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What You Didn’t Know About Home Loans?

If you’re in the market for a new house, learn all you can about home loans before going too far into the process. Here are some things you may not know about home loans: Rates fluctuateIf you’re looking for a new home, you may be checking mortgage rates as often as some people check their

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Five Ways to Trim Your Fixed Expenses

When trying to trim a monthly budget, most people don’t even consider their fixed expenses; however, with just a bit of effort and research, most of these costs can be reduced. 1. Consider a refinanceTrim your mortgage payments by refinancing at a lower interest rate. It will cost a bit, but you can roll closing

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Understanding the Mortgage Process

Most would agree – home ownership is part of the American Dream. According to Bankrate, a recent “Consumer Mortgage Understanding Study” conducted by Fannie Mae showed that  91% of more than 3,600 respondents prefer owning a home to renting, but are still largely unaware when it comes to home-buying basics. Securing a mortgage is often

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Are You Ready to Buy a House?

It’s normal to feel hesitant about going through with what may be the biggest purchase of your life. To help put you at ease, we’ve compiled a list of questions to ask yourself before buying a new home. Can I afford to buy a house?Before viewing properties, remember that purchasing a home costs more than

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Why Does Credit Score Matter?

Your credit score is an indicator of your financial wellness and responsibility. We have outlined how credit scores are calculated, why it matters, and steps to take to improve your score. How is my credit score calculated?The three major credit bureaus in the U.S. collect and share information on a person’s credit usage with potential

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Is It a Good Idea to Open a HELOC Now?

If you’re looking to fund a home improvement project, or the economic devastation of COVID-19 has left you in need of cash, consider tapping into your home’s equity with a home equity line of credit, or a HELOC. WHAT IS A HELOC?A HELOC is a revolving credit line allowing homeowners to borrow money against the

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Financing a Home Renovation with a Home Equity Loan

As a member of DoverPhila Federal Credit Union, you have several options for funding a home renovation. You can open a HELOC, or a Home Equity Line of Credit, which is an open credit line that’s secured by your home’s value for up to 10 years. You can also fund your renovations with an unsecured

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Financial Dos and Don’ts During the COVID Outbreak

Q: What steps should I be taking to protect my personal finances during the coronavirus outbreak? A: The coronavirus outbreak has already generated consequences for the national and global economies — and experts say this is only the beginning. The virus ended one of the longest bull markets in history, as the stock market plunged by a

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Five Ways to Pay Off a Loan Early

If you’re like most Americans, you owe money toward a large loan. Whether that means carrying thousands of dollars in credit card debt, having a hefty mortgage in your name, or making car loan payments each month – loan debt is part of your life. It can all get kind of depressing—but it doesn’t have

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DoverPhila Introduces New Products While Continuing to Give Back

DoverPhila Federal Credit Union continues to strive in the financial industry while giving back as it wraps up another successful year. The credit union was able to give back $1.2 million to its members. DoverPhila is a community-focused, financial cooperative controlled by its members making it possible for it to reward its members with a

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