What is a Credit Union?
Credit unions and banks have many similarities and differences. While they are both financial service institutions, one of the biggest differences is that credit unions are non-profit cooperatives and banks are for-profit companies. But, as fees for financial services continue to rise and lending rates continue to fluctuate, many people are searching for the best…
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Home Equity Loan vs. Home Equity Line of Credit
Did you know that homeowners can use the equity in their home to borrow money for just about anything? And, because the loan is secured with collateral (the home) the rates are usually much better than traditional personal loans or credit cards because the risk to financial institution is reduced. Home Equity Loans and Home…
What’s the difference between APR and APY besides one letter?
To most people knowing the difference between Annual Percentage Rate (APR) and Annual Percentage Yield (APY) doesn’t seem like a big deal, but that one letter at the end of those two acronyms can make a big difference financially. It’s important to note that knowing the difference between APR and APY could save consumers, hundreds…