higher monthly note, though with a good deal made on your must-have house, the “end may justify the means,” as they say.

Here is a handy calculator that can help you design a savings plan. It’s also a good idea to know what you can afford first, pre-qualify for a loan — and then go home shopping!

Hide the set aside

After you seek out and snag a good savings account, arrange for automatic drafts from your paycheck or checking account each month. Not just a random amount, but a regular sum that meets your “down and distance.” That’s the down payment (and closing costs) you’ll need saved within the timeframe you’ve set to buy a home.

With these funds invisibly zipping between accounts, you won’t be tempted to touch them before you reach your savings goal.

Consider tapping retirement accounts

This is one idea you’ll definitely want to talk over with your trusted financial advisor, but the IRS allows first-time homebuyers to withdraw up to $10,000 from their Individual Retirement Account (IRA) penalty free. You will surely want to consider the tax consequences of such a withdrawal, as well as the impact to your future retirement plans.

While your employer-sponsored 401(k) doesn’t qualify for this penalty-free withdrawal, some plans offer participant loans with the interest paid credited right back to your account. Again, this is a tactic that requires due consideration.

Explore government assistance

Many states, including Florida, have assistance programs that can offer advice, information and even financial assistance for first-time homeowners. Some federal programs can also offer help with a down payment, and of course military service members who qualify for Veterans Administration (VA) loans aren’t required to have a down payment.

Be a “first time buyer” again!

Here’s the ultimate do-over. If it’s been more than three years since you’ve had a mortgage or owned a home, you may still qualify for the benefits of a TFCU first-time home buyer mortgage!

You may also explore gifts from family to help jump-start your down payment savings program. But the surest way to save up for the down payment is to aim high, keep expenses low, and don’t quit until you fire up the barbecue pit.

Hal Bundick, NerdWallet

WHY HOLD?

In this digital age sometimes getting a check to deposit seems so antiquated.  On top of that it may seem frustrating to take a check to the credit union and learning there needs to be a "hold" placed on the check.  Ever wonder why?

We know it can seem like an inconvenience, but it's an important part of protecting your money. If you have questions about how check holds affect you, feel free to give us a call at 888-261-8328. or stop in one of our local South Florida branches.

^Amy

 



Growing Your Business: Planning for 2014 and Beyond

If you’re a small-business owner, you may be looking for better financial solutions to help stay on track in the coming new year. Even if you have an established relationship with your credit union, you might not be aware of all the services available for your business’s needs. As part of your business planning strategy for 2014, take a look at some of the unique business services you can take advantage of at your local credit union.

Credit unions are a great option for small businesses for several reasons. Credit union small business lending has grown consistently in the past year. They have an intimate understanding of local business concerns and they often can provide loans when bigger banks in the area may refuse. Here are just a few of the valuable banking services credit unions can offer businesses, including commercial loans, savings products and merchant services.

Business loans

Typically, credit unions offer a few different kinds of loans. Credit unions can frequently offer lower interest rates, and since their representatives are more familiar with the local business community and economy, they are invested in working with business owners to find diverse financial solutions. They may also offer custom bundled services tailored to meet your business needs

• Business lines of credit allow businesses to quickly acquire funds for any business-related expenses, and are available both secured (collateral required) and unsecured (no collateral required).
• Term loans can help with your business’s monthly expenses by allowing you to purchase business equipment, supplies and other things you need to keep your business operations running smoothly. These loans tend to require collateral, are usually set up for a predetermined amount and mature within 1-10 years. Many credit unions offer low, fixed interest, as well as floating interest options.
• Company vehicles and real estate loans are specialized financing options for businesses. Vehicle financing options include longer terms and credit unions will often loan up to the full cost of the purchasing price. Financing for other vehicles such as tractors or wreckers, and related equipment, can be available, as well. Your real estate options can include purchase and refinance options, longer-term financing and competitive rates.

Business savings and checking

If you’re looking for the higher paying interest rates that come with business savings and money market accounts, your local credit union has got you covered. Many credit unions offer generous interest rates on money market accounts and no minimum balance requirement on their flexible business savings accounts. Whatever you’re looking for, your local credit union has a savings vehicle that suits your business’s unique needs.

Business checking accounts help you keep track of your business’s finances, and allow you to make check or cash deposits for your business. However, these accounts tend to have minimum balance requirements and fees for deposit items over a certain amount. Be sure to check if your credit union offers a free business checking account, so you can avoid the fees.  

Merchant services

Local financial institutions provide a variety of solutions to your point-of-sale needs. Some of the most popular include check authorization, credit and debit card acceptance, as well as e-commerce solutions. Options for renting and purchasing card machines or reprogramming your current machines are often included. You can also expect support and services to ensure the highest level of security and fraud prevention.

Lastly, choosing to bank with your local credit union will help you develop a long-lasting relationship and serve your local area in the most sustainable way. In 2014, make sure you research the wide variety of business solutions with competitively low interest rates and fees. Taking advantage of your local resources is one of the best ways you can ensure your business’s growth in the coming years.

 

^Sara Collins, NerdWallet