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Want to Retire Mortgage Free? You Can with Help from Aspire FCU’s Home Equity Loans. Refinance Your Existing Mortgage with Us!

Posted in Home Ownership
May 26th 2011 by
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Let’s start off with the basics. What exactly is a Home Equity Loan? A Home Equity loan allows you, the borrower, to take out a loan while using your residence as collateral. To determine how much equity is available from which to borrow, the mortgage balance already attached to your property, along with the current market value of your property, is considered. Equity Loans offered by Aspire Federal Credit Union are limited to ensure that no more than 80% of the total value of the property is mortgaged by the combination of mortgages (existing 1st and/or new equity loan) and are only available on your primary residence. Ex. Property value of $156,250 and a 1st mortgage balance of $100,000 $156,250 (property value) X .80% = $125,000 Subtract $100,000 (1st mortgage balance) Leaving $25,000 of available equity Also referred to as a “second mortgage”, these loans are often times used to match the…

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What is a FAFSA?

Posted in Borrowing Money
May 18th 2011 by
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The first step in the financial aid process for higher education students is to submit the Free Application for Federal Student Aid (FAFSA). The 2011-2012 FAFSA is now available. Federal Student Aid (FSA) is an office of the U.S. Department of Education (ED). Their mission is to make sure that eligible individuals can benefit from federal grants, loans, and work-study programs beyond high school. This office is responsible for the development, distribution and processing of the Free Application for Federal Student Aid (FAFSA), which is the document that most states and schools use to award their financial aid monies to applicants. For information on filling out the FAFSA, please view the FAFSA overview (http://www.fafsa.ed.gov/options.htm). FSA also distributes publications, such as the Federal Aid First brochure, hosts websites, and runs customer call centers. Most of these services are also available in Spanish. The financial help they provide can cover school expenses,…

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Take Our Sons and Daughters to Work Day 2011

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On April 28, 2011, Aspire FCU celebrated its first annual Take Our Daughters and Sons to Work Day. The day was filled with bonding, awareness and education, but most importantly, FUN! Take Our Daughters and Sons to Work Day originated 19 years ago with the Ms. Foundation as “Take Our Daughters to Work Day” and was geared towards females, but has grown tremendously and now incorporates our sons as well. This Day is designed to not only teach our children how their parents’ place of work operates, but also to teach them what the “real world” is like, boost their confidence, get a feel for what they aspire to do in the future, and also to educate them of their own possibilities. With a group of eight, ranging from ages 8-13, the children bonded throughout the day with educational activities and crafts. After breakfast and a tour of the office, guest…

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Saving Money

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For most kinds of purchases, you can get valuable advice and comparisons on the Internet. Ask a librarian or friends which Internet sites they think are helpful. Be aware that information you find is often biased. At many websites, the only products or sellers listed are often ones that pay to advertise. Before buying anything on the Internet, check several websites and make sure you deal with reputable dealers. You may wish to access the following resources: The Federal Citizen Information Center (FCIC) published a brochure titled “66 Ways to Save Money” that you may find helpful. You may order a printed copy of the brochure or read the information online. There is also a Consumer Knowledge Test you can take. In addition, the Department of Energy (DOE) maintains information on saving energy and money at home, which includes information on space heating and cooling. You may also find more…

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