Home Equity Line of Credit vs. Home Equity Loan

May 05, 2021 by First Federal Bank

If you’re in need of funds for home repairs, renovations, or paying down high-interest debt, you may have considered a home equity loan or a home equity line of credit. While both of these financial options allow you to borrow against the equity of your home, they each come with their own set of rules and benefits. To help you decide which is...

Topics: Financial Education, Personal Lending, Home Owners

Borrowing From Your 401(k)

April 30, 2021 by First Federal Bank

If money is tight, you may have considered drawing from your 401(k) retirement savings plan. While it’s generally best to leave your investments intact, there are circumstances in which tapping into your account can be a safer move than obtaining other kinds of loans. Here’s a look at a few factors to consider before you commit to borrowing...

Topics: Retirement, Personal Lending

Refinancing A Loan

January 18, 2021 by First Federal Bank

Refinancing a loan involves replacing an existing loan by paying off the debt with a new one. Ideally, the new loan has better terms or features to make the process worthwhile. This can help save you money in the long term or make your life easier in other ways.

Topics: Financial Education, Credit Cards, Personal Lending

Common Auto Financing Terms

November 25, 2020 by Renee Williams

Whether you’re shopping for your first car or a newer model, the first thing you should do before visiting the dealership is establish your financing options. Enlighten yourself with these basic auto financing terms so you know exactly what you’re agreeing to when signing the paperwork to fund your new vehicle:

Topics: Auto Lending, Personal Lending, Lending

What Is Collateral and Why Is It Important

November 23, 2020 by First Federal Bank

The fundamental difference between a secured and unsecured loan is the collateral requirement. But what is collateral? Why is it important? And what is a lien? Here’s everything you need to know:

Topics: Small Business Lending, Mortgage Lending, Personal Lending, Lending

Which Debt Should You Pay Off First?

September 07, 2020 by First Federal Bank

Between credit cards, student loans, car loans, and mortgages, you’re probably carrying some debt. On the surface, managing your debt can seem relatively easy — just make minimum payments. However, if you’d like to pay down your debts and increase your cash flow, you have some choices to make. Namely, which debt should you prioritize? Here’s a...

Topics: Mortgage Lending, Personal Banking, Saving Money, College, Financial Education, Credit Cards, Personal Lending, Taxes

The Perks of Having a Good Credit Score

July 27, 2020 by First Federal Bank

Achieving and maintaining a good credit score will enable you to fund the major purchases that you’ve been dreaming about. Here are just some of the doors that having a positive credit history will open for you:

Topics: Insurance, Credit Cards, Personal Lending

Tips on Loaning Money to Friends and Family

May 06, 2020 by First Federal Bank

A friend or family member asking for a loan can be an uncomfortable situation. On the one hand, saying no to a trusted loved one who has asked for help is difficult. On the other, saying yes could result in a number potential issues, including the very real possibility that your money will never be paid back. It can be difficult knowing how to...

Topics: Personal Lending

Checking Your Credit Score Online

April 10, 2020 by First Federal Bank

Knowing your credit score is the first step to securing a loan for a new car, starting your own business, or taking out a mortgage. With everything available online these days, checking your credit score is easier and more convenient than ever — as long as you know where to look.Credit report vs. credit scoreOne of the best ways to stay up to...

Topics: Resources, Credit Cards, Personal Lending

4 Common Auto Loan Mistakes

October 22, 2019 by First Federal Bank

Purchasing a new car is an exciting and tumultuous experience. It’s easy to feel overwhelmed as you go through the process of choosing your new vehicle and applying for a loan that won’t leave you in the red as you pay it off. Thankfully, there are a few easily-avoided pitfalls that can save you money and stress.

Topics: Saving Money, Vehicles, Auto Lending, Personal Lending

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