- What's an internship, anyway?, , Why would I need an internship? How do I get one? When do I start applying?These are just a few of the questions I asked myself four years ago while transitioning from high school to college. If you're reading this, I'm guessing you're a high school or college level student, who's struggling to maneuver all the expectations around graduation or starting a career, and considering an internship in…, it's okay., Believe it or not, I was in your shoes not long ago. My senior year of high school, I had been working an awful retail job, so I knew it was crucial for me to start my search for something more professional. I had a goal to work part time through college, because I needed extra money for my car payments, auto insurance, and phone bill. So, as far as I was concerned, any unpaid job or internship…, Here are some things I wish I knew., What Do I Want Out of an Internship? There are a few things you'll need to consider before applying for an internship. Do you want to take the internship as school credit, or would you rather be paid? Are you willing to relocate? Are you willing to take an unpaid, no-credit offer? These are all important to think about before you make any sporadic decisions. Internships are designed to give you…, Good luck!, Emily E.
- My wife and I love to travel. Well, at least back in the pre-Covid and pre-baby days . Things have definitely changed in the last couple years, but the wanderlust remains. Here are some ways that we've been able to make some fun trips without breaking the bank – and how we'll (hopefully) do it again soon. Just plan, man I love my wife for many reasons, but one of the biggest is how well she…, solid, roof – camping's a great option, too. If you don't mind some bug bites, then pitching a tent is a great, affordable way to enjoy the sights, sounds, and smells of our country's great park system. "Pass"-ing the buck My wife and I took a trip to Philly last year and invested in a city pass. A lot of larger cities have them and they're basically an all access ticket to the biggest tourist spots.…
- Making Sense of Mortgages, Closing costs, PMI, ARM, escrow... figuring out what makes up your mortgage can be complicated. With so many factors to consider, how do you make sense of it all? Well, you can start by breaking down some of the most common terms and considerations you'll come across, which is exactly what we'll do here., Taxes and insurance, Here's one of the biggies. When you own a home, you have to pay taxes and insurance. Now, homeowner's insurance is self-explanatory: it protects your home. Tree falls on it? Covered. Someone slips and falls on your sidewalk? Ouch – but covered. Tax amounts are based on region, value, school district, and more. And, because they both create added costs on top of your standard principal and…, Escrow, An escrow is a type of account that budgets your taxes and insurance costs into monthly averages – an account tied directly to your mortgage. So, if your annual insurance premium is $500 and your total taxes are $4,000, your monthly escrow payment would be $375 (4,500 / 12 = 375). This $375 is then added to your mortgage payment and placed in your escrow account. When the bills come due, your…, Loan to Value (LTV), Your loan-to-value (LTV) measures your equity – how much your home is worth versus how much you owe on it. Put simply: if you have an $80,000 mortgage on a home worth $100,000, then you have an LTV of 80%. Your LTV can impact what mortgage program you qualify for, whether you need PMI and an escrow, and more., Private Mortgage Insurance, Commonly known as PMI, this insurance helps the lender recover their investment if you stop making payments and face foreclosure. It's generally required for mortgages with an LTV over 80% and adds an additional cost to your escrow – which could be tens of dollars, could be hundreds. Thankfully for you and your wallet, in most instances, your PMI requirement is removed when you achieve 78% LTV., Down payment, You've probably heard of this one before. This is the amount paid upfront on your home, determining your LTV and therefore your need for escrow and PMI. How much you pay is dependent on your savings budget but also your mortgage program. Some programs require as little as 5% down, others 10% or more. For others? It's 0% down ., Closing costs, You've also probably heard of these before. And they can be a lot. Closing costs include a number of items: origination fees charged by the lender, title and settlement fees, taxes and prepaid items like homeowners' insurance or homeowners' association fees, and even attorney costs., Fixed or ARM?, A fixed rate mortgage means your interest rate doesn't change during the term. An adjustable rate mortgage (ARM) , though, can see fluctuations in your interest rate over time, resulting in changes to your payment. The amount and frequency of these changes are determined by the terms of your specific program. There are pros and cons to each type of mortgage, ranging from lower initial rates to…, Understanding ARM numbers, 5/1, 10/1, 7y/6m – what do those numbers and letters mean? Knowing that the rate on an ARM adjusts, the first number is how long the introductory rate is constant for, and the second number conveys how often that rate can change afterward. For example: a 5/1 ARM with a 30-year term would mean that the rate is constant for the first five years, then it can adjust once per year for the remaining 25…, Floors, ceilings, caps, and margins, You've probably noticed these things on a rate sheet . These terms determine an ARM's rate changes. Put simply, the floor is the lowest your rate can go, regardless of changes to the overall index. Likewise, your ceiling – sometimes called the "lifetime cap" – is the highest that your rate could adjust. Adjustment caps effectively place a limit on how much your rate can change during one…, In conclusion, Alright, we've made it to the bottom of the page. As you can see, there's a lot that goes into having a mortgage, but I hope this helps clear up some of the confusion. Remember: your home is a big investment, so it pays to have a good grasp of what you're getting into. Still have questions? Stop by your local office or call our experts in the Contact Center at 800.242.2120. They're there to help…
- Family Budgeting with Coupons, Adulting is hard, even when it's filled with great things. Nothing brought me to that sense faster than having $36,000 in student loan debt and working my dream job while being newly married , a new homeowner , and – the cherry on top – having a baby on the way ! Even though we lived on a budget and were fine financially, I was panicked about money. We had lots of great things happening, but I…, I don't know whether it was fate or divine intervention., Shortly after a major money meltdown, I stumbled across a friend's social media account where she had posted about a shopping haul she made with her sister. I remember the photo in her post showcased several packages of diapers, baby wipes, and laundry detergent, among other things, but what intrigued me most was the caption: they paid something like $6 for all of it! I immediately reached out…, extreme couponing, . I must be honest, "couponing" is not for everyone. It can be time consuming to clip, print, organize, and match coupons to deals, but there's nothing like the euphoria you get from having a cart full of groceries and paying almost nothing for it! At first, I used couponing to stretch the money I had budgeted as far as I could – and if I could start contributing more to my savings, that would be…, My Tips and Tricks for Couponing, Always sign up for a store's savings card program and download their app. They often have exclusive coupons paired with them Decide on a budget, plan your shopping trip, and stick to your list Become familiar with each store's policies (for coupons, rainchecks, etc.). If you can, bring them along when you're shopping Instead of a card, use cash. Then after your shopping trip, deposit the…
- So, you're thinking about getting a furry friend..., Owning a pet has many benefits, like a decrease in stress and depression, as well as having a best friend. While a cat or dog can be a great companion, it's important to keep in mind the costs of adopting and owning. Consider these costs before making the big decision to adopt or buy. Should I adopt or buy?, Adopting, : Generally, adopting is much cheaper than buying – averaging up to 90% cheaper from a shelter when compared to a breeder! Shelter to shelter, the cost will vary, but prices to adopt a cat range on average from $30 to $300, while dogs are more likely in the $100-$700 range. Dogs are more expensive to adopt, buy, and care for, because – contrary to the stereotypical image of cats being primped and…, Buying, : The price to buy puts you in a whole new ballpark. Depending on the breed, you should expect to pay anywhere from $1000-$3000 for a dog, and anywhere from $300-$1000 for a cat. Not only is buying expensive, but you generally should expect a higher maintenance pet – at least in the beginning. The breeder you're buying from might have taken care of the first round of shots for your pet, but you…, Your one-time expenses might include things like:, Obedience class Collar Tags Leash Harness Bed Cage Crate Food and water dishes Litter box, Recurring costs might include:, Food Treats Litter Toys Carpet cleaner Pet insurance Grooming Medical expenses Recurring costs often catch new pet owners by surprise when it comes to budgeting. As a result, many pet owners set funds aside for their pets, or at least for veterinary care, because these expenses can be overwhelming when they're unexpected. Remember, you also invite a certain amount of, opportunity cost, when getting a pet. If you have a dog, for example, you'll need to ensure that they'll be taken on walks and properly attended for meals and potty breaks. As a result, if you're used to picking up extra shifts or working a second job for additional income, you may find that your new pet interrupts those opportunities or routines. Going on vacation? What about your fur baby? This is something…
- , I learned the hard way., I didn't quite realize what student loans entailed and learned so many things along the way that I wish I knew beforehand. I'm here to tell you all the things I wish I knew, so that hopefully you don't go through what I did. Planning to go to college? Face it – you'll probably have student loans... For you to pay for your college years, you'll need to receive scholarships, grants, financial aid…, student loans, . A student loan is designed to help you pay your way through school even though you may not have the money to do so right now. Maybe your state covers full tuition for undergrads at state schools. Well, in addition to tuition, a student loan could also cover the cost of books, supplies, room and board, and even school-related travel and study abroad . Student loans can range from a few thousand…, financial aid advisor, at your school. You can do this by making an appointment and they will walk you through everything you need to know about your financial aid. Next, fill out a, FAFSA form – the Free Application for Federal Student Aid, . Assuming your parents are in the mix and helping, you'll need both your and their income and tax information for the last two or three years, which will determine how much financial aid you receive for the year. Depending on your parents' income, you may be quoted an estimated amount of aid you can receive for free, as federal grants, or you may only be approved for loans instead of grants.…, Federal loans, are usually awarded to you based on your FAFSA information and funded by the federal government. Federal loan payments are not due until after graduation, typically with a fixed interest rate. The best perk of a federal loan is that there's no credit check, so your credit won't be impacted when you apply for it., Private loans, , on the other hand, are a little trickier. Private student loans are not funded by the government but by – you guessed it – private institutions! To get a private student loan, you'll need to do your research and apply for them separately. They are not part of your FAFSA. Private loans typically have a variable interest rate, and some may require you to start making payments while you're still…, That's why many people try to stick with federal student loans., If these loans do not cover your whole expense, apply for a private student loan, but only apply for what you need. Calculate your expenses and only ask for that number, because you don't want to pay any additional interest. Think about your books, room and board, tuition, and even gas expenses driving to and from campus. You might even find some loan companies offer a line of credit , which you…, If you're approved, the lender will send the funds to your college first, . Your school will put that money towards tuition and fees, and then refund you the rest of the money. Make sure to understand whether your loan disbursements are per semester or per year, so you can plan accordingly. On top of the principal you take out from each lender, you'll have to pay interest, too. Interest is attached to your loan sum and calculated as a percentage of the unpaid loan…, Know the payment terms for your loan, because they're all different., You'll be given an amount that you're required to pay monthly at a certain interest rate. The terms will also tell you how much time you have to pay off the loan – usually depending on the depth of the loan. To make your life a little easier, I recommend setting up automatic payments, so you don't have to worry about remembering each month. If the payment seems to be too high or too much, you may…, income-based payment plans, , your monthly payment could be lower if you have a low income, so this may be an option worth exploring., Refinancing, is also available, where you can apply for a lower interest rate or debt consolidation to reduce your payments or extend the duration of your loans. Depending on your job and your loan, you may also be eligible for, loan forgiveness, . Your federal loans might qualify for this option if you work full time in a not for profit or public sector position for more than five years. However, there's a lot of political debate around loan forgiveness policies and financing higher education, so keep doing your research and don't overlook a great opportunity that may set you up for financial success! We'll all have different…
- Looking to renovate the kitchen, consolidate expenses, or take an epic vacation? Been in your home for a while? If so, a home equity line of credit, or HELOC , unlocks the value of your investment in ways other financial products can't. Apply Now , You Only Pay for What You Use, A HELOC works differently than a personal loan in that you only pay for what you use. Like any other credit, you draw from within the limit to get what you need done quickly – no waiting for applications or guesstimating the amount needed for your project or big purchase necessary. Simply put, it's there when you need it and you can get it fast. Think of it as a credit card with a rate and limit…, You Can Get a Lower Rate, Unlike a credit card, you can get much lower rates with a HELOC. How? Backed by the equity you already have in your home, your lender can feel more comfortable offering a lower – in many cases, single-digit – annual percentage rate, or APR. Sometimes you can even get a low- or no-interest introductory rate like Visions has right now . This can lead to some serious savings, especially if you plan…, The Terms are Yours, You'll be hard-pressed to find the flexibility that a HELOC offers. First, there are the aforementioned rates to take advantage of, especially with a special offer like you can find at Visions right now . The HELOC offers a credit line of up to 100 percent of your home's equity, so you can get a higher limit than a credit card offers. Best of all, the credit is yours to use as little or as much…, Cash Clip Tips for Understanding the Power of a HELOC, Check out our episode of Cash Clips YouTube Series that deal with HELOCs!
- Do I Need an Estate Plan?, Even if you don't create an estate plan, your state has a contingency – but you may not like it!, If you don't create an estate plan, your state will., The law of intestate succession is your state's default estate plan for those who fail to plan ahead. In the event of your death, a court will distribute your property according to the laws of your state. Generally, the property will be passed to a surviving spouse or other bloodline relatives. Unfortunately, you might disinherit an unmarried partner, friends, and charities by leaving your…, Your peace of mind is always on our mind., We're proud of the way we help our members plan ahead, even through unique circumstances. As trustee or co-trustee, we'll administer your trust according to your terms, communicate often with beneficiaries, collect, appraise, and distribute assets, file taxes, and more., We help those who..., Want to preserve family harmony Have a loved one with special needs Have children from a former marriage Have no relatives or only distant ones Want to plan ahead for incapacity If you would like us to help review your documents and assets – and see how they currently fit into your own estate plan – give us a call or email us to schedule a meeting. Connect with us to learn more Want to meet…
