FAQs

It's important to know what you can afford before looking for a home. Our home affordability calculator gives you a good starting point. Try it out here

Since everyone's situation is unique, we can't give you an exact number, but we can give you an estimate! Try our mortgage payment calculator. It's a great tool for building out a future budget that includes a mortgage payment. Try it out for yourself!

The average cost of raising a family in the US can exceed $300,000, but everyone's situation is different. To get your family fund started, be sure to try out some of our savings calculators so you know how much to put aside.

Try our saving for a goal calculator

Discover the benefits of increasing your savings calculator

Starting early is key to building wealth through investing. The longer your money stays invested, the more time it has to grow through compound interest. Over time, your initial investment generates returns, and those returns generate even more returns, leading to exponential growth.

By understanding the basics, setting clear goals, diversifying your portfolio, and staying consistent, you can build a solid foundation for investing success. Take the first step today to start growing your wealth!

Diversification is one of the most important principles of investing. This strategy involves spreading your money across different asset classes (stocks, bonds, real estate, etc.) and industries to minimize risk.

Components of a Diversified Portfolio

• Equities (Stocks): For growth potential.
• Fixed-Income Securities (Bonds): For stability and predictable returns.
• Alternative Investments: Real estate, commodities, or other non-traditional investments for additional diversification.

Diversification helps protect your investments. If one area of your portfolio underperforms, others may offset the loss, ensuring steadier returns over time.

Before investing, it’s important to define your financial goals. Are you saving for retirement, a home, education, or simply building wealth? Having clear objectives will guide your investment decisions.

• Long-Term Goals: If you’re saving for retirement, investments like stocks and mutual funds can provide growth over time.
• Short-Term Goals: If you’re saving for a home or another short-term expense, safer options like bonds, certificates of deposit (CDs), or high-yield savings accounts may be more appropriate.

By aligning your investments with your financial goals, you can create a strategy that supports both your timeline and desired outcomes.

It's never too late to put the power of compounding interest to work!

See for yourself with our compounding interest calculator

While the anticipation is thrilling, selecting the right college involves careful thought and planning. Here’s a breakdown of key factors to consider:

• Cost: Evaluate tuition, housing, meal plans, and other fees.
• Programs Offered: Ensure the college provides the majors or minors you’re interested in studying.
• Reputation: Consider the college’s standing and credibility in your field of interest.
• Commute or Distance from Home: Think about whether you prefer to stay close to home or embrace a new location.
• Campus Environment and Size: Decide if you thrive in a large, bustling campus or a smaller, more intimate setting.
• Student Life: Look into extracurricular activities, clubs, and overall campus culture.

College might not be the right path for everyone. If you already have a job or different career path you’re interested in that doesn’t require a college degree, it may not be worth spending the money and time to go. There are also alternatives like trade or cosmetology school that could be more aligned with someone’s interests and skills compared to a four year college. Furthermore, if you’re not sure what you want to study or do for a career path, it may be worth holding off on attending.

Some people might also not have the money to attend college and don’t want to potentially accrue a lot of debt from student loans. You could choose a different path that doesn’t require a degree or could work for a while to gain experience and save up money to attend college later. To save money, there could be the option to attend community college and transfer the credits to a four year university. You would need to check both schools requirements carefully to see if and what credits could potentially be transferred.

College is an investment in yourself and your future, but it doesn’t come cheap. Make a list of your interests and what career paths that could lead to. It may be helpful to research the earning and hiring potential of the majors you are interested in studying. Once you’ve done this, look at the colleges that offer programs in your areas of interest. Are those colleges in or out of state? What are their tuition, room and board, and meal plan costs?

Comparing your potential future salary versus the amount of student loans you may need to take out could help with your decision. Consider how long you would have to pay on your student loans for and the monthly payments.

You could also look for scholarships that might be available to help with the cost and reducing the amount of student loans you may have to take out.

• Think with Your Head, Not Your Heart: Sporty cars with all the bells and whistles are great, but you don't want to break your budget.
• Be Patient: Don't rush into a purchase - take your time and find the right vehicle at the right price.
• Consider Certified Pre-Owned Vehicles: These vehicles often come with additional warranties and benefits.
• Shop Around: Don't limit yourself to one dealership. Compare prices, deals, and incentives from multiple dealerships.
• Bring a Friend or Family Member: Having a trusted person with you can provide additional support and perspective - especially if this is your first time buying a car!

In many ways, yes! There are a few differences. When you decide to treat yourself to a new boat, RV, ATV, or motorhome, it’s important to understand all the moving parts. Loan terms can vary based on certain factors, such as the loan amount, your credit score, and the type and age of the vehicle. UMCU offers a range of term options for RV, boat, and auto loans. Here’s some things to keep in mind when deciding on a loan term for your vehicle:

• Loan Duration - The loan term for RVs, cars, and boats can range significantly. Boats are usually financed up to 20 years, cars range from 2-7 years, and RVs range from 10-20 years. Shorter loan terms typically result in higher monthly payments, but lower overall interest costs. Longer terms may have lower monthly payments, but higher overall interest expenses.
• New Vs. Used Vehicles - New RVs, boats, and cars generally have more extended loan terms available compared to used ones. Lenders may offer shorter loan terms for used vehicles, often based on the age and condition of the vehicle.
• Loan Amount - The loan term may also be influenced by the loan amount. Higher loan amounts may allow for longer repayment periods, while smaller loans may have shorter terms.
• Interest Rates - The interest rates can vary depending on factors like your credit score, loan term, and the type of vehicle being financed. Typically, borrowers with good credit scores can secure lower interest rates, while those with lower credit scores may have higher rates.
• Down Payment - Making a larger down payment can have an impact on loan terms. A substantial down payment may result in a lower loan amount, shorter loan term, or more favorable interest rates.

Take these proactive steps to safeguard your finances:

• Personal Information: Never give out personal information over the phone! UMCU will never ask for things like your one-time PIN, your debit card PIN, social security number, etc. If someone calls claiming to be from UMCU, hang up and call us from the number on our website.
• Keep your PIN safe: Never share your debit card PIN with anyone and do not write it on your card. It just makes it easier for scammers to steal your funds!
• Strong Passwords: Create complex passwords for all your online accounts and change them regularly.
• Never save passwords to public computers: It's one of the easiest ways for scammers to access your information.
• Email attachments: Never open email attachments from an address you don't recognize! Scammers may impersonate a friend, relative, coworker, or company in the hopes you won't look twice and download an attachment that allows them to hack your computer.
• Monitor Accounts: Regularly review your account statements for any unauthorized transactions.
• Credit Report: Use the CreditKarma app to track your credit report and scores
• Beware of Public Wi-Fi: Avoid accessing sensitive information on public Wi-Fi networks.
• Keep Software Updated: Ensure your devices, anti-virus, and anti-malware software have the latest security patches. If you don't have an anti-virus or anti-malware software, we strongly suggest you get one!
• Shred Sensitive Documents: Properly dispose of documents containing personal information.
• Only use Apple Store or Google Play: never download or purchase apps from third-party app stores.
• Enable two-factor authentication (2FA): This is a security method that requires two different ways to verify a user’s identity. When you log into Online Banking, if you have 2FA enabled, you would receive a one-time PIN code to your phone or email, which you enter in addition to your password. This additional step prevents scammers from accessing your account. That’s why it’s so important not to give out a PIN code! Doing so lets scammers impersonate you. UMCU will never ask for it - if a caller claims to be from UMCU and asks for your one-time PIN, hang up – it’s a scam!

Here are a few examples of lines scammers might use to get you to give our personal information. UMCU will never ask for sensitive information like PINs or passwords, request funds to be transferred, or discourage you from verifying who you're speaking with. If in doubt, hang up and call UMCU directly using a trusted number from umcu.org or the back of your card.

• Phishing for PINs or Passwords
  • "I’m from UMCU, and I need your online banking password to verify your account."
  • "Can you provide your debit card PIN so we can unlock your account?"
• Funds Transfer Scams
  • "There’s suspicious activity on your account. Please transfer $5,000 to a secure holding account for safekeeping."
  • "To prevent further fraudulent charges, we need you to send funds to another account temporarily."
• Suspicious Advice About Contacting UMCU
  • "Our main phone line has been compromised, so don’t call the number on your card. Let’s handle this over the phone right now instead."
  • "You can’t trust UMCU’s website right now; it’s safer to keep this between us on this call."
• Urgency or Fear Tactics
  • "Your account will be closed in 24 hours unless you provide your information immediately."
  • "Law enforcement has been notified unless you act now by giving us your banking details."

Identity theft occurs when someone uses your personal information to make purchases, access financial accounts, apply for loans, open new credit cards, receive medical care, and more. Identity thieves often start by gaining access to your Social Security number, account credentials, credit card information, etc. Follow these identity theft prevention tips to keep your information safe!

• Know who you are communicating with if someone asks for your personal information
• Never open email attachments from unknown sources
• Never share account information without verifying the source who is requesting it
• Monitor your accounts
• Safeguard recycling bins and outgoing mail
• Check your credit report at least annually
• Use online bill-pay services and electronic account statements. Your personal information is safer in online banking than in a mailbox.