Videos

“Today Ascentra is Making Sense of Home Equity Line of Credit”

A home equity line of credit, or HELOC, can be a quick and convenient way to access funds for your next home improvement project or major life expense.  

Like a credit card, a HELOC is a form of revolving credit that turns your home into cash.

It gives you the flexibility to access funds and use them when needed over a period of time, usually 5 to 10 years, known as the draw period.

Once the draw period is up, monthly payments are made to repay the loan during a repayment period, which is typically 20 years.

The interest rate on a HELOC is based on your balance and the prime rate.

Most lenders let you borrow up to 80 percent of your home’s value; at Ascentra, you may borrow up to 100 percent.

Unlike other loans, the interest on a HELOC could be tax-deductible, and generally has a lower interest rate.

Head to Ascentra Credit Union and see if a HELOC can help you with that remodel you’ve always wanted. 

“Today Ascentra is Making Sense of Flood Insurance”

Many believe their homeowners or renters insurance will cover flooding due to rising floodwaters - Unfortunately, that is not the case. 

Usually the only flood damage covered by most of these policies is in cases where a pipe bursts, or if your roof is damaged by a storm and water enters your home.

Flood insurance specifically covers damage resulting from rising floodwaters, - protecting your finances and providing peace of mind.

Flood Risk Areas are determined by the Federal Emergency Management Agency, or FEMA, and are rated as low, moderate, or high-risk.

According to FEMA, more than 20 percent of flood claims come from properties outside high-risk flood zones.  

Flood hazards may change over time due to land developments, or changing weather. 

Visit FloodSmart.gov and use the Flood Map tool to find the risk zone for your home or business.

Then talk to a trusted insurance agent to see if flood insurance makes sense for you. 

“Today Ascentra is Making Sense of IRA Rollovers”

If you’ve been putting money away in an employer retirement plan such as a 401k, you have options on moving your retirement dollars safely.

If you’re switching jobs, and don’t want to move your existing retirement plan to your new employer, or pay penalties and taxes if you cash it out, you have the option of rolling it over to an IRA- an Individual Retirement Account. 

An IRA rollover from a qualified retirement plan has no penalty and no tax consequences.

Perhaps you’re retiring, and wish to have more control over who, where, and how your hard-earned money is invested -  An IRA rollover may be a perfect option. 

Before making any big financial decision, it’s important to talk to a trusted financial advisor, to find out what works best with your retirement goals, and to make sense of any penalties or tax consequences that could apply.  

With the right help, it can be done safely and easily. 

“Today Ascentra is Making Sense of Certificates of Deposit”

Looking to stack up your savings?

A certificate of deposit, or CD, is a safe investment option that locks in your funds while earning you higher interest.

When you put money into a CD, you make an agreement to let your financial institution hold onto your cash for a set amount of time.  

Most CD’s have a minimum deposit requirement, and can be opened with as little as $250.

Term lengths vary and are typically as short as three months or as long as five years.  The longer the term, the more you can earn.

If you invest $10,000 into a 53 month CD with a 3% APY, you can earn more than $1,300 once the term is up.

Avoid closing or making an early withdrawal as it will result in a penalty fee.

If you don’t need quick access to your cash, contact your trusted financial institution to apply for a CD and sit back, relax and watch your money grow!

“Today Ascentra is Making Sense of Trusts”

It’s hard to put a price tag on the future.

a trust helps ensure that your loved ones will be taken care of and can save you and your family from heartache down the road.

A trust is a document that states the rules you want followed to distribute your assets to your beneficiaries and is managed by a trustee.

A trustee ensures that your financial affairs are protected and passed to your beneficiaries exactly as you intended.

Trusts aren’t just for the rich and famous; a trust can benefit those with even modest assets.

They allow you to pass on your investments quickly and privately, and can save your beneficiaries from hefty estate taxes and probate fees. 

Depending on your financial situation, there are many different types of trusts such as charitable, special needs, living and after death.

To some, they can be complicated and time-consuming to manage.

Seeking professional advice from a trust service company can make it easier, and help you make the right decision for yourself and your loved ones.

“Today Ascentra is Making Sense of Auto Loan Refinancing”

Have you thought about refinancing your auto loan? 

To start, look at your current interest rate and life of your loan.

Make sure your car is worth more than your loan by checking the NADA website.

Do your research and shop around by comparing your current rate.

But be aware, other lenders may charge application, refinancing or processing fees.

Check your credit history.  If you’ve been making consistent on-time payments, there is a good chance your credit score has improved, qualifying you for a lower interest rate.

When refinancing, be careful not to extend the life of your loan as it can cost you more in the long run and can affect the trade-in value of your vehicle.

Even if your rate saves you a small amount per month, think of how much you will save over the lifetime of your loan.

Figure out what’s best for you and cruise on down to Ascentra and see how much you can save!

Identity theft is a crime that uses your personal information to commit fraud -  at your expense.

The methods used by thieves to get your information are on the rise. 

Skimmers are devices which are placed on ATMs, and secretly swipe your debit or credit card information. 

Phishing, is when a scammer pretends to be your financial institution, or a company you do business with, and tricks you into divulging your information. 
 
Less sophisticated methods include stealing your mail, or doing a change of address request so billing statements go elsewhere.

Even your children may be at risk. Fraudsters may persuade minors to divulge information, through online video games.  

Avoid becoming the victim of ID theft by being proactive.  Never give out personal information to unsolicited calls or emails. 

Review statements regularly, place mobile or email alerts on credit cards.

And be sure to lock computers, laptops, and all your mobile devices.  

“Today Ascentra is Making Sense of Identity Theft”

Identity theft is a crime that uses your personal information to commit fraud -  at your expense.

The methods used by thieves to get your information are on the rise.

Skimmers are devices which are placed on ATMs, and secretly swipe your debit or credit card information.

Phishing, is when a scammer pretends to be your financial institution, or a company you do business with, and tricks you into divulging your information.  

Less sophisticated methods include stealing your mail, or doing a change of address request so billing statements go elsewhere.

Even your children may be at risk. Fraudsters may persuade minors to divulge information, through online video games. 

Avoid becoming the victim of ID theft by being proactive.  Never give out personal information to unsolicited calls or emails.

Review statements regularly, place mobile or email alerts on credit cards.

And be sure to lock computers, laptops, and all your mobile devices. 

“Today Ascentra is Making Sense of Annual Percentage Rates”

When determining which loan is right for you, it’s important to look at the APR or Annual Percentage Rate.

APR is an annual rate charged for borrowing money. Simply put, it’s the price tag on your loan.

Don’t confuse the interest rate with the APR.

An interest rate represents the current rate you pay on a loan whereas the APR includes the interest rate plus other costs and fees.

You may find a loan with a lower interest rate, but when you add up costs and fees associated with it, you get a higher APR—costing you more in the long run.

Remember that a good credit score will help you get the best APR with any lender. The higher the APR, the more a loan will cost you. 

Before getting a loan, make sure to look at both the interest rate and APR and compare them with other lenders—do your research and build a relationship with a trusted loan officer to make sure you get the best deal! 

“Today Ascentra is Making Sense of Auto Warranties.”

An extended auto warranty can help protect you from unforeseen and costly repairs.

Automakers offer limited coverage on new automobiles.

Third party extended warranties can fill some of the gaps, but differ in benefits and price. 

Look for exclusionary coverage, which covers everything except the items listed. 

Plans typically don’t cover wear and tear items like tires, brakes, and shocks.

Better plans have benefits such as towing, roadside assistance, car rental reimbursement with no deductibles. And can be transferable if you sell your vehicle before your warranty expires.

Know exactly what is covered before you sign.

The best mechanical breakdown warranties are available at trusted financial institutions that finance your vehicle. 

Avoid warranties pushed by the dealer or through cold calls.

By financing your auto and purchasing the warranty at Ascentra, you could save as much as 60% for similar coverage offered at the dealership.

“Today Ascentra is Making Sense of Wills.”

A will organizes your affairs in case something happens to you. 

In life, you can decide the how your property and assets are distributed, and name who will provide care for minor children, after your death. 

Some estimate that about 70% of Americans, do not have a will.  

If you don’t have a valid will, state laws will decide how your assets are distributed.  This may be the most important document you ever sign. 

You don’t have to own a sprawling mansion or have attorneys on payroll to create a will. The process of creating one is simple. 

An attorney can help draft one, tailored for your situation.  They should be revised with major life events like marriage, having children, and divorce.

There’s also online services that walk you through the process, and can produce one for a fee.  

While it is hard to talk about death with your family, putting it on paper can be easier. 

A will helps your loved ones honor your wishes, but most importantly can lessen their stress during a time of mourning. 

Phishing is a cybercrime that may come in the form of unsolicited emails, text messages, or calls.

Scammers claim to be from legitimate institutions. They may say that you have to respond right away to avoid an account suspension and that you need to provide them information.  
In some cases, they entice victims with an offer that is too good to be true.   

Their goal is to get your personal information, such as account numbers, social security numbers, login IDs and passwords. With this, they can steal your money or identity.  

Email or text links will direct you to bogus websites that may look like the real deal, then ask for this information. Malicious links may give scammers access to personal information on your computer or device.

Be skeptical, report any unusual behavior, and don’t fall for their bait. 

And always do business with a local member owned credit union that you trust. 

“Today Ascentra is Making Sense of Scholarships.”

Scholarships are a great way to help offset the increasing costs of college.  The keys to winning scholarships include: knowing where to look for them,

having an application strategy,

and using creative writing techniques to make your essays stand out. 

Applying for scholarships should be viewed as a part-time job for students.

Devote the same days and time each week, to researching and applying for scholarships. 

Start by looking for smaller scholarships from local service organizations, such as Rotary or Kiwanis. Or businesses such as credit unions. 

These scholarships usually require short essays, and tend to give you better odds of winning. 

For larger and national scholarships, use free and reputable websites that match you to scholarships, such as fastweb.com.  

Billions of scholarship dollars go unclaimed every year!  Set yourself up for success, by graduating with little to no student loan debt.