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Should I Refinance to a 15-year Mortgage

With mortgage rates falling, many homeowners are rushing to refinance their 30-year mortgages into 15-year loans. Borrowers may be wondering if this is a financially sound move to make for their own mortgage.

We’ve researched it and worked out the numbers for you so you can make a responsible, informed choice.

When refinancing can be a good idea

The primary attraction of a shorter mortgage term is paying off your home loan sooner, typically at a lower interest rate. Refinancing to a shorter-term loan makes the most sense when interest rates are falling.

How much money can I save?

Let’s assume you have a fixed 30-year, $300,000 mortgage with an interest rate of 4.5 percent.

If you kept your existing mortgage unchanged for 30 years, you’d be making 360 payments of $1,520.06 a month, not including taxes, insurance and other fees. Over the life of your loan, you will have paid $247,220.13 in interest.

Now let’s explore what these payments would look like if you refinance to a 15-year fixed-rate loan at a 3.5 percent interest rate.

Over 15 years, you would make 180 payments of $2,144.65. Over the life of the loan, you’d be paying $86,036.57 in interest payments, affording you savings of $161,183.56.

Remember: These numbers may or may not translate to your own situation. These savings are calculated over 30 years, but you may be nearing the halfway point of your mortgage. Refinancing at a lower rate may still be a good idea, but your interest savings will be much less than described above. Second, your rate may not be a full point lower after a refinance, as it is in our example. This, too, will bring less savings.

What will a refinance cost?

Expect to pay a minimum of 2.5 percent of your new loan in closing costs and other fees. Before you get started on the refinance process, it’s best to tally up these expenses and see what it would cost you to refinance.

Also, your existing mortgage may have prepayment penalties. Find out about these fees before you set the refinance process in motion.

When refinancing is not a good idea

If you’re convinced that a 15-year refinance is right for you, first consider this crucial factor: Your monthly mortgage payments will increase significantly after a 15-year refinance.

If you’re financially responsible, you won’t consider this move unless you are confident you can afford this increased mortgage payment each month. However, you may not realize that tying up your spare cash in your home’s equity can be risky. It can make more financial sense to build an emergency fund, increase your retirement contributions and pay off high-interest debt before refinancing.

If you’re ready to make the move to a shorter-term loan, speak to a representative at High Point Federal Credit Union to learn about our fantastic home loan options.

Are you looking to refinance? Check out current mortgage rates at High Point Federal Credit Union!

Simple Steps to Start Saving

If you’re ready to start saving but you don’t know where to begin, High Point Federal Credit Union can help.

Let’s get started!

Step 1: Set a goal

What’s your secret (or not-so-secret) financial dream? Do you want to open your own business? Explore the Australian Outback? Buy a boat?

What are your long-term financial goals? Do you want to make your friends jealous and retire before you hit 50? Do you dream of sending your child to college?

Choose your goals and assign a target dollar value to each one.

When you really start saving, first prioritize building an emergency fund that has three to six months of living expenses. Thinking of your bigger personal goals now will help keep you focused.

Step 2: Start tracking your expenses and income

You’re about to turn into one of those budgeting geeks.

For three months, keep a record of your expenses and all income. At the end of the three months, tally up your totals to figure out the average of each.

Step 3: Trim your expenses

If you find that your income exceeds your expenses by a fair amount, give yourself a high-five and skip to the next step.

If you spend more than you earn, or your numbers are too close for comfort, look for ways to trim your expenses, and save that extra cash.

Step 4: Create a budget

Don’t freak out — this isn’t as hard as it sounds. Just take your averages from step 2 and use them to designate a specific dollar amount for each monthly expense. Don’t forget to include savings in your budget!

Step 5: Choose your savings tools

It’s time to choose a place for your savings to call home. For long-term savings, look for an option that offers an attractive earnings rate, like a share certificate at High Point Federal Credit Union.

Keep that emergency fund and other short-term savings in an account that allows you to make withdrawals without asking too many questions, like a checking account at High Point Federal Credit Union.

Step 6: Make it automatic

Is this the first time you decided to start saving? Yeah, we didn’t think so. Make it the time you actually carry out your plans by setting up an automatic monthly transfer from your checking account to your savings account.

Contact High Point FCU to open a Savings Account today!

Five Steps to Take After a Financial Setback

As we sail into 2021, many Americans are struggling with the aftershocks of financial setback. Whether it’s due to a layoff, a smaller workload, medical expenses or a change in family circumstances, the financial fallout of COVID-19 has been distressing.

Recovering from a financial setback, due to a pandemic or any other reason, is never easy; however, with hard work and the ability to look forward, it can be done. Here’s how.

Step 1: Assess the damage

Evaluate exactly how much financial recovery you need. Are you thousands of dollars in debt? Do you need to find a new job? What are the long-term financial implications?

Crunching the numbers and putting it all on paper will make it easier to take concrete steps toward recovery.

Step 2: Accept your new reality

Shock and denial are valid stages of grief for any major loss or setback, but for recovery to be possible, it’s important to reach a place of acceptance. You can vent to a close friend, express your feelings in a journal, de-stress with your favorite low-cost hobby and then let go. Constantly harping on what could have been will only drain you of the energy you need to move on.

Step 3: Outline your goals

Clearly defining your goals will make it easier to go forward. Are you looking to rebuild a depleted emergency fund? Find gainful employment? Pay down your medical bills?

As you work through this step, choose goals that are SMART:

Specific

Measurable

Attainable

Realistic

Timely

Step 4: Create a recovery plan

Your plan should consist of consecutive steps that lead to a life of complete financial wellness. Here are some steps you may want to include:

Trim your spending until you can spend less than you earn.
Build a small emergency fund to help get you through an unexpected expense.
Seek new employment or new income streams.
Start paying down debts.
Save more aggressively, with one eye toward your retirement and another toward a large emergency fund with up to six months’ of living expenses.

Step 5: Make it Happen

Put your plan into action! If you were careful to set goals that are SMART, you should be able to take the first steps in your plan immediately.

Debt Consolidation: Not A Silver Bullet, But Still A Good Idea

Using a personal loan to refinance your existing debt can make your debt more manageable. You’ll have one monthly payment at one interest rate instead of many smaller bills due on different days of the month.

Will personal loans work for you?

1. Have I fixed the debt problem?

Think about why you’re in debt. If a medical bill, job loss or some other temporary hardship describes your situation, the fact that you have a job or have paid the medical bill means you’ve solved the problem that caused the debt in the first place.

If, on the other hand, you accumulated debt by overspending on credit cards, a debt consolidation loan may not be the answer just yet. First make a budget you can stick to, learn how to save and gain responsibility in your use of credit. Getting a debt consolidation loan without doing those things first is a temporary solution that can make matters worse.

2. Can I commit to a repayment plan?

If you’re struggling to make minimum monthly payments on bills, a debt consolidation loan can only do so much. It’s possible that the lower interest rate will make repayment easier, but bundling all of that debt together could result in a higher monthly payment over a shorter period of time. Before you speak to a lender, figure out how much you can afford to put toward getting out of debt. Your lender can work backward from there to figure out terms, interest rate and total amount borrowed.

If you’re relying on a fluctuating stream of income to repay debt, it may be difficult to commit to a strict repayment plan that’s as aggressive as you like. You can still make extra principal payments on a personal loan, so your strategy of making intermittent payments will still help. You just can’t figure them into your monthly payment calculation.

3. Is my interest rate the problem?

For some people, the biggest chunk of their debt is a student loan. These loans receive fairly generous terms, since a college degree should generally result in a higher-paying job. Debt consolidation for student loans, especially subsidized PLUS loans, may not make a great deal of sense. You’re better off negotiating the repayment structure with your lender if the monthly payments are unrealistic.

On the other hand, if you’re dealing with credit card debt, interest rate is definitely part of the problem. Credit card debt interest regularly runs in the 20% range, more than twice the average rate of personal loans. Refinancing this debt with a personal loan can save you plenty over making minimum credit card payments.

4. Will a personal loan cover all my debts?

If you have more than $50,000 in credit card debt, it’s going to be difficult to put together a personal loan that can finance the entire amount. It’s worth prioritizing the highest interest cards and consolidating those instead of trying to divide your refinancing evenly between accounts. Get the biggest problems out of the way, so you can focus your efforts on picking up the pieces.

Debt consolidation doesn’t work for everyone, but it can do wonders for many people. The ability to eliminate high-interest debt and simplify monthly expenses into one payment for debt servicing can change a family’s whole financial picture. Gather your account statements and your paycheck stubs, and contact High Point Federal Credit Union today!

5 Reasons we Overspend (and How to Overcome Them)

What makes us overspend? Let’s take a look at five common reasons and how we can overcome them.

1. To keep up with the Joneses

When people who seem to be in the same financial bracket as we are can seemingly afford another pair of designer shoes for each outfit, we should be able to afford them, too, right?

Break the cycle: Learn to ignore how your friends and/or peers choose to spend their money and develop a self-image that is independent of material possessions. Let the Joneses keep up with you!

2. We don’t have a budget

When all of our spending is just a guessing game, it can be challenging not to overspend.

Break the cycle: Create and stick to a monthly budget that covers all of your needs and some of your wants.

3. To get a high

Research shows that shopping and spending money releases feel-good dopamine in the brain, just like recreational drugs.

Break the cycle: There’s nothing wrong with spending money to feel good, so long as you don’t go overboard. Try putting some “just for fun” money into your budget so you can make that feel-good purchase when you need to do so without letting it put you into debt.

4. Misuse of credit

Credit cards offer us incredible convenience, but they also offer us a gateway into deep debt. Research shows that consumers spend up to 18% more when they pay with plastic over cash.

Break the cycle: When shopping in places you tend to overspend, use cash and you’ll be forced to stick to your budget. You can also use a debit card with a careful budget so you know how much you can responsibly spend.

5. Lack of self-discipline

Sometimes, we just simply lack the discipline not to exchange immediate gratification for long-term benefit.

Break the cycle: Define your long-term financial goals. Create a plan for reaching them through small and measurable steps. Before giving in to an indulgence you can’t really afford, remind yourself of your long-term goals and how much longer your timeframe will need to be if you spend this money now.

Products for Managing and Tracking Business Expenses

Running a flourishing business means overseeing a constant flow of money. Luckily, though, there are products that can help you with managing and tracking business expenses effectively and smoothly. Let’s take a look at some of them.

Business checking accounts

A designated business checking account can help with managing and tracking business expenses, taxes and revenue. Separate accounts also protect business owners from losing personal assets if action is taken against the company. A business checking account is used to deposit checks made out to their company and to cover business expenses, such as payroll or paying suppliers.

If you’re looking to open a business checking account, a High Point Federal Credit Union Business Checking Account can be a great choice. Learn about our business checking account and its convenient features by clicking here.

Business savings account

A business savings account is an account designated for funds to be used in case of emergency or for future business expenses. The money in this account will grow at a greater dividend rate, but access to funds is more limited.

Opening a High Point Federal Credit Union Business Savings Account will provide you with a competitive dividend rate and a variety of terms. If you’re ready to open a business savings account, call, click, or stop by High Point Federal Credit Union today.

Business credit card

A business credit card provides small business owners with easy access to a revolving line of credit. Business owners can use the credit to cover large expenses, make purchases, or meet monthly bill payments.

A business credit card is easier to qualify for in comparison to a business loan, but will nearly always have a higher interest rate. If the business owner is careful only to use the credit card when it is absolutely necessary and pays the bill before it’s due, interest will not accrue.

If you’re looking to open a business credit card, look no further than High Point Federal Credit Union. We offer business credit cards for small businesses as well as options for larger businesses with multiple users. Learn more about our business accounts and services by calling (716) 372-6607 today!

Staying Safe Online

A compromised computer can put you at risk for money loss, phishing scams or even complete identity theft. Read on for some steps you can take to keep yourself safe online.

Avoid fake sites

If you’re browsing a site you don’t usually use, ask yourself these questions to make sure it’s safe:

Does your browser warn you against visiting the site? Your browser’s warnings are based on actual data and user reports.
Is the web text riddled with grammar mistakes and typos? If a site looks like it was written by a second-grader, leave.
Is the site secure? Only visit sites with an “https” and not just an “http” in the address bar.
Does the digital footprint check out? Google the company’s name to see what’s being said about them.
Is there a legitimate “Contact us” section? There should be an authentic physical address and phone number for the business.
Is there an excessive number of ads? If a website is practically covered in ads, it’s likely a fake.
Check the shipping and return policies. If you can’t find this information, the site is probably bogus.
Is the URL authentic? When redirected to another site, check the new URL to see if it matches the original company.
Does something seem too good to be true? If so, it probably is, and caution is warranted!
Is the site prompting you to download something? Make sure you verify the site before performing any download.
Is there an alternative site that you’ve used before and trust? If so, use that site instead.

Practice password safety

It’s the key to your online life — keep it safe! Here’s how:

Change your password every 30-40 days.
Never double passwords. Use a unique code for each site and service you use.
Use strong passwords. Choose passwords that include a mixture of capitalization use, numbers, letters and symbols.
Use a random passphrase instead of a password. Passphrases are longer and harder to guess. Switch out certain letters with symbols and numbers to make it even more secure. The longer the password the better.

Update your browser

Perhaps the most important step of internet safety is keeping your browser updated. With just one click, you’ll increase your browser’s security and improve your computer by making it faster and compatible with more websites.

Above all else, an updated browser will provide better security. Internet companies are constantly looking for ways to protect you and keep you safer; take full advantage of their efforts by always using the latest version.

An updated browser offers stronger protection against the most recent scams, phishing attacks, viruses, Trojans, and more. Newer browsers have also patched up security vulnerabilities that may be present in your older browser. Updating your browser is super-easy and super-quick. Late model computers will update automatically as soon as new iterations are released to the public. If your computer is a little older, you can choose the “auto-update” feature available on some browsers for the same results. Otherwise, you can update your browser manually by following the instructions on your browser. These are typically easy to follow and take just a few clicks.

Beware Emergency Scams!

“Grandma, you gotta help me! They’re going to arrest me if I don’t pay the fine – and I lost my wallet! Can you wire me some money?”

Sounds like a heart-tugging phone call, doesn’t it? It’s actually just a plot by devious scammers. There’s no imminent arrest and no lost wallet. In fact, it isn’t even your grandchild on the line.

Family emergency scams are especially nefarious since they take advantage of the natural affection a grandparent has for a grandchild. They’re usually pulled off in the guise of a frantic phone call that appears to be from the victim’s grandchild.

Here’s how to identify an emergency scam and what to do if you’ve been victimized.

3 ways to spot emergency scams

1. The caller insists upon secrecy

Once your “grandchild” has had his or her say, the scammer will then take the phone, impersonating an authority figure who is out to make the arrest and demanding that payment be made immediately. They’ll stress the importance of keeping it hush-hush so nobody gets hurt, but the real reason behind their gag order is to keep you from digging and identifying the scam.

2. The “authority figure” will only accept certain payment methods

If you receive a phone call insisting that you wire money, or send a prepaid debit card or certified check to save your grandchild from a distressing situation, you’re looking at a scam.

3. Your “grandchild” doesn’t know basic identifying information

It can be difficult to recognize your grandchild’s voice over a phone that has iffy reception. If you receive a call like the one described above, ask the caller about some information that a stranger would not be able to find on your grandchild’s social media accounts. This will let you know who you’re dealing with.

If you’ve been scammed

If you’ve gotten a frantic phone call like this from your grandchild and you believe it to be true, don’t react. First, call your grandchild on your own to verify his or her whereabouts. You may be surprised to learn your grandchild is safe at home!

If you’ve only recognized the ruse after you’ve sent your money, report the scam to the Federal Trade Commission at ftc.gov.

5 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 refinance

Trim your mortgage payments by refinancing at a lower interest rate. It will cost a bit, but in some situations you can roll closing costs and other fees into your refinance loan. Plus, the money you save each month should more than offset these costs. A refinance is especially smart in a falling-rates environment or if your credit score has improved a lot.

2. Lower your property taxes

Taxes are inevitable, but you may be able to lower your property taxes by challenging your town’s assessment. Each town will have its own guidelines to follow for this process, but ultimately, you will agree to have your home reappraised for proving that its value is less than the town’s assessment. This move can drastically lower your property tax bill; however, if you have made improvements to your home, it may be appraised at a higher value, which could raise your taxes.

3. Change your auto insurance policy

If you’ve had the same insurance policy for several years, speak to a company representative about lowering your premiums. By highlighting your loyalty and excellent driving record, you may be able to get a lower quote. If your insurance company is not willing to work with you, it might be time to shop around.

4. Consolidate debt

If you have multiple credit cards with outstanding balances, consider a balance transfer. This entails opening a new, no-interest credit card and transferring all debt to it. The no-interest period generally lasts up to 18 months. You will now have just one debt payment to make each month. Plus, the no-interest feature means you can make a serious dent in paying down that debt without half of your payment going toward interest.

Another way to consolidate debt is to take out a personal loan at High Point Federal Credit Union. Our personal loans will allow you to pay off all of your credit card debt at once. You’ll only need to make a single, affordable monthly payment until your loan is paid off. Explore our current rates here.

5. Cut out subscriptions you don’t need

Take some time to review your monthly subscriptions to weed out those you don’t really need.

If you’re paying for a gym membership, consider just paying for classes you attend instead of the full membership, or springing for your favorite workout machine to use at home. Drop your cable service or downgrade to a cheaper plan by cutting out expensive channels you don’t watch often. Also, you might be paying for premium versions of apps you don’t need. Dropping these costs can give you more wiggle room in your monthly budget.

How to Create a Budget in 6 Easy Steps

If you’re always wondering how you’re going to pay the next bill, feel guilty when you indulge in overpriced treats and you just can’t find money to put into savings, you might need to create a budget.

A budget will help you gain financial awareness, which will help facilitate more responsible decisions.

Here are 6 easy steps to create a budget:

Step 1: Gather your financial information

Collect all your financial documents and receipts for three consecutive months. This includes all account statements, bills, pay stubs, receipts and more.

Step 2: Tally up your totals

Divide your documents into expenses and income. Then, list the corresponding numbers on a spreadsheet. As you work through these lists, include occasional and seasonal expenses, dividing their totals by 12 to spread them evenly throughout the year.

When you have your numbers, take a look at how they match up. If your expenses outweigh your income, trim your spending and/or look for ways to boost income.

Step 3: List all your needs

Take a look at how you’ve spent your money in the recorded time and identify all the actual needs. This includes fixed expenses like mortgage/rent payments, savings, insurance premiums and car payments; as well as fluctuating but necessary expenses, like groceries. To keep it simpler, list your fixed expenses first, followed by your non-fixed expenses.

As you list each need, write down its corresponding cost. When you’ve finished creating this list, add up the total.

Step 4: List your wants

Your next step is listing the stuff you love but can really live without. Include entertainment costs here, as well as eating out and expensive hobbies.

Here too, jot down the monthly cost of each item and tally up the total when you’re done.

Step 5: Assign dollar amounts to expenses

Open up a new spreadsheet, and copy your list of expenses, starting with the fixed-cost needs, then your non-fixed-cost needs, and finally your wants.

Next, assign a specific dollar amount to each expense category. If your budget allows, you can use the average amount you’ve spent in each category for the last three months to set the cap for that expense.

Continue until every dollar is accounted for and you have enough money in your budget to cover each need, want and occasional expense. If expenses outweigh income, you’ll need to trim some expenses for your budget to work.

Going forward, be sure to spend only the assigned amounts for each expense category.

Step 6: Review and adjust as necessary

Review your budget monthly to see if you’re staying on track. If you consistently overspend in a category, spend less in a different area so you have more money available to meet your needs.

The Importance of being Financially Fit

Being financially fit is crucial for a well-balanced, stress-free life. Here’s why (and how):

Expand your financial knowledge

A financially fit person is constantly broadening their money knowledge. They read personal finance books and blogs, attend seminars and are aware of the evolving state of the economy. This enables them to make money decisions from a position of knowledge and power.

Stick to a budget

A financially healthy person knows that tracking monthly expenses is key to financial health. They are careful to set aside money from their monthly income for all fixed and discretionary expenses, and to stay within budget for each spending category.

Minimize debt

A financially fit person is committed to paying down debts and seeks to live debt-free. Constant budgeting, ongoing financial education and planning ahead enables them to make it through the month, and through unexpected expenses, without spiraling into debt.

Maximize savings

A financially healthy person prioritizes savings. This allows them to think ahead and build a comfortable nest egg or emergency fund. In turn, having a robust safety net means sleeping better at night knowing there’s money available to cover unexpected expenses.

Maintain complete awareness of the state of your finances

A financially fit person knows exactly how much money they owe, the accumulated value of their assets and the complete sum of their fixed and fluctuating expenses. This awareness takes the stress out of money management, allowing them to make better financial choices.

Maintain a healthy credit score

A financially fit person knows that an excellent credit history and score are crucial factors to long-term financial health. They are careful to pay bills on time, hold onto credit cards for a while and to keep credit utilization low. This helps them qualify for long-term loans with favorable interest rates, which saves them money for years to come.

Create concrete financial goals

A financially healthy person has long-term and short-term financial goals. This enables them to keep their focus on the big picture when making everyday money choices and empowers them to realize their financial dreams.

Achieve financial independence

A financially fit person is independent. By sticking to a budget, prioritizing savings and maintaining an awareness of their finances, they are strong, secure and completely independent.

Millennials Hit Hardest by Coronavirus Recession

The coronavirus recession hasn’t been easy on anyone, but millennials may have been hit the hardest.

Here’s why the coronavirus pandemic has been especially hard 25- to 39-year-olds:

Another recession

For millennials, economic recessions are nothing new. This generation has already lived through the Great Recession of 2008, the impact from which is still being felt today.

The Great Recession hit millennials when they were still in college or just starting out on their career paths. For some, it meant the choices for their first post-college job were slim. For others, it meant dropping out of college when there was no longer a guarantee of a degree netting a high-paying job. Regardless of how they were impacted, many are still playing catch-up.

Job losses across the board

More than 40 million workers in the U.S. have filed for unemployment since the beginning of the pandemic, and millennials have been hit harder than most.

According to a report by Data for Progress, 52% of respondents under age 45 have lost jobs, been furloughed or had their work hours cut due to COVID-19. In contrast, just 26% of respondents over age 45 have suffered a job loss during this time.

The economy shed 20.5 million jobs in April. Of these, 7.7 million were in the leisure and hospitality sector — a sector dominated by millennials. An additional 1.4 million lost jobs were in health care, primarily in ambulatory services — another field that employs a large amount of millennials.

No nest egg

Many millennials are carrying piles of debt and have minimal or no savings. According to surveys conducted in 2018 by the Federal Reserve, 1 in 4 millennial families have a negative net worth, or debts outweighing assets. One in six millennials would not be able to find the funds to cover a $400 emergency. For these young employees, a relatively mild setback from the coronavirus can be devastating to their finances.

Can Millennials recover?

Millennials have been hit hard again, but there is hope. The forward-thinking millennial can use the challenges presented by COVID-19 as an opportunity to move onward toward a brighter future.

What’s a Recession Anyway?

You’ve likely caught the term “recession” thrown around on the news in the last several months. But, do you know the exact definition of a recession? How is it different from a depression? How long do recessions last?

So many questions — and we’ve got answers! Here’s all you need to know about recessions.

What is a recession?

A recession is a widespread economic decline in a designated region lasting several months or more. In a recession, the gross domestic product (GDP), or the total value of all goods and services produced in the region, decreases for two consecutive quarters. In most recessions, the GDP growth will slow for several quarters before it turns negative.

What’s the difference between a recession and a depression?

A depression has similar criteria as a recession, but is more severe. For example, in both a recession and a depression, the unemployment rate rises; however, during the Great Recession of 2008, unemployment peaked at 10%, while during the Great Depression, unemployment levels soared to 25%.

Depressions also last longer than recessions. The Great Depression officially lasted four years, but continued to impact the economy for more than a decade. In contrast, recessions last only about 11 months, according to data from the National Bureau of Economic Research (NBER) .

Why the COVID-19 recession is unlike any other

The COVID-19 recession, also known as the coronavirus recession, is unique because it was not sparked by any inherent problem within the economy.

Another anomaly of the coronavirus recession is the super-healthy state of the economy before it hit. In February, unemployment levels were at a 50-year low, stock markets were at a record high and the U.S. economy had enjoyed its longest period of growth in history.

The unusual triggers and the explosive start of the current recession may be good news for its end. An April Reuters poll found that nearly half of 45 economists believed the U.S. recovery would be U-shaped; meaning relatively quick.

How will this recession affect me?

The coronavirus recession can impact the average consumer in multiple ways.

First, many are struggling with sudden unemployment or will be facing joblessness in the coming months. The most recent data from the Bureau of Labor Statistics show the unemployment rate at 10.2%.

Secondly, the economic uncertainty has triggered record-low interest rates, which in turn sparked a rush to refinance. If you are currently paying high interest rates on a long-term loan, you may want to consider refinancing for a lower monthly payment. Explore our current rates by clicking here.

Finally, investments in stocks, bonds and real estate may lose value during a recession.

If you are experiencing financial difficulties of any kind, feel free to reach out to us to see how we can help.