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Money Matters Blog

Monday, February 27, 2012

Refinancing Your Mortgage? Learn About our Ten Year Streamline Refinance

Nicolle Sherman, Community Financial Mortgage Specialist.
If you’re thinking about refinancing your mortgage, now is a great time to apply.  As a local mortgage expert, I’m here to help you reduce your monthly house payment.   This may be done through refinancing at today’s historically low rates.  

At Community Financial Credit Union we’re offering a special Ten Year Streamline Refinance Program at a low rate that can help you save money. Our current 3.00% rate* is one of the lowest that I have ever seen. The mortgage process can be cumbersome and time consuming, however, our new program simplifies the process and we will work with you to help make things go smoothly.   

Program Details

The Ten Year Streamline Refinance Program gives you a fixed rate term of 10 years* and is available on loans up to $250,000.  Typically, closing costs range from $1,500-$2,200 on a full refinance; with our Streamline Program, if it is determined that an appraisal is not needed, the cost maybe as low as $750.  To be eligible for this great program, a minimum credit score of 680 is required and the maximum we will finance is 80% of your home’s current market value.

Remember, at Community Financial, your mortgage is safe.  We will always service your mortgage and we take care in assisting you with any needs throughout the life of your loan.

We’re here to help you with a variety of mortgage options. If you are looking to purchase a new home, visit my previous post on What To Know When Buying A Home. You may also visit our Mortgage Center online to check out current mortgage rates. 

*Payment Example: The monthly payments on a streamline mortgage loan of $150,000 at 3.00% for 120 months would be about $1,448.41.  The Annual Percentage Rate (APR) on the loan would be 3.10%.

Community Financial is an equal housing lender.

Posted by: Nicolle Sherman, Community Financial Mortgage Specialist
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Monday, February 20, 2012

The Auto Resource Center: What To Know

Car shopping online has become the easy and convenient way to help you find the right vehicle. Whether you’re looking for a used or new vehicle, Community Financial Credit Union’s Auto Resource Center has everything you need to help you with your next car.  

Check dealer inventory and compare. At you can check local dealers to see what’s available right now.  You can search for new and used cars, get quotes on multiple vehicles, and compare prices to find the best value.  Take the time to research your options to help you shop smart.

Estimate Your Trade-In Value. Knowing what your current car is worth is very important if you plan to trade it in and use the proceeds as a down payment for your next vehicle.  Used car prices are on the rise and our Auto Resource Center uses Black Book, to provide market-driven retail numbers to consumers who are looking to trade-in an existing vehicle or acquire a new or used car.  Remember it is always best to treat the sale of your old car & the purchase of your new one as separate transitions; that way you’ll get the best deal on both!

Prepare and plan.  Our Auto Resource Center has a payment calculator to help assist you with financial decisions.  It’s always best to be financially prepared and budget.  Check different payment scenarios and see what you can afford.  

Apply online for your auto loan. Once you’ve made your vehicle choice, we can help you out with financing your purchase.  At Community Financial our auto loan rates are as low as 2.24% APR*.  Visit our site here to see the most current loan rates. 

For more tips on car shopping visit our previous post on Used Car Shopping Tips.  If you are debating between a lease and a car purchase, read are list of recommendations for you.  Don’t hesitate to call us at (877) 937-2328 if you have any questions. Good luck with your shopping! 

*Payment example: The monthly payments on a $10,000 auto loan over 48 months would be about $220 assuming: 2.49% Annual Percentage Rate (APR), 2006 or newer model vehicle, 20% down payment and a strong credit history. An additional .25% rate discount is available with auto pay from Community Financial checking. All loans subject to credit approval. Rates as of 2/1/2012 and subject to change without notice.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Monday, February 13, 2012

Saving Savvy: Save with Your Tax Return

Tax season is here which means you could be in line to put a chunk of money back into your pocket.  So what should you do with this year’s refund? While you may want to spend it, Community Financial Credit Union recommends investing in your future with these tips. 

Invest in your retirement savings.  Roth IRA allows you to make cash contributions of up to $5,000 annually.  Roth IRAs also offer more investment options than many retirement plans. Learn more about a Roth IRA by contacting one of our Financial Service Representatives today. 

Pay off high rate debt.  Review any debt you have and consider what you should pay off first.  Credit card debt often has the highest interest rates.  Paying off a credit card now can save you money you would spend on interest throughout the year. 

Save.  Build an emergency fund.  Getting into the habit of saving is one of the best money management strategies you can develop.  If you struggle with saving routinely throughout the year, it might be best for you to put away your tax return money. 

File Your 2011 Taxes Online – Free
Thousands of dollars go unclaimed every year from the IRS because people don’t take the deductions that they are due.  Using tax filing software can tell you what deductions that are automatically applied.  If you are still filing your taxes, try using our FREE tax service Just File It!

Just File it!,  This simple to use online tax filing software walks you through the process and allows you to file for both federal and state of Michigan income tax.  For credit union members, your tax return can be deposited fast, right into your account. Visit Just File It! online right now to get started.

*Consult your tax adviser.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Monday, February 6, 2012

Community Financial Awarding College Scholarships

Last year's scholarship recipients.
Community Financial Credit Union has announced, in collaboration with the Community Foundation of Plymouth (CFP), it will be awarding twelve $1,000 scholarships in April to college-bound students.

Each year, college tuition rises and many students struggle to afford the expense. According to USA Today, two thirds of the undergraduate class of 2011 graduated with an average of more than $25,000 of debt.

“With rising college costs, families may be struggling to help their children financially,” says Sarah Cousineau, Community Financial Marketing Manager. “That’s why we give back to students every year through our scholarships.”

Students must be accepted at or applied to an accredited college, university or trade school for either full or part-time for the 2012 Fall semester. If you’re eligible, make sure to apply by March 2, 2012. You can apply online now by visiting Please follow the instructions and guidelines for “Community Financial Margaret Dunning, George Lawton and Phil Curtiss Scholarships.”

Judging will be based on a combination of academic performance, community service, extra-curricular activities, letters of recommendation, job and employment, essay answers and financial need. All application materials must be submitted online.

If you are heading off to college soon, make sure to follow these steps to prepare yourself financially and read our previous post on how to budget for your freshman year.

Good luck with the scholarship application and be sure to follow Community Financial on Facebook and Twitter for updates on scholarships and other awards and contents.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.