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    What Are the Benefits of Getting a Credit Card from NSWC?

    Last updated 1 month ago

    NSWC Federal Credit Union is dedicated to providing beneficial financial solutions for our members, including credit cards with highly competitive interest rates. Our credit union provides VISA, VISA Preferred and Share Secured VISA to meet everyone’s unique needs. Our secured credit cards are particularly ideal for those who wish to establish their credit history or repair a less than ideal credit score. 

    With all of our credit card offerings, you can enjoy one consistent, low interest rate for your cash advances, balance transfers and purchases. In addition to our non-variable interest rate, there is never any annual fee, over limit fee, balance transfer fee or cash advance fee. Our members receive low minimum payments and you can access your account online 24 hours per day. Plus, you are never liable for any fraud associated with a lost or stolen credit card.  If you need to dispute any fraudulent transactions on your credit card, please call 1-800-600-5249.

    If you are interested in applying for a credit card, contact NSWC Federal Credit Union at (877) 274-2805. We also invite members and prospective members to browse our website to view the other services and products available at our credit union. 

    Home Equity Loans 101

    Last updated 1 month ago

    Are you considering making a few home renovations? Or perhaps you are interested in consolidating your debt,  or taking care of some major medical bills. If you are a homeowner, a home equity loan may be the ideal solution for handling these types of financial conundrums. Credit unions often offer home equity loans at competitive rates with favorable terms. The representative at your credit union can also help you understand the basics of a home equity loan. 

    Defining Home Equity

    If you have owned your home for a while, you may have a fair amount of equity available. Equity is the difference between the appraised value of your home and how much of your mortgage you have left to pay off. For example, if your home is appraised at $200,000 and you have $50,000 left on your mortgage, you have $150,000 of available equity.

    Understanding Home Equity Loans

    With a home equity loan, you can tap into the available equity and use your home as collateral for the money you borrow. This is a type of secured loan. When you take out a home equity loan, you will receive the money you borrow in one lump sum. Then, you will make payments over a period of time, usually five to 15 years.

    Considering Home Equity Lines of Credit

    A home equity line of credit (HELOC) also uses your home as collateral. However, it is a type of revolving credit. Your credit union will approve you for a specific amount of credit, depending on the value of your home and the balance on your mortgage. You can borrow on your line of credit multiple times and repay the funds for a set time period. At the conclusion of this time period, your HELOC may allow you the option to renew.

    NSWC Federal Credit Union provides competitive home equity loans and lines of credit to our valued members. Our credit union simplifies the borrowing process to make our financial solutions as convenient as possible. For a rate quote, call our friendly representatives at (877) 274-2805.

    The Basics of Roth IRAs

    Last updated 1 month ago

    An IRA is an individual retirement arrangement. There are a few different types of IRAs, namely traditional and Roth IRAs. With a Roth IRA, you’ll receive no tax benefit while you’re contributing to the account. However, when you’re ready to retire and to start receiving money from the account, you can access those funds tax-free. This is particularly beneficial in the event that tax rates increase by the time you retire.

    Watch this video to hear a financial expert explain the basics of these retirement accounts and how a traditional IRA differs from a Roth IRA. You’ll also learn about the importance of tax diversification for a financially sound future.

    To help you prepare for the future, NSWC Federal Credit Union offers IRA Share Certificates. Learn more about opening an IRA, savings account, or checking account by stopping by one of our convenient branches or giving us a call at (877) 274-2805.

    Examining the Paperwork You Need for Your Mortgage Application

    Last updated 1 month ago

    You probably already know that improving your credit score is an essential step toward securing a mortgage at your credit union. However, in addition to submitting an application and passing an inspection of your credit score, you can expect to produce several documents to verify your income, assets and related information. The documents you need vary, depending on your unique situation. It is always a good idea to call your credit union ahead of time to determine which documents you will need to bring with you.

    Income Information

    Your lender is likely to request you verify your income information with pay stubs and W-2s. Sometimes, W-2 forms for the past two years may be required, while other lenders may only require the most recent W-2. Your lender may require one month or more of pay stubs. If you are paid electronically, you can usually print out the required information from your company’s website.

    Bank Statements

    Bring along your bank statement for the past 30 days when you visit your credit union. This provides additional proof of the funds you have available. However, when applying for a  mortgage loan, you may need to supply bank statements for the past few months.

    Tax Documents

    Most mortgage applicants are expected to provide the lender with a complete copy of their most recent past two years of tax returns. This is especially necessary for applicants who are self-employed. Your lender may also request that you sign IRS Form 4506-T to allow your lender to obtain a copy of your tax transcript from the IRS.

    Gift Letter

    Many mortgage applicants use monetary gifts toward the down payment. To prove the cash gift is not a loan, the individual who provided the gift may need to provide his or her bank statement, a canceled check and a letter that states the money was not a loan.

    At NSWC Federal Credit Union, our friendly representatives make it as easy as possible to apply for a mortgage or other loan. Visit our website today to read more about your mortgage options and to apply for a mortgage online. Or, give us a call at (877) 274-2805 with any questions you may have.  Loan officers are waiting to speak with you now!

    Teaching Your Teens About Money Management

    Last updated 1 month ago

    Children who learn about the importance of saving and financial responsibility from a young age generally enjoy better stability later in life. However, it is never too late to start instilling good money management skills in your child. During the impressionable teen years, talk about financial concepts, create financial contracts, and encourage small steps toward independence by opening joint accounts at a local credit union.

    Explain Financial Concepts

    Teens often think they are well-versed in day-to-day realities such as money management; however, as reported by Time magazine, 24 percent of polled teens believed a debit card is a tool used to borrow money. This is in stark contrast to the 87 percent who reported that they understood financial concepts. Sit down with your teen and explain basic financial concepts, such as interest rates and budgeting.

    Establish Financial Contracts

    Even though your teen may not be ready to have a credit card or apply for a car loan, he or she can still learn money management skills with financial contracts. Instead of automatically giving your teen an allowance, have him or her work for it by completing certain household chores each week. This teaches teens that money must be earned. If your teen wants to make a large purchase, he or she can either save allowance money or draw up a financial contract with you. Your teen will then be expected to make regular payments toward the informal loan.

    Open Joint Accounts

    Visit your credit union with your teen and open a savings account. If your teen has a job, consider opening a checking account. You and your child should agree to set aside a certain percentage of pay or allowance for the savings account. By opening a joint account, you can monitor your teen’s fiscal responsibility.

    Children of our members are welcome to join NSWC Federal Credit Union and start learning about important financial concepts. Bring your teen to one of our credit union’s convenient branches today to open a savings or checking account. To find a branch near you, call (877) 274-2805.

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