If you are thinking about refinancing your mortgage, then you know that this is a great way to save money on your monthly payment, shorten the term of your loan, or tap into the equity of your home for a home improvement project. At the same time, refinancing is like taking out a new home loan. For this reason, you need to know what to expect. There are a few tips that you should follow to make it easier for you to refinance successfully.

Buying a home is a huge milestone and perhaps the largest purchase most of us will ever make. It's important for those who are interested in homeownership to understand the benefits of buying a home versus renting and what a smart investment this decision is for your future. It's also important to understand that homeownership is a lifestyle choice and one that will impact your financial status.

Buying a home is one of the biggest decisions many of us make in our lives. But how do you know if you should continue renting vs. buying a home?

There are pros and cons to each of these housing options, so it's important to do some research about both to help you decide if renting or buying a home is the right decision for you. 

Purchasing a home in South Carolina has proven to be an intelligent investment. Since 2018, South Carolina's real estate market has experienced substantial growth. Over the last five years, from the fourth quarter of 2018 to the fourth quarter of 2023, the state's total home appreciation was recorded at 84%, with an average annual growth rate of 16.8%. If your equity improved in recent years, and you have a need for an affordable financing option, a cash out refinance mortgage could deliver wide-reaching benefits.

From 2020 to 2022, interest rates dropped to an all-time low with rates ranging from 3-to-5 percent, making it the perfect time for South Carolina homeowners to take advantage of Home Equity Loans and Home Equity Lines of Credit (HELCOs). 

In today’s rising rate environment, some homeowners wonder if a Home Equity Loan or HELOC is worth it. The short answer is yes.

The benefits property owners enjoy by securing a Home Equity Line of Credit are undeniable. Also called a “HELOC,” homeowners use their home's equity as collateral when applying for one of the most flexible loan products available.

People who own a home have options at their disposal when looking for additional funds. For people who are wondering how to use a HELOC to make their lives easier, there are several ways that contacting a helpful credit union about this line can be useful.

Money market accounts were introduced during the 1970s as a type of mutual fund that brokerage houses sold. At the time, the federal government also capped how much interest local lending institutions could offer customers on the savings account, leaving them at a competitive disadvantage. A few Baby Boomers may recall how banks and credit unions offered incentives such as kitchen appliances and new gadgets to encourage people to open accounts.

But the Garn-St. Germain Depository Institutions Act in 1982 changed everything. The Act allowed local lenders to provide savings options with higher interest rates under the money market account umbrella. Now, working families can choose between a variety of money market products with competitive rates.

Maintaining a diverse financial portfolio helps reduce investment risk and generate greater returns. Part of that balanced approach involves including assets that can be quickly leveraged. Basically, things such as money market accounts and certificates of deposit (CDs) are akin to having cash on hand. The major difference is they generate better interest rates than passbook savings accounts.

If you are considering adding a money market or CD as part of your portfolio strategy, it’s essential to understand the choice is not necessarily either-or. Money markets and CDs are both valuable assets with slight differences. Those CD vs money market distinctions could be simplified by just saying one provides steady returns while the other offers flexibility. But a deeper understanding could help you better prepare to build an actionable portfolio that achieves your financial and quality of life goals. 

Commonly called a CD, a Certificate of Deposit is a savings-based investment that produces a higher return on investment than many others in its class. Considered a sound, reliable investment, CDs are generally part of a well-balanced portfolio. By understanding how they work, as well as their benefits and disadvantages, community members can make informed decisions about adding CDs to their mix of financial holdings.