By Sean A. Kelly

Whether you are trying to buy a home (or your second one), or raise money for your childrens education or for your familys health purposes, you cant run away from this one global phenomena that is happening everywhere to almost everyone. Perhaps youve heard of it. its called mortgage (theres also refinance, actually, but lets go one by one). If you have not heard of it before, then you are either Mark Zuckerberg (or people who are within the range of wealth as him), or youre a 10-year-old. If youre the former… how would you like to donate a house to poor little me? And if youre the latter dont worry, kid, sooner or later youll need to know these things.

But Im getting off-tracked. To make a long story short, anyone who is thinking about taking a mortgage or refinance mortgage should first of all do his/her homework. What homework, you ask? Homework about the banks you want to approach regarding this issue. Trust me, I should know the importance of this; my father nearly drove our family into bankruptcy when he did not do a thorough investigation on this one bank from which he was taking a mortgage. This does not mean that you shouldnt take any recommendation from your friends or relatives, though. It simply means that you may want to do your own checking, and since the competition among banks are quite stiff these days, it may do you good to compare the rates and fringe benefits from each bank so you can get the best deal.


Im getting off-tracked again. I really want to talk about this institution called the Emery Federal Credit Union, which has been around since 1939. Unlike most financial institutions out there, the Emery Federal Credit Union is a non-profit institution that also happens to be member-owned. It dedicates itself to serving its members by transferring the excess earning back to members through low interest rates, high yield savings and low/no convenience fee! You can sleep soundly in the nights knowing how safe your money is, as it is federally insured with the National Credit Union Administration (NCUA).

When you buy a house (or any property for that matter), youll most likely need a mortgage to help you with the payment. For the uninitiated, a mortgage is a pledge to put up a certain property as collateral to a loan, and in this case, the collateral would be the house that youre buying. If you are unable to repay the mortgage payments, your creditor would likely repossess your house. If this is your first mortgage on that house, then it is known as a first mortgage. There are usually two types of first mortgage, namely the fixed rate and adjustable rate mortgage. The Emery Federal Credit Union mortgage service provides both types.

Now, if youre imposing a mortgage on a house that already has a mortgage on it, then it is known as a second mortgage or refinance mortgage. In a laymans term, it is like renewing your old mortgage but (usually) with lower interest rates (and hence lower monthly payments too). There are many types of refinance mortgages available, such as VA mortgages, Loan-to-Value (LTV) loans, Home Equity Loans, Home Equity Line of Credit (HELOC), Cash-out Refinance and FHA Loans. Are all these also available in Emery Federal Credit Union? Yes, you can get them within the Emery Federal Credit Union refinance service!

Not only that, in order to make consumers lives easier, there are also a variety of online tools made ready on its website. You can check the updated interest rates there, as well as use their online financial calculators to assist you in your decision making. But dont just take my word for it do your homework!

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