Top 4 Reasons to Go Solar!

Date May 3, 2016

Going solar has many benefits that you may not be aware of! Not only can you save money on monthly utility costs, you may be able to increase your property value and more!

  1. Save money. According to a recent survey, the number one reason why homeowners had solar installed on their home was to save money. When you purchase and install solar panels on your home, you’re more than likely saving money by not having to pay hundreds of dollars each month to your utility company. And when you purchase the panels with a loan, there is an end date to that loan. There is no end date to paying the utility company for electricity. Even if you don’t produce all of the energy you consume, your utility bills still will be much smaller. Either way, you’ll be saving a lot of money. When you purchase solar with a loan, the contractor and lender make sure that your loan payment will be less than what you’re currently paying your utility.
  2. Protect against rising energy costs. As we’ve seen with the DWP, utility rates can increase, and they will. When you go solar, you don’t have to worry about rising costs since a majority, if not all, of your energy will be generated by solar.
  3. Take advantage of the 30% federal tax credit. When you install solar by 2019, you will get 30% of your total cost back. If you apply that to your MCCU loan, you can re-amortize that loan and end up with an even lower monthly payment!
  4. Increase your property value. According to energysage.com, early studies have found that homes equipped with clean energy systems have higher property values, selling twice as fast and at a premium of 3-4% over similar homes in the same neighborhood. So not only is installing solar going to save you money while you’re living in the home, it can help you earn more when it comes time to sell.

Ready to learn more about going solar? Contact one of our experienced and friendly Solar Loan officers at 818.993.6328 for more information! Or go online to learn more about our affordable solar financing program!

College Scholarships, Grants and Loans – What do they Cover?

Date April 28, 2016

Students and their families have plenty of options to consider when it comes to paying for college tuition. From scholarships to grants to loans, filling the gap can be a confusing proposition. Before deciding what options are right for you, there are a few important tips to keep in mind.

1. Start with free money. While scholarships and grants are free money and don’t need to be repaid, both federal and private loans are debt that students will need to repay. Matadors Community Credit Union encourages our members to borrow responsibly, only taking on the amount of debt you really need. We’ve partnered with Sallie Mae to offer access to the Scholarship Search tool, with more than 3 million scholarship options worth $18B, based on residency, personal interests, grades, and more. When you register to use Scholarship Search by Sallie Mae, you can enter a monthly $1,000 sweepstakes.

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Going Solar Can Be Affordable

Date April 1, 2016

 alt=Are you secretly watching with envy as your neighbors and friends install solar panels on their home, saving energy and ultimately, money?

You may be thinking: I wish I could afford solar panels for my home. Good news – with a loan from Matadors Community Credit Union, going solar may be more affordable than you think! Regardless of how you finance your solar installation, the number one thing you want to be sure of is that your monthly payment will be less that what you are paying your utility company now.

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When It Comes To Borrowing, Patience Is A Virtue

Date March 15, 2016

These days, perhaps more than ever, having patience is most definitely a virtue. And from where I’m standing, nowhere is patience needed more than when you apply for a mortgage loan. Whether you are looking to purchase a home or refinance your home, being a borrower in today’s market may make even the most tolerant among us lose our cool.

However, that does not mean you should shy away from purchasing or refinancing. Interest rates are still low and home prices are more or less stable. Instead, what it means is that you should be prepared for your loan approval and funding to take at least a month and you should expect curveballs to be thrown your way during the process.

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Federal Solar Tax Credit Extended

Date February 29, 2016

 alt=Great news for homeowners who want to go solar! The previous deadline of December 31, 2015 to get the Federal tax credit has been extended out to 2019, for the full 30% credit. If you get your solar system installed after 2019, you may still be eligible for a credit, but it will be less than 30%.  Here are the details:

The maximum allowable credit, equipment requirements and other details vary by technology, as outlined below.

Solar-electric property

  • 30% for systems placed in service by 12/31/2019
  • 26% for systems placed in service after 12/31/2019 and before 01/01/2021
  • 22% for systems placed in service after 12/31/2020 and before 01/01/2022
  • There is no maximum credit for systems placed in service after 2008.
  • Systems must be placed in service on or after January 1, 2006, and on or before December 31, 2021.
  • The home served by the system does not have to be the taxpayer’s principal residence.

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Benefits of Solar Loans

Date February 4, 2016

Solar electricity has become increasingly popular in recent years, as electric costs have steadily risen and concerns for the environment have grown. The only seeming downside is the upfront expense, which can feel steep for many budgets. Solar loans may be the perfect solution, providing a way to affordably reap the rewards of solar power in your own home.

Why go solar?

Installing solar panels on your rooftop can be positive for you, your neighborhood and the entire planet. Here’s how solar energy makes a difference:

  • It protects you from rising energy costs as you reduce or possibly even eliminate your monthly electric bill.
  • It’s a way to be kind to the planet by lowering your carbon footprint and creating green energy.
  • It brings tangible returns on your investment and increases your home’s property value.
  • It helps you become less dependent on your local electric company.
  • It creates jobs and boosts your local economy.

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Is a car refinance right for me?

Date December 17, 2015

 alt=Car owners typically refinance for one of three reasons: to lower monthly payments, to save on interest charges or to get cash to cover an expense or help manage other debt. To determine whether refinancing makes sense for you, take a good look at your current loan and financial picture. You might benefit from refinancing if:

  • Your credit has improved, which would qualify you for a lower interest rate.
  • Your old loan’s rate is more than a couple of percentage points higher than current rates for refinancing loans being offered by lenders.
  • Money is tight, and lowering your car payments would bring relief.
  • The refinanced loan could pay off your existing auto debt and give you cash back to help manage other expenses.
  • You don’t have a heavy prepayment penalty on your current loan.
  • You still have enough time left and money owed on your loan that a refinance would bring meaningful savings.

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How to Help Aging Parents Without Going Broke

Date December 14, 2015

The stress involved in being a care provider for your parents is twofold: You want to make sure they’re not in pain, while making sure that you don’t hurt yourself financially. The balance is a delicate one.

Almost a third of adults ages 40 to 59 have provided financial support to a parent in the previous year, according to a Pew Research report in 2013. If you’re in that situation, see what you can do to help without burning through your savings or going into debt.

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The Benefits of a Mortgage Pre-approval — and How to Get One

Date November 16, 2015

Unless you were recently selected as the No. 1 pick in the NFL draft or released a hit album, you probably won’t pay for your new house in cash. Like millions of Americans, you’ll take out a mortgage.

Before you begin your housing search, try to get a mortgage pre-approval, which is usually good for up to 90 days. After reviewing and verifying some of your financial information, lenders will tell you how much money they’d be willing to let you borrow. Getting pre-approved can speed up the sale process and demonstrates to sellers that you’re serious about buying.

Here’s a closer look at how you could benefit from a mortgage pre-approval and what it takes to get one.

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That 0% Auto Loan Might Not Be the Best Deal

Date October 13, 2015

 alt=In seeking the best deal on your next car, you might have stumbled upon advertisements or offers to get a 0% interest auto loan. As great as this sounds, you may not save as much as you expect with this type of incentive.

Since auto loans can come through either a dealer or a lender, such as a bank or credit union, it’s important to note that a 0% interest loan generally, if not always, is obtained through a dealer. Automakers offer them to attract buyers to certain car models, especially ones that aren’t selling well. Here are a few things to consider about 0% financing and why it might not be in your best interest to use it.

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