Financial Literacy

The difference between an interest rate and an annual percentage rate is that the interest rate is the cost you pay on a yearly basis to borrow money from your lender, or, the annual cost of borrowing the principal amount. The interest rate can be variable, or fixed, and does not include fees or any other charges you may have to pay for the loan. The annual percentage rate is the annual cost of a loan to a borrower including fees and other charges. To see today's rates on various lending and deposit products, visit rateseer .

A home-equity line of credit, also referred to as a Heloc, allows homeowners to access funds, when needed, over the term of the loan as long as the amounts stay below the loan limit. With a home equity loan, you receive the money you are borrowing in a lump sum payment and the interest rate is typically fixed. With a home equity line of credit (HELOC), you can borrow or draw money multiple times from an available maximum amount. Unlike a home equity loan, HELOCs usually have adjustable interest rates. A HELOC can be used to fund major expenses including home improvements or college tuition. The Line of Credit is secured by a mortgage, and typically has a 10-year term that requires interest only payments. Following the initial 10-year period, the Heloc will “reset” and the principal becomes due. At that point, homeowners can choose to pay off the balance, refinance it into another first or second mortgage or make monthly payments of principal and interest, typically for a 20-year

Daily Banking Series - Credit Union vs a Bank In our daily banking series we'll to explore the similarities, differences and pros and cons of a Credit Union (CU) versus a Bank. Are Banks and Credit Unions the same? Credit Unions are similar to Banks because they both offer a broad range of financial products including checking and savings accounts, CDs and loan products such as mortgages and credit cards. The main difference between a Credit Union and a Bank is how they are owned and operated. Credit Unions are cooperatives, owned and operated by their members as a not-for-profit institution. Banks are owned by investors and stockholders and are definitely for-profit corporations. Because Credit Unions are not-for-profit their earnings are paid back to their members in a number of ways including higher savings rates and lower loan rates. Banks earnings are paid to their stockholders (only) through dividends. Membership and Account Opening To join a Credit Union the poten

Think about how much information hits you every day. Email, text messages, social media news sites, notifications…never in human history have we had to process as much information as we do now. How do we process it all? Never mind processing. How do we see it all? Or rather, how do we see only what we need to see? RateSeer Technologies offers solutions for financial professionals and DIY Investors as well as North American consumers. We leverage technology to empower people to save time and money. Compare rates, features and lenders for thousands of products on rateseer.com .

Does local banking make sense for you? Community banks and credit unions are often locally controlled and operated, they work within established localities and typically reinvest depositors' money into local businesses, farms, and individuals. In this  Letter to the Editor  posted on MyrtleBeach online , the impact of local banking is explored.

Most mortgage professionals will tell you that when looking for a house, you should begin by speaking with a lender first to secure a mortgage pre-approval. Pre-approval from your bank or credit union is a powerful tool when house hunting, and,it is easier to shop for a property when you know how much you have to spend. A mortgage pre-approval is the process by which it is determined whether a borrower meets a particular lender’s guidelines for a home loan. For a review of the Mortgage Pre-Approval process, check out this  article from The Mortgage Reports .

A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an account are not subject to federal income tax at the time of deposit. Unlike a flexible spending account (FSA), HSA funds roll over and accumulate year to year if they are not spent. HSAs are owned by the individual, which differentiates them from company-owned Health Reimbursement Arrangements (HRA) that are an alternate tax-deductible source of funds paired with either HDHPs or standard health plans. Kiplinger describes the HSA as a "powerful financial tool to cover medical expenses and save for the future." Read the entire Kiplinger article here . Most Credit Unions and Banks in the US offer an HSA account. If you're interested in learning more, or, opening an HSA, visit the rateseer Savings Account page for a comparison of rates and features.