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A loan refinance is the process of replacing an existing loan with a new one, typically from a different lender (or with modified terms from your current lender).  The new loan pays off the old loan, and the borrower then repays the new loan under the updated conditions. In short, refinancing can be a powerful financial tool for borrowers looking to reduce costs, modify loan terms, achieve other financial goals, or simplify by moving all of their loans to one financial institution. Overall, refinancing could possibly help you reduce your loan costs, improve your payment structure, and provide financial flexibility...as long as the move is right for your unique financial situation.

 

Here are 25 things to consider:

Reasons to Refinance an Auto Loan:

 

1. Lower Interest Rates: Refinancing can help secure a lower interest rate, reducing overall loan costs.
2. Lower Monthly Payments: Refinancing may extend your loan term, which can reduce monthly payments.
3. Improve Loan Terms: Refinancing can result in more favorable terms, such as a shorter loan term or better rates.
4. Switch from a Variable to a Fixed Rate: Refinancing can allow you to switch from an adjustable-rate loan to a fixed-rate loan for stability.
5. Access Better Lender Deals: You may find a lender offering more attractive terms than your original loan provider.
6. Debt Consolidation: Refinancing may help consolidate multiple loans into a single, more manageable payment.
7. Buy Out An Expiring Car Lease:  By refinancing, you can transition from a lease to ownership, which means you'll no longer worry about mileage limits, wear-and-tear charges, or other restrictions or lease-end fees.
8. Build Credit History: Refinancing could help improve your credit score by allowing you to pay off your current loan with better terms.
9. Unlock Cash Flow: A lower monthly payment means more disposable income for other expenses or savings.
10. Remove a Co-Signer: Refinancing can be a way to remove a co-signer from the loan if your credit has improved (or if your co-signer's credit has declined).
11. Relieve Financial Stress: Refinancing can provide some financial relief if you're struggling with high monthly payments.
12. Improve Loan Features: Refinancing can enable you to negotiate terms such as a deferred payment or a more flexible payment schedule.
13. Take Advantage of Improved Credit Score: If your credit score has improved since taking out the original loan, refinancing can help you get better rates.
14. Move All Your Loans To One Primary Financial Institution: Centralizing your loans at one financial institution makes it easy to access all your account information through a single online or mobile portal or account statement, saving you time when making your loan payments.

When is the best time to Refinance:

15. When Interest Rates Drop: Refinancing is ideal when market interest rates have decreased since your original loan.
16. After a Credit Score Improvement: If your credit score has increased significantly, you may be eligible for a better rate.
17. At the End of a Promotional Loan Period: If you have a variable rate and your loan’s introductory rate period ends and the rate rises, refinancing can help you lock in a lower, stable rate.
18. After Building Equity in Your Car: This is a financial strategy that can help you consolidate debt or pay for an unexpected expense. When the value of your auto exceeds the amount you owe on the auto loan, a cash-out equity refinance allows you to refinancing to a higher loan amount and receive the difference in cash. Essentially, you are borrowing against the equity in your vehicle.
19. After a Major Life Change: Following a major financial event (e.g., promotion, tax refund, or inheritance), refinancing could help you adjust the loan to your new circumstances.

How to know if Refinancing is right for your situation:

20. Current Loan Terms: If your current loan has a high interest rate or unfavorable terms, refinancing can improve your situation.
21. Remaining Loan Balance: If you owe more than your car is worth, refinancing may not be a good option, as you might not get favorable terms.
22. Total Loan Cost: Ensure the total cost of refinancing (including any fees) makes sense compared to your original loan. Sometimes, refinancing savings may not outweigh the fees.
23. Consider The Impact To Your Overall Interest Costs: When you refinance, you may extend the term of the loan to reduce your monthly payments. However, while this might make your payments more manageable in the short term, a longer loan term means you may end up paying more in interest over the life of the loan, even if the interest rate is lower.
24. Prepayment Penalties or Fees: Some auto loans include prepayment penalties* or fees if you pay off the loan early or refinance it. These charges can offset any savings you might have gained from a lower interest rate and make refinancing less beneficial.
25. If It Will Negatively Impact on Your Credit Score: Refinancing can cause a temporary dip in your credit score. This happens because applying for a new loan results in a hard inquiry on your credit report, and closing the old loan may also lower your credit score due to changes in your credit utilization and account history. However, if you continue to make timely payments, your score may improve in the long run.

By understanding these factors, you can determine whether refinancing is a smart move based on your specific financial goals. Bringing your loan from another financial institution to 1st Community Credit Union could help you save time, money, and hassle. 

If you're still not sure if refinancing is right for you, the friendly local lenders at 1st Community Credit Union are available to answer your questions and walk you through your options so you can make an informed decision knowing how a refinance could impact your financial health. Apply online to get pre-qualified, reach out to us with your questions or stop by 1st CCU during business hours in Sparta, West Salem, or Tomah. 

 

*1st Community Credit Union does not charge prepayment penalties.

 

The start of a new year is the perfect time for a fresh financial outlook. Whether you’re looking to build your savings, pay off debt, or plan for a major life event, taking a moment to reassess and revise your financial goals can set you up for success in the year ahead. At 1st Community Credit Union, we’re committed to helping you achieve your financial dreams, and we’ve put together a few tips to help you review and revise your financial goals for 2025.

 

Reflect on Last Year’s Progress

Before diving into new goals, take a moment to look back at your financial journey in the past year. Ask yourself:

• Did I achieve the financial goals I set for 2024?
• What obstacles did I face, and how can I overcome them in the future?
• What financial habits worked well, and what can be improved?

By reviewing your progress, you’ll have a clearer idea of what worked and what didn’t. If you were able to pay off a significant portion of debt or build up your savings, celebrate your success! If you faced setbacks, consider what factors contributed to them and how you can adjust your strategy going forward.

 

Set Clear and Specific Goals for 2025

Once you’ve reflected on last year, it’s time to focus on your goals for the new year. Make sure your financial goals for 2025 are:

 

• Specific: Rather than saying “I want to save more,” set a concrete goal, like “I want to save $3,000 for a vacation.”
• Measurable: Establish clear targets, such as increasing your retirement account contributions by $100 each month or paying off $5,000 in credit card debt.
• Achievable: Ensure that your goals are realistic based on your current income and expenses. If saving $10,000 feels out of reach, start smaller and build up over time.
• Relevant: Align your financial goals with your current priorities, whether that’s saving for a home, paying down debt, or building an emergency fund.
• Time-bound: Set deadlines for achieving your goals to stay motivated and accountable.

Creating specific, measurable, and realistic goals will make it easier to track your progress and stay focused throughout the year.

 

Reevaluate Your Budget

Your budget is a key tool for reaching your financial goals. As your life changes, so should your budget. Take time in January to:

 

• Review last year’s spending habits: Did you spend more in certain areas, like dining out or entertainment? Are there places where you can cut back to save more in 2025?
• Account for changes: If your income or expenses have changed—whether due to a new job, a move, or changes in family circumstances—adjust your budget accordingly.
• Prioritize savings and debt payments: Ensure that your budget reflects your financial goals, such as contributing to savings, paying down debt, or building an emergency fund.

At 1st Community Credit Union, we can recommend tools like budgeting apps or online calculators to help you track your spending and stay on top of your financial goals.

 

Focus on Building or Strengthening Your Emergency Fund

One of the most important financial goals you can set is to build or strengthen your emergency savings. Having an emergency fund provides peace of mind, ensuring that you’re prepared for unexpected expenses such as medical bills, car repairs, or job loss.

• Set a savings goal: Aim to set aside three to six months’ worth of living expenses. If this feels like too much to tackle at once, break it down into smaller, achievable goals. For example, save $250 a month for the next 12 months.
• Start small, if needed: Even if you can only set aside a small amount each month, it’s better to start now than to wait for the “perfect” time.
• Use a separate account: Consider keeping your emergency fund in a separate account, like a high-yield savings account, so you’re not tempted to dip into it for non-emergencies.

 

Tackle Debt Strategically

If paying off debt is a priority for you in 2025, start by reviewing all your outstanding debts, including credit cards, student loans, and personal loans. Prioritize paying down high-interest debt first, like credit cards, as it can be costly over time. Consider these strategies:

 

• Debt snowball method: Pay off your smallest debt first, then apply that payment amount to the next smallest debt. This method provides quick wins and motivation.
• Debt avalanche method: Focus on paying off high-interest debt first while making minimum payments on others. This will save you the most money in the long run.

Additionally, consider speaking with a financial advisor or a credit counselor for personalized advice if your debt feels overwhelming.

Plan for Big Financial Milestones

2025 could be the year for significant life events—such as buying a home, starting a family, or going back to school. These milestones require careful financial planning. Be sure to:

• Start saving early: If you're planning a major purchase, like a home or car, begin saving now to avoid taking on too much debt.
• Evaluate financing options: Research different loan options and interest rates to ensure you get the best deal possible for large purchases.
• Consider your long-term goals: Make sure that these big life milestones align with your financial goals and that you’re prepared to handle the expenses associated with them.

 

Automate Your Savings and Payments

To make progress on your goals, consider automating savings and payments. This can make sticking to your financial plan easier, as the money is automatically deducted from your account, and you’re less likely to forget or skip a payment.

• Set up automatic transfers: Schedule automatic transfers to your savings account, retirement fund, or debt payments each month.
• Use bill pay services: Take advantage of online bill pay to avoid late fees and missed payments.

Automation ensures that you stay consistent with your financial goals throughout the year.

 

Stay Flexible and Track Your Progress

Life can be unpredictable, so it’s essential to stay flexible. Regularly review your financial goals and adjust them as necessary. Life events such as job changes, family growth, or economic factors may require you to reassess and make changes to your plan.

Use tools like budget trackers or financial apps to monitor your progress and celebrate milestones as you achieve them.

Revising your financial goals for the new year is an empowering step toward achieving long-term financial success. At 1st Community Credit Union, we’re here to support you every step of the way. Whether it’s helping you set up a budget, offering tools for savings, or providing financial advice, we’re committed to helping you achieve your financial goals in 2025 and beyond.

Ready to get started? Reach out to 1st Community Credit Union today, and let’s make this your best financial year yet!
 

 

At 1st Community Credit Union (1st CCU), your financial security is our top priority. With online shopping becoming increasingly popular, it’s essential to stay vigilant against potential scams and fraudulent activity. Whether you're snagging holiday deals or making everyday purchases, follow these tips to ensure your transactions remain safe and secure.

Guard Your Personal Information

Never give out sensitive information like your social security number, account numbers, or online banking credentials. Scammers often pose as legitimate companies or even your financial institution to steal your details. Here are some key reminders:

• Ignore suspicious messages. If you receive a call, text, or email requesting your login information or personal data, don’t respond. 1st CCU will never ask for sensitive information this way.
• Beware of impersonators. Fraudsters might claim to represent 1st CCU or another trusted entity. Always contact us directly to verify.
• Protect your passwords. Use unique, strong passwords for your accounts, and never share them with anyone—even people you trust.

If you suspect your personal information has been compromised, contact us immediately. Our Fraud Prevention Help Center is here to assist you.

 

Monitor Your Accounts Regularly

Stay one step ahead of fraudsters by keeping an eye on your account activity. At 1st CCU, we offer tools to make this easier:

 

• Online and Mobile Banking. Use our 1st CCU Anywhere platform to review transactions, set up eAlerts, and manage your accounts securely.
• Credit Card Management. Track purchases and report discrepancies through our online tools.
• P.A.T.T. Telephone Banking. Get account updates anytime with this free member resource.

It’s your responsibility to monitor accounts daily, weekly, or monthly. If you notice anything suspicious, reach out to us right away to prevent further issues.

 

Take Advantage of Card Protection Features

Your debit and credit cards are powerful tools—but they’re also common targets for fraud. Fortunately, 1st CCU offers several features to help protect them:

 

• Lock your card. Misplaced your card or suspect it’s been compromised? Use 1st CCU Anywhere to lock your card instantly.
• Report lost or stolen cards. Call us during business hours at 608-269-8121 or toll-free at 1-888-706-1228. Outside business hours, dial 1-800-449-7728 to report the issue.
• Instant replacement. Need a new debit card? We can print one for you within minutes, so you don’t have to wait weeks for a replacement.

By acting quickly, you can minimize risks and protect your finances.

Shop Only on Secure Websites

When shopping online, prioritize security over convenience. Look for the following:

 

• HTTPS in the URL. Websites with "https://" in their address and a padlock icon are generally secure.
• Trusted retailers. Stick to well-known brands or stores with positive reviews. If a deal seems too good to be true, it probably is.
• Avoid public Wi-Fi. Never enter personal or financial information while connected to unsecured networks.

When in doubt, err on the side of caution. It’s better to miss a sale than to fall victim to a scam.

Stay Wary of Phishing Scams

Phishing is one of the most common tactics scammers use to steal your information. They may send emails or texts that appear to come from a legitimate source, like 1st CCU. Remember:

 

• Never click suspicious links. Instead, navigate directly to the company's official website.
• Verify email addresses. Scammers often use fake but convincing email addresses. Be cautious if the sender’s address seems unusual.
• Don’t trust unsolicited job offers or “romance” scams. Scammers prey on emotions to gain access to your money or accounts.

If you suspect a phishing attempt, bring the email or correspondence to 1st CCU for verification.

Protect Your Devices

Your devices play a crucial role in keeping your online activity secure. Here’s how to strengthen their defenses:

 

• Use antivirus software. Install reputable programs to shield your devices from malware.
• Enable two-factor authentication. Add an extra layer of security to your accounts by requiring a verification code.
• Keep software up-to-date. Outdated systems are vulnerable to attacks. Regular updates protect you from known security threats.

Taking these precautions ensures your device is ready to handle secure transactions.

Dispose of Sensitive Documents Properly

Fraud prevention doesn’t end online. Physical documents containing financial or personal information can also be a goldmine for thieves. Always shred documents like bank statements, bills, or pre-approved credit card offers before discarding them.

 

What to Do If You Suspect Fraud

Despite your best efforts, fraud can still happen. If you suspect your accounts have been compromised:

 

• Lock your card immediately. Use the 1st CCU Anywhere app or call us directly.
• Report suspicious activity. Notify 1st CCU of any unauthorized transactions or attempts to access your account.
• Update your passwords. Change your login credentials to prevent further breaches.

Your Partner in Security

At 1st Community Credit Union, we’re committed to helping you protect your financial well-being. By staying informed and proactive, you can shop online with confidence and avoid falling victim to scams.

For more tips and assistance, visit our Fraud Prevention Help Center or call us at 608-269-8121. Together, we can create a safe and secure banking experience.

Let’s make online shopping safe, smart, and stress-free!
 

At 1st Community Credit Union, we understand that shopping smart is key to managing your finances effectively. Whether you’re browsing online or walking the aisles of your favorite stores, finding the best deals can save you money and stretch your budget further. With our locations in Sparta, West Salem, and Tomah, we’re more than just a ‘credit union near me’—we’re your partner in financial well-being. In this blog, we’ll share practical tips to help you find the best deals and discounts, both online and in-store.

1. Start with a Plan
Before you start shopping, it’s crucial to have a plan. This means knowing what you need and setting a budget. Impulse buying is one of the quickest ways to overspend, so make a list of items you’re looking to purchase. Prioritize your needs over wants and stick to your list as closely as possible.

2. Sign Up for Newsletters and Rewards Programs
Many retailers offer exclusive deals and discounts to customers who sign up for their newsletters or join their rewards programs. These programs often provide early access to sales, special coupons, and points that can be redeemed for future purchases. While it might seem like a small step, these savings can add up over time. If you frequent certain stores, it’s worth signing up to take advantage of these perks.

3. Use Price Comparison Tools
With so many options available, it’s important to compare prices before making a purchase. Online tools and apps like Google Shopping, Honey, or CamelCamelCamel allow you to compare prices across multiple retailers. These tools can help you identify the best deals and even track price changes over time. By doing a quick price check, you can ensure you’re getting the best value for your money.

4. Look for Coupons and Promo Codes
Before you check out, whether online or in-store, take a moment to search for coupons and promo codes. Websites like RetailMeNot, Coupons.com, and Honey aggregate a wide range of discounts that you can apply at checkout. For in-store shopping, consider downloading apps like SnipSnap or using store-specific apps to find applicable coupons. Sometimes, simply searching “[store name] coupon” can yield significant savings.

5. Shop During Sales Events
Timing your purchases around sales events can lead to substantial savings. Major sales events like Black Friday, Cyber Monday, and back-to-school sales often feature deep discounts on a wide range of products. Additionally, many retailers have semi-annual or seasonal clearance sales where you can find great deals. By planning your purchases around these events, you can take advantage of the lowest prices of the year.

6. Use Cash-Back and Discount Apps
Cash-back apps like Rakuten, Ibotta, and Fetch Rewards offer a percentage of your purchase back in cash or gift cards when you shop through their platforms. These apps are easy to use and can be a great way to earn money back on your everyday purchases. Many credit unions, including a credit union near me like 1st Community, may also offer credit card rewards that can be redeemed for merchandise, travel, and more - so be sure to explore those options as well.

7. Shop at Discount Stores and Outlets
If you’re looking for brand-name items at a lower cost, consider shopping at discount stores and outlet malls. Stores like TJ Maxx, Marshalls, and Ross offer designer goods at a fraction of the retail price. Outlet malls are another great option, where you can find discounts on everything from clothing to home goods. Keep in mind that while these stores offer great deals, it’s still important to compare prices and make sure you’re truly getting the best value.

8. Take Advantage of Loyalty Programs
Loyalty programs offer rewards for repeat customers, such as discounts, points, or early access to sales. Many grocery stores, clothing retailers, and even restaurants have loyalty programs that provide significant savings over time. If you shop at certain stores frequently, joining their loyalty program can lead to big savings in the long run. Be sure to use any accumulated points or rewards before they expire.

9. Buy in Bulk When It Makes Sense
Buying in bulk can be a smart way to save money, especially on items you use regularly. Warehouse clubs like Costco and Sam’s Club offer bulk items at lower per-unit prices. However, it’s important to be strategic about what you buy in bulk. Stick to non-perishable items or products with a long shelf life, and always calculate the unit price to ensure you’re getting the best deal.

10. Consider Shopping Secondhand
Shopping secondhand is not only budget-friendly but also environmentally conscious. Thrift stores, consignment shops, and online marketplaces like eBay, Poshmark, and Facebook Marketplace offer gently used items at a fraction of their original cost. You can often find high-quality clothing, furniture, and electronics at a steep discount by shopping secondhand.

Your Partner in Financial Success
Shopping smart is all about being informed and strategic with your purchases. By following these tips, you can find great deals and discounts that help you stay within your budget. At 1st Community Credit Union, your trusted ‘credit union near me’ in Sparta, West Salem, and Tomah, we’re here to support your financial journey. Whether it’s through budgeting advice, financial products, or resources to help you save, we’re committed to helping you achieve your financial goals.

Managing your finances can often feel overwhelming, but it doesn’t have to be. One of the simplest and most effective ways to take control of your money is by following the 50/30/20 rule. This budgeting strategy helps break down your income into manageable categories, allowing you to save money, reduce debt, and still enjoy life. Whether you're a first-time budgeter or looking to fine-tune your financial habits, the 50/30/20 rule can set you on the right path. Let’s dive into how this rule works and how you can apply it to your life, whether you're in Sparta, West Salem, Tomah, or surrounding areas in Wisconsin.

What is the 50/30/20 Rule?
The 50/30/20 rule is a budgeting guideline that divides your after-tax income into three main categories:

1. 50% for Needs: This includes essential expenses such as housing (mortgage or rent), utilities, groceries, transportation, and insurance. These are        the must-haves in your budget—the things you need to survive.
2. 30% for Wants: Wants are non-essential expenses that enhance your lifestyle. Dining out, entertainment, hobbies, and vacations all fall into this category. While these are the fun aspects of your budget, they should not outweigh your needs or savings.
3. 20% for Savings and Debt Repayment: The final portion of your income should be allocated toward your financial future. This includes savings (such as retirement accounts or emergency funds) and paying down debt, like credit cards, student loans, or car loans.

By following the 50/30/20 rule, you create a balanced approach to budgeting that ensures you're covering your essentials, enjoying life, and planning for the future.

Applying the 50/30/20 Rule to Your Life
Let’s say you earn $3,000 per month after taxes. Here's how you could break down your budget using the 50/30/20 rule:

• Needs (50%): $1,500
• Wants (30%): $900
• Savings and Debt Repayment (20%): $600

This structure gives you a clear picture of how much you should be spending in each category. The key is to stay disciplined and adjust as needed. If you find that your needs exceed 50%, you may need to cut back on wants or look for ways to reduce your essential expenses. Conversely, if your wants are eating into your savings, it’s time to reassess your priorities.

Budgeting in Sparta, West Salem, and Tomah: Local Insights
Living in smaller communities like Sparta, West Salem, and Tomah offers unique advantages when it comes to budgeting. The cost of living is generally lower than in larger cities, making it easier to balance your needs, wants, and savings. For example, housing costs are often more affordable in these areas, which can help you stay within that 50% allocation for needs. Additionally, enjoying local events, parks, and entertainment in the area can be a great way to satisfy your wants without breaking the bank.

At 1st Community Credit Union, we understand the financial landscape in Sparta, West Salem, and Tomah. That’s why we offer a range of services and tools to help you manage your budget, including personalized financial counseling and savings programs designed to meet your needs. Whether you’re saving for a home, planning a vacation, or simply trying to build an emergency fund, we’re here to help you stay on track with the 50/30/20 rule.

Tips for Staying on Budget

1. Track Your Spending: Use budgeting apps or a simple spreadsheet to track your expenses. This will help you see where your money is going and if you’re staying within the 50/30/20 rule.
2. Automate Your Savings: Set up automatic transfers to your savings account or retirement fund. This ensures you’re consistently saving without having to think about it.
3. Review Regularly: Your budget isn’t set in stone. Life changes, and so should your financial plan. Review your budget regularly to make adjustments as needed, especially if your income or expenses change.
4. Prioritize Debt Repayment: If you have high-interest debt, consider allocating more of your savings portion to paying it down. The sooner you’re debt-free, the more you can save for your future.

The 50/30/20 rule is a simple yet powerful tool for managing your money. By following this budgeting strategy, you can create a healthy balance between your needs, wants, and savings, setting yourself up for financial success. And remember, 1st Community Credit Union is here to support you every step of the way. Whether you’re just starting your budgeting journey or looking to refine your financial strategy, our team is ready to help you achieve your goals.
With locations in Sparta, West Salem, and Tomah, WI, we’re always nearby to assist you with your financial needs.

Congratulations on securing your mortgage! At 1st Community Credit Union, we understand that the journey to homeownership is just beginning. Here’s what to expect after getting your mortgage and how your credit union near Sparta, Tomah, and West Salem WI, can support you throughout the process.

Understanding Your Mortgage Terms
Now that you’ve secured your mortgage, it’s essential to fully understand the terms of your loan. This includes your interest rate, loan term, and payment schedule. At 1st Community Credit Union, we ensure that our members have a clear understanding of their mortgage details. Our team of lending professionals are available to answer any questions you might have about your loan, helping you navigate through the complexities with confidence.

Setting Up Your Payment Plan
Once you grasp your mortgage terms, it’s time to set up your payment plan. Monthly mortgage payments will include both principal and interest, and sometimes property taxes and homeowners insurance if included in an escrow account. To make managing your payments easier, we recommend setting up automatic payments. Our credit union offers a variety of convenient payment options through online banking and our mobile app.

Budgeting for Homeownership
Homeownership comes with additional expenses beyond the mortgage payment, such as maintenance, repairs, and utilities. It’s crucial to budget for these costs to avoid financial strain. We suggest creating a home maintenance checklist and setting aside an emergency fund for unexpected expenses. Our financial advisors at 1st Community Credit Union can help you build a comprehensive budget to accommodate these new responsibilities and keep your financial goals on track.

Keeping Up with Home Maintenance
Maintaining your home is key to preserving its value and ensuring a comfortable living environment. Regular tasks like cleaning gutters, servicing HVAC systems, and checking for leaks can prevent costly repairs. Our credit union can provide tips and resources to help you manage your home efficiently and keep it in top shape.

Exploring Mortgage Options
Whether you’re interested in upgrading to a larger home or refinancing your current mortgage, 1st Community Credit Union offers a range of options to suit your needs. Our mortgage solutions include competitive rates and low closing costs for first-time homebuyers, as well as refinancing options to help you lower your rate, shorten your loan term, or cash out your equity. If you’re interested in a Home Equity Line of Credit (HELOC), this can be a flexible, low-cost source of funds for major expenses, from home repairs to starting a business. Our team is here to help you explore these options and find the best solution for your situation.

Understanding Property Taxes and Insurance
As a homeowner, you’ll need to manage property taxes and homeowners insurance. Property taxes are typically assessed annually and may vary based on local tax rates and property value. Homeowners insurance protects your property against damage and loss. Regularly reviewing your insurance policy ensures you have adequate coverage. If you have questions about these aspects, our credit union near Sparta, Tomah, and West Salem, WI, is here to assist you.

Reviewing and Refinancing Your Mortgage
As you settle into your new home, it’s wise to periodically review your mortgage and consider refinancing if market conditions change. Refinancing can offer benefits such as a lower interest rate or a different loan term. Our credit union provides personalized refinancing solutions to help you make the most of your mortgage.

Building Equity
Homeownership allows you to build equity over time as you make mortgage payments. This equity can be a valuable asset for future financial needs or investments. Our financial advisors can guide you on leveraging your home equity to achieve your long-term financial goals.

1st-Time Homebuyer Program
If you’re a first-time homebuyer, our program is designed to make the process as smooth as possible. We provide personalized assistance from application to closing and offer a special perk—a free lawnmower at closing! This program is a great way to start your journey into homeownership with confidence.

Staying Connected
At 1st Community Credit Union, we value the long-term relationships we build with our members. For ongoing support and personalized financial services, stay connected with us through our website, social media channels, or by visiting a branch near Sparta, Tomah, and West Salem, WI.

In conclusion, securing a mortgage is just the beginning of your homeownership journey. By understanding your mortgage terms, budgeting wisely, and staying on top of home maintenance, you can ensure a successful transition into your new home. For continued support and tailored financial services, trust 1st Community Credit Union to be your partner every step of the way.
 

Borrowing money can be a crucial step in achieving your financial goals, whether you're looking to buy a home, start a business, purchase a vehicle, or manage personal expenses. At 1st Community Credit Union, we offer a variety of loan options to fit your needs, including home loans, business loans, auto and motorcycle loans, recreational loans, personal loans, and credit cards. Let's explore the pros and cons of borrowing money, so you can make informed decisions for your financial future.

The Pros of Borrowing Money

Achieve Major Financial Goals:

• Home Loans: Borrowing money through a home loan allows you to purchase a home without having to save the entire amount upfront. This can be a stepping stone to building wealth through home equity.
• Business Loans: Business loans provide the capital needed to start or expand your business, helping you seize opportunities and grow your enterprise.
• Auto & Motorcycle Loans: These loans make it possible to buy a reliable vehicle, which is essential for commuting, travel, and personal freedom.

Flexibility and Convenience:

• Recreational Loans: Loans for recreational vehicles like boats and RVs can enhance your lifestyle, providing opportunities for travel and leisure.
• Personal Loans: Personal loans offer flexibility for various needs, such as home renovations, medical expenses, or consolidating high-interest debt.
• Credit Cards: Credit cards provide convenient access to credit for everyday purchases and can offer rewards and benefits.

Build and Improve Credit: 
Responsible borrowing and timely repayment can help build and improve your credit score. A higher credit score can lead to better interest rates and more favorable loan terms in the future.

Fixed Monthly Payments: 
Many loans come with fixed monthly payments, making it easier to budget and manage your finances. Knowing your monthly obligation helps in planning and avoiding financial surprises.

Potential Tax Benefits: 
Some loans, such as home mortgages, come with potential tax benefits. Interest paid on home loans may be deductible, reducing your overall tax burden. (Consult your tax professional)

 

The Cons of Borrowing Money

Interest Costs: 
Borrowing money comes with the cost of interest, which can add up over time. High-interest rates, especially on credit cards and personal loans, can significantly increase the total repayment amount.

Debt Burden: 
Taking on debt means committing to regular repayments, which can strain your finances, especially if your income fluctuates or if unexpected expenses arise.

Impact on Credit Score: 
While responsible borrowing can improve your credit score, missed or late payments can negatively affect it. A lower credit score can hinder your ability to borrow in the future and result in higher interest rates.

Risk of Over-Borrowing: 
It's easy to borrow more than you can comfortably repay, leading to a cycle of debt. It's crucial to borrow only what you need and can afford to repay without compromising your financial stability.

Additional Fees and Penalties: 
Loans often come with fees such as origination fees, late payment penalties, and prepayment penalties. Understanding all associated costs before committing to a loan is essential to avoid unexpected financial burdens.

 

Meet with Our Lenders

At 1st Community Credit Union, we're dedicated to helping you navigate the complexities of borrowing money. Our experienced lenders are available to discuss your financial goals and find the best loan options to suit your needs. Whether you're interested in home loans, business loans, auto and motorcycle loans, recreational loans, personal loans, or credit cards, we provide the guidance and support you need.

Convenient Locations
We have branches in Sparta, Tomah, and West Salem, making it easy for you to meet with our knowledgeable lenders in person. Our team is ready to assist you with personalized service and expert advice to ensure you make the best borrowing decisions.
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Visit 1st Community Credit Union
For more information about our lending services and to schedule a meeting with one of our lenders, visit our website or stop by one of our local branches in Sparta, Tomah, or West Salem. Let 1st Community Credit Union help you make informed borrowing decisions and achieve your financial goals.

 

All loans are subject to credit approval. Contact 1st CCU for full details. Membership eligibility required.
 

In our increasingly digital world, the convenience of online and phone banking is matched by the growing sophistication of scammers. At 1st Community Credit Union, your financial security is our top priority. Understanding how to recognize phone and email scams is essential in safeguarding your personal information and finances. Here’s a comprehensive guide to help you stay vigilant.

Identifying Phone Scams
Phone scams can take many forms, but they often share common tactics designed to elicit an emotional response or create a sense of urgency. Here are some key signs to watch for:

• Unsolicited Calls: If you receive a call from someone claiming to be from a financial institution or government agency asking for personal information, be cautious. Legitimate organizations typically do not request sensitive information via unsolicited calls.
• Pressure Tactics: Scammers often create a sense of urgency, threatening severe consequences if you don’t act immediately. They may claim your account has been compromised or that you owe money and must pay immediately.
• Request for Personal Information: Be wary if the caller asks for personal details like your Social Security number, account numbers, or passwords. Genuine institutions will never request such information over the phone.
• Caller ID Spoofing: Scammers can manipulate caller ID to make it appear as though the call is coming from a trusted source. If something feels off, hang up and call the organization directly using a number from their official website.

Spotting Email Scams
Email scams, or phishing, are another common method scammers use to steal personal information. Here’s how to identify them:

• Suspicious Sender Addresses: Check the sender’s email address carefully. Often, scam emails come from addresses that are slightly misspelled or contain extra characters.
• Urgent or Threatening Language: Similar to phone scams, phishing emails often try to create a sense of urgency. They may claim there’s a problem with your account or a deadline for a special offer.
• Poor Grammar and Spelling: Many scam emails contain noticeable grammatical errors and spelling mistakes. While not always the case, poorly written emails can be a red flag.
• Unsolicited Attachments or Links: Avoid clicking on links or downloading attachments from unknown or suspicious emails. These could contain malware designed to steal your personal information.

Protecting Yourself
     •    Verify Before You Trust: Always verify the authenticity of the communication by contacting the organization directly through official channels.
     •    Stay Informed: Keep up-to-date with the latest scam techniques. Knowledge is your first line of defense.
     •    Report Suspicious Activity: If you suspect you’ve encountered a scam, report it to the appropriate authorities and notify your bank immediately.

At 1st Community Credit Union, we are committed to your security. By staying vigilant and informed, you can protect yourself from phone and email scams. For more tips and resources, visit our website or contact us directly. Stay safe and secure!