Why is Online Banking Perfect for You?

There are various factors that make you connect with a bank, but even more reasons to believe that online banking can be the perfect way to begin. In the digital age and a Pandemic to deal with, finding banks in Wareham MA just got simplified. You can now reap the benefits of online banking by taking care of your account balances and history, make payments, check for loan options and more. Take help from PCT Federal Credit Union by visiting http://www.pctfcu.org/ or dial 508-291-0777 to talk to an expert.

Best Loans in Limited Incomes

Loans are of different kinds and it is a good idea to have a sound knowledge of them before you decide which would be the most fitting option. Also, we will give you an understanding of what is required to avail the loans that you regard most suitable. As we discuss all the options it is important to remember that your credit score is a consideration that will decide your loan approval and the rate of interest in your loan. Let us have a look at the different types of personal loan Wareham that you could avail. 

Personal loan unsecured

Personal loans unsecured do not come with collateral like a house, car, jewelry or any other property. Generally termed as an unsecured loan, it is mostly availed by people with a high-interest credit card debt. They apply for these personal loans to pay off their debts sooner. How do you do it? Apply for a loan of the same amount that you owe on your credit card. If your loan amount is approved, you pay off the credit card loan and that saves you from monthly payments on your personal loan.  Your personal loan could demand lower interest rate depending on the credit and that would generally help you make a better saving. Personal loans are used by people for home building or purchasing. Some also take them for home renovation. Your credit score has a lot to do with your loan approval.

Personal loan secured

Secured personal loans are against a certificate or a deposit that offer security against the loan taken. These loans have low-interest rates as the element of risk involved in these loans are much less owing to the collateral and the lender is sure of a payback. The money saved on interest could be used as a good saving asset. However, in case of nonpayment of the loan, there is always the risk of losing the property. Whatever the collateral it could be taken away by the lender if you fail to pay back within the stipulated time. 

Payday loans

These are short term loans and usually, come with a high cost as they have to be repaid with the next salary within 7-60 days. The lender expects post-dated cheques that have to be written during the time of borrowing and the amount gets automatically withdrawn along with interest from your account. This is an emergency option to be used only when you are really out of cash and require urgent monetary help. These loans come with high fees which are much higher than personal loans that can equate to annual percentage rates of around 400% which is huge. 

Credit card cash advances

Your credit card’s cash advance too is a short-term loan, and you can borrow against the card's available balance. This has a high-interest rate and if not paid in time your credit score will plunge low. 

Conclusion

These are just a few loan options but a discussion with personal PCT Federal Credit Union https://pctfcu.org/ will give you a better idea on your loan eligibility and how you can get the right credit that fits your income and payback capacity.

Understanding Mortgage

While buying a home, mortgage loans are the best way by which you can have a dream house quickly. However, the terms are sometimes confusing and people back out thinking it may be complicated with a lot of paperwork. A mortgage in Wareham Ma is the easiest to get provided you find a dependable lender. Read our blog to get a better understanding.

For most citizens of America, a home is their biggest dream, and they go to any length to fulfil it. Homes can be easily procured by taking a mortgage. So, let us learn about the basics of a mortgage. What is it and how can mortgage in Wareham Ma help aspiring homeowners to have a house of their own?

What is Mortgage?

It is a loan that is taken to finance a home. This is also known as a Mortgage loan, an easy way to buy a house without full upfront payment.

People aspire to buy homes but do not have the full money to pay for the house out of their pocket, choose this process of payment. This is also used by some investors to free up funds for investing elsewhere. 

However, there are some qualification criteria for being eligible for a mortgage. The person taking a mortgage loan should have a stable income. The debt-to-income ratio should be 50% and all credit scores should be good. For conventional loans, the score should be 620 and for FHA loans 580. 

Difference between Loan and Mortgage

A loan is a financial agreement where one party receives a lumpsum and has to pay back within a term. This could be for anything. 

A mortgage is a loan specifically finance for purchasing a property. However, this is a secured loan with collateral which the borrower keeps with the lender in case of inability to pay back. When it comes to the property, or a home purchase, the collateral is your home and if you are unable to pay it the lender, they will take possession of your property as a foreclosure. 

When the mortgage loan is approved your lender hands over a sum which you pay for the property. You agree to pay back over a certain period with the decided interest and once that is achieved you fully own your home. 

In a mortgage, there are two parties involved, the lender and the borrower. A lender is a financial institution or a credit union like http://www.pctfcu.org/. 

The borrower is of course one who applies for the mortgage. 

Two factors determine the interest rate.

One of the current market rates and the level of risk taken by the lender to lend you the money. 

The current market rate is not in your hand.

However, what kind of a borrower you appear to be for the lender is dependent on you. If your credit score is high, then the lender finds you dependable. 

Nevertheless, if your DTI is low that will give you more money to make the mortgage payment. Then you are a low-risk investor for the lender and the interest rates too will be lower. 

The amount of money you can borrow is related to your affordability and the fair market value of the home is decided after an appraisal. The lender cannot lend an amount higher than the appraisal value of the home. 

A mortgage is extended to the borrower through verification. 

Some terms that you should be familiar with while taking a mortgage are:

Amortization is how the payment is broken up in the repayment period. A part of each monthly mortgage payment will also include the interest amount to be paid to the lender and the other part will go for repaying the loan balance or loan principal. 

Down Payment: The upfront money you pay to purchase your home. A large down payment means lower monthly payments. 

Escrow: As account set by the lender to meet the expenses of homeowner insurance and property tax deducted from the monthly payment and kept separately for this purpose. Not all mortgages need this option. 

Conclusion

Learn more about mortgage in Wareham Ma and avail the best from PCT Federal Credit Union. Contact us to get personal assistance of the best plans. We are there to help with the best mortgage options.

Credit Unions Help You Become Financially Independent

Planning a better life on credit is not bad at all. With proper training, you can manage your finances and make your life so much more comfortable. Credit firms work with this simple thought in mind and many financial advisors draw a map based on your income to help you live a better life. If life can move smoothly with better planning, then why not depend on the experts.

It is festival time, and you need to do a lot of personal spending to meet your family's needs. Yes, times are hard, but one must act according to their means and capabilities. At the same time, you do not want to let your family down. PCT Federal Credit Union is just the financial link who understands your desires and helps you to meet them. The facility they offer is so friendly that no bank in Wareham MA will be able to match their offerings.

Planning a financial journey

From an auto loan to any consumer loan, just have a word with them and they will calculate the best options for you. For example, if you are looking for a car loan, they offer loans not just on new cars but also on used ones. If you have financial support on your new car, they offer to refinance, that takes away a lot of your burden. They also have some great plans for home loans so speak to them in case your Christmas wish is a new house.

With help from the home equity conversion mortgage, you can take advantage of several benefits by supplementing your monthly income and planning out a credit line that will help you in several activities like home infrastructural improvements and soft home improvements. You can change home furnishings or remodel your rooms. Allow all your home dreams to come true with only low up-front closing costs.

Bank safety or credit surety?

Banks are always encouraging customers to take their services, as they claim to offer a wide range of choice. Sometimes visiting a bank and talking to their loan disbursement manager convinces you that a personal finance entity may not be the best decision after all.  In the long run, you will be losing much more money when it comes down to basic calculations. What counts is who is standing with you when you need something.

Knowing the Facilities

All you need to do in this personal finance institution is make 5 minimum deposits and you and your family are entitled to take advantage of their wide range of products and services. They also give you a chance to capitalize your income while at the same time maintain flexibility. Take advantage of the money market account where you just need to maintain a balance of $2000 while you can maximize your savings.  The interest based on your savings is a tiered rate account.  Also, you can make maximum gain from their certificate that can be bought for a minimum of $500 deposit. You can lock a sum for a fixed term. Also, make use of their member bonus incentives. With retirement, education benefits and a professional tax planner to help you chalk your financial plan, facilities here do supersede other banks in Wareham, MA.

Conclusion

Weigh the pros and cons and visit other financial bodies in Wareham, MA before deciding to invest in https://pctfcu.org/. Lifelong financial assistance is gladly rendered once you enter the PCT Federal Credit Union Family.

Do You Know the Important Benefits of Personal Loans?

The idea of having a stable lifestyle is a dream for every individual, but to acquire that state is the most difficult task in the world. To achieve that state you can take any other route in terms of finances, but taking personal loan in Wareham is an appropriate thing to do. However, people often have second thoughts, and that is exactly why you should understand the benefits of taking personal loans. Some of the benefits are as follows:

• You get complete security for loan tenure and full assistance regarding any query
  
• Low and fixed interest rates throughout the loan tenure
• You will not have to provide any security or collateral
• A financial security with long-term repayment policy
• No hidden charges to cringe later

These benefits are some of the most satisfying things about the right personal loan in Wareham. However, you will often find it difficult to come across a reliable bank in Wareham. To help you get over that challenge, we would like you to get in touch with PCT Federal Credit Union. They offer reasonable personal loan plans for all related need.  Just visit http://www.pctfcu.org/  or dial 508-291-0777 to know more.

Busting Some Myths on Personal Loans

The personal loans are multi-purpose debts that can be used for a host of tasks including, emergency medical bills or funding home improvement projects. Overall, this type of debt is useful in solving financial crunches and helping you in reaching your growth goals.

As the manager for personal loan Wareham department points out, such loans can help in solving a lot of financial issues for a person – but often a customer tends to overlook them. It mostly due to a lack of understanding of how the personal loan schemes work, or how to best utilize them.

Here are some of the biggest myths associated with personal loans and the truth behind it:

     1. Personal loans are expensive

Personal loans do charge interest, but when comparing with the credit card – the annual percentage rates are marginally less. Loan applicants who have a higher credit score will automatically be eligible to get lower interest rates for the mortgage. Additionally, the loyal consumers are offered an additional loyalty bonus from the bank.

As financial manager points out, in most of the case the rate of interest for personal loans is calculated a bit differently from the credit cards interests. For credit cards, the rate of interest is variable. Thus, the APR for the credit card rises with the index rate. For personal loans, the index rate is somewhat fixed – making the interest rate stagnant throughout the life of the loan.

     2. Personal loan application involves a lot of paperwork

Contrary to popular belief, personal loans do not involve you filling out numerous paperwork, and signing multiple papers. However, now the situation has changed and with the help of technology, the process has simplified. You can apply for the loan online and the bank will follow up with you.

For the sake of simplicity, keep your review documents handy and upload them as the requirement arises. This facility is limited, mostly, toward the customers of the bank. In case you are not a member of the bank, then you might not be eligible to apply for the loan online. It is recommended to verify the same before starting the process.

Overall, personal loans are a helpful aid in solving financial emergencies. The personal loan Wareham department of PCT Federal Credit Union could help you in filling out the details for consolidates mortgages and help in getting the amount. To know more, visit http://www.pctfcu.org/ or call 508-291-0777.

Five Important Things for Choosing a Credit Union

There will come a point when you will have to choose a bank or a credit union to settle your financial matters. It does not matter if you are new to banking or switching your selection, you will come across a challenge of selecting the right one. To help you in choosing the right credit union or banks in Wareham, we have prepared a few factors to consider before you make a decision. If your choice of the credit union has all these factors, then know that you are making the right choice.

• Low-Interest rates

• Online banking features

• Brach availability

• Ease of deposit

• Security of your fund

These five points are some of the most important factors that will help you decide whether to choose a particular bank in Wareham. However, it is often easy to be confused while selecting a suitable bank. If that is the case with you, then filtering your search with the help of these factors will let you choose the right credit union. You can also get help from PCT Federal Credit Union; they have a reliable reputation in the market and known as one of the trusted banks in Wareham. Just visit http://www.pctfcu.org/ or dial 508-291-0777 to know more.

Three Efficient Hacks on Doing the Taxes on Your Own by Bankers

Before we begin, answer a question of mine.

Last year, who did your taxes?

If you have hired someone to file your taxes, then fret not you are among the 59% of Americans who outsource their tax filing to a professional.

However, as the officers of credit union and banks in Wareham MA point out, doing your taxes by yourself not only saves you money but also helps you in auditing your finances.

Filing your taxes can be a tedious process, and might take some time to complete. But, at the end of the process, you will find yourself enlightened about your current financial condition. There is a high chance you might discover new strategies to save money, as well as create new modes of investments.

Hacks to file taxes on your own

Here are three popular hacks to make the tax-filing process easier as presented by the bankers:

     1. Collect important documents

Before embarking on the humongous task of filing taxes personally, it is essential to collect all the paperwork required for the job. Also, gather the previous year’s tax return – to make the job easier. Gather your employer’s details and the W2 forms for the job.

     2. Always sit before-time to make the filing less stressful

Individuals with one job, and lesser financial responsibilities, the entire filing process can be wind up in two to three days. However, filing the taxes before the deadline will save you late fines. These fines can range up to 5% of the unpaid taxes.

     3. Don’t miss state taxes

You might be expected to pay state taxes, depending on the area of your residence. The update on a state tax return can be found in the state department of revenue website, and file accordingly.

What do you need to file your taxes?

Well, after a lengthy discussion for filing taxes and hacks surrounding it – let discuss what you need to file taxes. For starters, you will need some time and plenty of patience for the job. Investment officers at banks in Wareham MA mention that people with a single source of income – and fewer financial debts – will need a lesser amount of time to file the taxes. And, overall, the paperwork will be somewhat straightforward. In these cases, using the 1040EZ form is recommended.

To know about the investment and tax saving and tax filing update, you can always reach out to PCT Federal Credit Union. Visit http://www.pctfcu.org/ or call 508-291-0777 to know more.

Credit Unions vs. Big Banks – Which one to choose?

Stashing your money in a financial institution is the right decision, as your hard-earned cash won’t grow laying hidden underneath your mattress. But where should you invest your money? Should you save the money in a credit union or keep it in a bank? Before setting up a savings account in either of the institutions, you have to remember a few common differences in both the institutions.

While credit unions offer higher interest rates to the members, in a bank you will get better customer service. Also, banks have a bigger number of branches giving you quick access to your money in the time of need.

Also, while banks are owned by investors and run on a profit motivation, a credit union is owned by its members and run on non-profit motivations. The credit union aims to keep the saving interest rates higher, their service fee lower.

Before investing in credit unions or banks in Wareham, do ask yourself the following questions:

   1. Fee structure, and how much do they charge?

Usually, the financial institutions charge a service fee, overdraft fee, and monthly maintenance from their consumers. While one group of financial advisors point out that banks are comparatively expensive for the checking account. But some advisors beg to differ on the ground. The best way to know about the respective institution’s fee structure is to politely ask them.

   2. Online banking facility

While banks were the pioneers in bringing in mobile banking facility into the financial sector, the credit unions were not far behind in adopting the technology. Remote banking helps the consumer in payment of the bills, making transactions, or order checks. Endure whether your chosen financial institution offers this service.

   3. Number of locations

In case you are interested in money deposit and withdrawal service, verify the number of accessible ATM branches the said institution has at a specific location. On the contrary, if you are more interested in in-person services, inquire about the institution’s number of local branches.

Overall, before going with the credit unions or banks in Wareham, verify whether the said institution can help you in achieving your financial goals. The PCT Federal Credit Union, a Wareham-based credit union, offers many facilities as well as financial advisory to their members. Go to http://www.pctfcu.org/ or call 508-291-0777 to know more about money matters.

Should You Go for Debt Consolidation?

How many monthly loan repayments do you make?

Let me guess – currently, you might be carrying home loan, student debts, an automobile loan, and some amount in credit card debts. Most of us, depending on our current financial portfolio, carry some amount of loans with us, for an extended tenure. Added to the mix are bills and some other mandatory payments expanding the monthly expenditure drastically.

Each loan comes with its own set of interest rates, due date, and payment gateways – making the debt repayment a stressful process. You have to keep track of a whole lot of details, to make the payment, making the entire process cumbersome and lengthy.

One way out of this entire lengthy process is debt consolidation with the help of a personal loan. According to the credit union handling personal loan in Wareham, a borrower can combine all his existing debts and make a payment via an approved personal loan. This way, you make only one payment at the end of the month and get a lower rate of interest on all consolidated loans. Additionally, debt consolidation does not impact the credit score.

However, before you head for a consolidating your loans – you should thoroughly consider the pros and cons. You see, debt consolidation is a good idea, but it is not for everyone.

Let’s learn about debt consolidation a little more – before signing out the dotted lines – to make a learned decision.

What is loan consolidation?

In banking terms, loan/debt consolidation is a process of combining all the existing loans and paying them off with a single mortgage, usually an unsecured personal loan. Prospect of combining the loans and making a once a month payment, with a lower rate of interest and lesser monthly payments makes loan consolidation a favorable for people with student loans, outstanding credit card debts, or some other liabilities.
 

How does it work?

Since loan consolidation is a simpler way of paying off the loans, most of the time borrowers take up this loan to pay off their existing debts. After the loans are paid off, they (the lender) has to make the payments towards the new loan on a new interest rate. Usually, banks or credit unions offer personal loans. However, few online lenders have recently introduced personal loans into their offered services.

One thing to note here is that debt consolidation does not eliminate the existing loan – it just transfers the existing loan from one lender to another. For consumers looking for loan relief, it is not the best option.

When should you consider it?

According to experts, there are two scenarios where loan consolidation is helpful:

1. Higher interest rates

People paying high-interest rates often consider consolidating their loans to pay less for an extended period. The floating/fluctuating rate of interest at times becomes expensive for borrowers. Additionally, the debtor might have received the loan at an inflated rate of interest (due to lower credit score during loan application). In this case, getting a personal loan to pay off the debt in one go could be a great idea.

      2. Difficulty in meeting the financial ends

Financial difficulties can make it harder for you to make the monthly payment on time. Sadly, failure to pay the loans on time can affect the credit score and make it more difficult for you in the future. With debt consolidation, this can be avoided.

If you are still interested in the personal loan, then you should approach PCT Federal Credit Union. Being in the community for more than five decades, they have been helping their members with their financial needs. For more insight on personal loan Wareham, visit http://www.pctfcu.org/ or call 508-291-0777.

Credit Unions – Are They a Better Option for Getting Loans?

For most essential investments – like housing or automobiles – we prefer to take a mortgage. Since none of us are endowed with huge wealth or a trust fund, systematic loans can help us in reaching our growth goals. Traditionally, banks have been the go-to option of many for their loaning requirements. But now, credit unions are slowly coming up as a preferred place for securing loans at an affordable rate.

Some of the benefits of getting a loan from a credit union instead of banks in Wareham MA include:

1. Lower interest rate
2. No or marginal processing fee
3. Easier loan approval

Key difference between banks and credits union include:

	Banks	Credit Union
Ownership	Banks are owned by an individual, group of individuals or organizations, or all three of them together.	It is owned by its members.
Intention	It runs with intentions of profit.	It runs with non-profit goals.

Additionally, credit unions offer loans at a comparatively lower rate.

Lastly,

Since members of the credit union are eligible to apply for a loan, you need to be a member first for loan application. However, membership is easy to obtain. The new members receive a membership kit, which contains their account number and a list of additional benefits. Non-members looking for a loan can simultaneously apply for debts and membership. 
    

You can approach the PCT Federal Credit Union instead of banks in Wareham MA for your loan requirements. Visit http://www.pctfcu.org or call 508-291-0777 to know more.

Three Important Lessons to Learn in This Time of the Global Pandemic

Since everyone is stuck at home, why not learn some important financial lessons that can help in future investments and saving plans. This write-up is an educating read for people willing to learn more about finances.

With COVID 19 dominating our lives, we are practicing social distancing and other precautionary measures to flatten the curve. We are at home, spending our time either learning new things or closely observing our lifestyle choices. Several credit unions and banks in Wareham have pointed out that it is the right time to evaluate our financial goals and achievements.

This is the right time for the millennials, who are yet to make their financial road map, to learn about money management and how to plan for a financially secure future. Here are five pointers to get you started:

1. Monthly budget and how to make one

The household monthly budget is a detailed list of expected expenditures in a month against the income. This classification helps in managing the money better as well as planning savings for a secure future. It is a helpful tool in keeping track of your spending habits and avoiding frivolous expenses.

There are different categories of budgets, like:

a. Proportional budgeting

Here, the after-tax income is divided into different percentages and assigned to different requirements. In the 50-20-30 rule, being the most popular example of this type of budgeting, the highest percentage (say 50% of the post-tax income) is allocated to needs. While the remaining portion of the income is distributed among savings and wants respectively (20% - Saving, 30% - wants). This type of budgeting is simple and does not require much brainstorming.

b. Traditional budgeting

In this method, after necessary tax deductions, the remaining income is calculated. Next, the expenses are added up and the amount of money is dedicated to these expenses. The portion that remains goes to savings.

c. Value-based budgeting

Here, instead of allocating the money based on wants, needs, and savings, the money is distributed based on the value placed on a certain item. In simpler terms, the things you value most will be allocated the most amount of money, while things of lesser value would get less amount each month.

2. Valuing the credit score

A credit score is the value of credit holders’ creditworthiness. Based on a credit report, it primarily contains the information sourced from credit bureaus within the country. Usually, the score is marked on the scale of 300 to 850, where the score below 630 is considered as poor while the above-720 score is regarded as excellent.

People with bad credit find it

a. difficult to get loans at a favorable interest rate

b. are charged higher insurance premiums  

c. issues in getting loan approvals

d. have to pay security deposits for utilities like electricity, gas, or phone

Here are a few of the methods to maintain a positive credit score:

a. Make loan repayments on time

b. Avoid bankruptcy

c. Maintaining a healthy balance between the credit available versus credit used

d. Limit new credit inquiries

3. Learning about interest

Interest is the money the borrower has to pay as a cost of borrowing the money from a lender or the financial institution. The amount of interest is based upon the borrower’s credit score and their financial profile. A debtor, with a good credit score and within the eligible income slab, is often offered a lower interest rate.

With this set of information, you can confidently carry your future discussions with the credit unions, private lenders, or banks in Wareham. But for more insight on the topic, you can always approach the PCT Federal Credit Union at http://www.pctfcu.org/ or call 508-291-0777.

Online banking services: A boom in this hour of crisis

Amidst the spread and contamination of COVID 19 virus, more and more banking and financial institutions are closing or limiting the branch access for their customers throughout the United States. Although, this initiative is a welcome change – after all, it limits the spread of infection among people – theinitiative is bound to hit the funding and trading customers badly. 

But there is hope. Member or clients of the banks in Wareham who have opted for online banking services can enjoy banking facilities from the comfort of their home, without the fear of getting infected.

What are online banking services? 

With the online service, customers of a bank can get remote access to their bank accounts. Additionally, they can transfer money as well as perform a host of tasks with a few clicks from their phone, tablet, or computers. These services are protected by the special security measures – like encrypted data protection, and rotating passwords – to ensure consumer safety. Additionally, federal laws have been established to protect the interest of the customers in case of theft. 

Most of the millennials or Gen Z have embraced the benefits of internet banking services more openly. Here are few of them (this is not an exhaustive list):

1. Mobile banking 

One of the biggest advantages of online banking services is mobile banking. Customers can access their respective bank accounts, remotely, from any part of the world through their mobile phones or any other handheld devices. Furthermore, they can carry out a host of tasks including: 

1. Make fund transfers to their linked accounts
2. Add linked accounts
3. View transaction history 
4. Find their home bank ATMs in the region
5. Pay utility bills 
6. Set automated bill payments and reminders 

It might sometimes feel like carrying the bank in your pocket. 

2. Managing credit cards

With internet banking, consumers can focus on managing their credit cards in easy simple steps. They can not only view their current and pending account history and statements but also make credit card payments as well. Automated payments for card dues can also be arranged remotely. 

3. Viewing account statements/estatements

Instead of waiting for the account statement to arrive in the mail, clients can view their bank statement on the go with their online services. In some banking institutions, consumers have to enrol for the estatements, to receive the statement on their preferred email account. 

With all these benefits, you should enrol yourself into remote banking facilities. Several credit unions and banks in Wareham offer these services to their customers. Moreover, members of PCT Federal Credit Union get a chance to keep tabs on their UChoose Rewards program. Interested to know more? Then, visit http://www.pctfcu.org/ or call 508-291-0777. They are always happy to help.