Sign In

    Swimming Pool Loans with Homeowner Express

    Last updated 1 day 15 hours ago

    Homeowner Express: Fast, Easy Swimming Pool Loan

    Considering adding a swimming pool to your backyard? If you’ve started your research, you’ve probably learned that swimming pools are expensive, and the swimming pool loans offered by swimming pool companies carry a slew of potential headaches like putting a lien on your home, having available equity in your home, or high interest rates over long terms.

    Obtaining a swimming pool loan is as simple as getting a Homeowners Express Loan from Amplify Credit Union.

    • No home equity required
    • No lien on your home required
    • No closing costs, prepayment penalties, or other hidden fees
    • Installment loan or line of credit options available
    • Installment loan offers terms of 5, 7, or 10 years
    • Fixed rates starting as low as 6.99% APR for the installment loan, and 7.99% APR for the line of credit
    • Funds available within 24 hours

    What to Expect When Installing a Swimming Pool

    Swimming pool installations require a lot of coordination, flexibility, and patience. Although every experience is different, here are some factors to consider ahead of time.

    • Your contractors will most likely expect payment up front. Luckily, Amplify’s Homeowner Express Loans and Lines of Credit fund within 24 hours so you don’t have to wait. If your payment is due in phases, consider starting with a Homeowners Express Line of Credit so you can borrow against it in stages and only pay interest on your balance. When you’re done, you can refinance the balance into an installment loan to pay it off at a lower rate.
    • It’s expensive. Basic swimming pools start in the $30,000 to $40,000 range, but that doesn’t include the stone or cement area surrounding the pool, post-construction landscaping, or your new pool and patio furniture. Make sure your budget includes everything.
    • There’s going to be a big hole in your backyard. Obviously. But this might not sink in until your contractors start talking about digging up sprinkler lines and any other systems you may have running underground. Repairing these lines after the project will cost you money.   

    Swimming Pool Loan Financing Tips

    • Be good to your finances & credit. Swimming pools are expensive to install, maintain, and repair, so don’t put your finances and credit score on the line by financing the entire swimming pool project. You may also be able to save money by opting to do some of the landscaping and cleanup yourself following the installation.
    • Shoot for the lowest possible rate. Getting the lowest rate possible is important. If you have available equity in your home, consider applying for a Home Equity Loan or Home Equity Line of Credit. Although a lien and available equity are required, equity loans offer the lowest rates you’ll probably be able to find.
    • Need your funds immediately? If you decide to go the Home Equity Loan or Line of Credit route, consider using a Homeowner Express Loan or Line of Credit as a bridge loan. Contractors usually want some, if not all, of their money up front, but equity loans take several weeks to fund. You may be able to use the Express loan to pay your contractors then pay off the Express loan when your equity loan funds.
    • Plan your installation for the off-season. Swimming pool contractors get a rush of orders for new pools during the spring and at the beginning of summer. Although rushing to have your new pool installed just in time for summer may sound tempting, having it installed in the off-season can save you money, time, and headaches.

     

     

    Debt Consolidation for Homeowners

    Last updated 23 days ago

    Debt Consolidation Options for Homeowners

    Everyone has a different threshold for what they consider to be “too much debt.”  However, you may not realize that if your combined credit card balances exceed 30% of their combined available limits, your credit score is suffering as a result.

    Additionally, if you’re paying on any personal loans or furniture loans with high interest rates, you may be able to lower your interest rate and monthly payment by consolidating them into a single loan.

    If you’re a homeowner in the Austin area, debt consolidation can be as easy as getting a Homeowners Express Loan from Amplify Credit Union. It’s just like a personal loan with a lower, fixed rate, and you can use the funds for anything. Even if your debt load isn’t “out of control,” getting a consolidation loan can help you pay it off faster and avoid a slippery slope of rising interest rates.

    Types of Debt to Consolidate

    Before applying for your debt consolidation loan, you need to determine which items should be included in the debt consolidation loan. Factors to consider are

    • Interest rates – are you paying more than 8.00% APR on any of your balances, whether credit card or personal loan? If so, consider including them.
    • Term – if you’re almost finished paying off a debt item, you may not want to include it. You may end up paying more in interest on the item than if you simply buckled down and paid it off early.
    • Credit cards – because they are considered revolving debt, credit cards generally charge higher interest rates than personal loans. If your balances exceed 30% of your total limits, consider paying them off with a consolidation loan. Just be sure not to put new balances back on them for a while.
    • Education loans - whether private or federal, education loans have tax benefits. Consult a tax professional before refinancing an education loan into a personal loan.
    • Auto loans – because they are secured by collateral, auto loans will generally have lower interest rates than personal loans. If you have available equity in your auto, doing a cash-out auto loan refinance to consolidate your debt (instead of a Homeowners Express Loan) may be a better option for you.

    Debt Consolidation Calculator

    Use this debt consolidation calculator to determine which high-interest loan balances you could consolidate into a debt consolidation Homeowners Express Loan.

    SMART TIP: If you are able to lower your monthly payment with the consolidation loan, consider putting extra money toward principle on your consolidation loan each month. You’ll pay it off even faster, AND you’ll pay less in interest over the life of the loan!

     

    Home Improvement Loans: What Are My Options?

    Last updated 1 month ago

    Whether your home improvement plans are large, small, short-term, or ongoing, Amplify Credit Union offers several home improvement loan options to suit your needs, even if you don’t have available equity in your home.

    If you recently purchased your home and are looking to make improvements, Amplify’s Homeowners Express Loan or Line of Credit may be a great fit for you. With no equity or lien requirements, these personal loans for homeowners offer low, fixed rates and the flexibility you need for your home improvement projects.

    If you have available equity in your home, or if you are looking to combine your mortgage balance with your home improvement costs, a Home Equity Loan or Home Equity Line of Credit will offer you even lower rates and longer terms. Equity Loans take longer to fund than Express Loans, so you may want to consider using an Express Loan as a bridge loan until your Equity Loan funds.

    Homeowner Express Loan

    IDEAL USES: Simple, one-time projects that require full payment up front, or even consolidating existing loan balances.

    • Installment Loan – funds available as lump sum
    • Available in terms of 5 years, 7 years, or 10 years
    • Same monthly payment for life of the loan
    • Fixed rate starting at 6.99% APR
    • Fast funding – within 48 hours!
    • No liens or home equity required
    • No closing costs

    Homeowner Express Line of Credit

    IDEAL USES: Ongoing projects that occur in various or unpredictable stages, or even unanticipated projects and repairs.

    • Line of Credit – revolving balance, just like a credit card
    • Borrow from it again even after you’ve paid it off
    • Monthly payments depend upon your balance and may change as you borrow more
    • Fixed rate starting at 7.99% APR
    • Fast funding – within 48 hours!
    • No liens or home equity required
    • No closing costs

    Home Equity Loan

    IDEAL USES: Larger, one-time projects such as add-ons, roofing or foundation repairs, and complete renovations, or even consolidating existing balances with your mortgage to get a lower rate post-completion.

    • Installment Loan – funds available as lump sum
    • Available in terms of 5 years, 10 years, 15 years, or 20 years
    • Same monthly payment for life of the loan
    • Lowest fixed rates available, starting as low as 3.49% APR
    • Funds available 3 days after closing (entire process takes approximately 3-4 weeks)
    • Equity in your home is required, and a lien will be placed on the home (just like a mortgage)
    • Interest paid may be tax-deductible. Check with a tax professional about your specific circumstances.

    Home Equity Line of Credit

    IDEAL USES: Ongoing projects of substantial size or cost that occur in various or unpredictable stages, such as energy efficiency upgrades, new HVAC, or house rewiring.

    • Line of Credit – revolving balance, just like a credit card
    • Borrow from it again even after you’ve paid it off (minimum withdrawal amount is $4,000)
    • Monthly payments depend upon your balance and may change as you borrow more
    • Low, variable rate starting as low as 3.69% APR
    • Funds available 3 days after closing (entire process takes approximately 3-4 weeks)
    • Equity in your home is required, and a lien will be placed on the home (just like a mortgage)
    • Interest paid may be tax-deductible. Check with a tax professional about your specific circumstances.

     

    5 Things You Probably Didn't Know About Your Credit Score

    Last updated 5 months ago

    Here are some nifty facts about credit scores you probably didn't know -- and if you did, you should be working here!

    1. Your credit score is a calculation that indicates to a lender how likely you are to become 90 days past due on a debt within the next 24 months. Most people think it simply reflects how likely you are to repay a debt, which is true, but the algorithm more heavily considers monthly payment history than number of loans you’ve successfully paid off.
    2. Your utility bills, rent, cell phone bills, insurance payments, and income are NOT reported to the credit bureaus. However, if any of your bills end up with a collection agency, they WILL be reported.
    3. There are three main credit bureaus that each report three different credit scores. Your scores can vary depending on what information is reported to each of the bureaus. Different lenders report to different bureaus, so don’t just assume a lender is going to decision your loan based on the highest of your three scores.
    4. Your “FICO®” score is actually a blend of the scores from the three bureaus. Some lenders take this score as your credit score, but others may only consider your score from one or more of the bureaus. Amplify and many other Texas lenders use Equifax credit reports to decision loans.
    5. As of fall 2014, your FICO® score no longer takes medical collections into account. Medical collections will still show up on your credit report, but they will no longer affect your FICO® score.

    Credit Basics: What is LTV?

    Last updated 6 months ago

    When applying for a collateralized loan such as a car loan or mortgage, you may hear the term “LTV” thrown around along with a bunch of other acronyms. But what is LTV?

    LTV stands for “Loan-to-Value” and is a ratio expressed as a percentage. It is calculated by dividing the amount you’re borrowing by the value of the collateral being financed. For example, if you’re financing a car for $25,000 but the NADA value is $21,000, your LTV would be 119%.

    25,000 divided by 21,000 = 1.19, or 119%

    The lower your LTV, the better equity position you, the borrower, are in. In order to not be upside down on your loan, the goal is to owe as little as possible as compared to the value of the collateral. If you’re financing more than 100% LTV on a vehicle, consider purchasing GAP Insurance to protect yourself in the event your car is totaled. If your vehicle is declared a total loss and your LTV is more than 100%, you may owe money out of pocket since your insurance company will only pay out up to 100% of the value.

    When considering Auto Loan Financing, Amplify uses the NADA “Clean Trade” value to determine the LTV. Other lenders may use Kelley Blue Book, Edmunds, or other NADA values. Every lender is different, so consider that factor when doing your research.

    When financing a Mortgage, lenders will usually consider an appraised value when processing the loan. Depending on the amount you’re borrowing, a lender may require multiple appraisals from different appraisers to determine the value; others may simply use the county’s tax appraisal value. Again, every lender and loan situation is different, so ask your lender what their process is.

Do you like Amplify Credit Union?


  • Hours:

  • Closed Sunday
  • 9:00 AM to 6:00 PM Monday
  • 9:00 AM to 6:00 PM Tuesday
  • 9:00 AM to 6:00 PM Wednesday
  • 9:00 AM to 6:00 PM Thursday
  • 9:00 AM to 6:00 PM Friday
  • 9:00 AM to 2:00 PM Saturday


Links

  • Recent Posts
    • Loading posts... Spinner
  • View All
  • Recent Comments
    • Loading comments... Spinner
  • Popular Tags
    • Loading tags... Spinner