Is a Construction to Permanent VA Loan Right for You?

July 23, 2021 by Wendy Hilton

A VA loan is one issued by private lenders and backed by the U.S. Department of Veterans Affairs. It can help U.S. active duty service members, veterans, and widowed military spouses buy a home. VA loans are popular, because they offer a no down payment option and do not require mortgage insurance. They can be easier to obtain than a...

Topics: Trending, Personal Lending, Home Owners, Family, Veterans

How Much Truck Do You Really Need?

July 05, 2021 by First Federal Bank

If you’re shopping for a truck, you have no shortage of options available. Almost every major brand on the market sells some kind of pickup, and many automakers offer multiple trucks. The best way to narrow down your choices is to ask yourself how much truck you need.

Topics: Vehicles, Auto Lending, Personal Lending

What is a Bridge Loan?

May 28, 2021 by First Federal Bank

A bridge loan is a short-term loan used to provide immediate cash flow when financing is impending but not available right away. Bridge loans are sometimes also known as swing loans, gap financing, or interim financing. Homeowners typically use these loans to cover the cost of new property before they can sell their current house.

Topics: Personal Lending, Home Owners

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

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

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

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