Blog - Los Angeles Federal Credit Union: Financing Your Future

Good Mortgage Habits

Having a mortgage is a significant financial responsibility that requires careful planning and management. Here are some good mortgage habits to adopt:

Create a budget: Having a budget in place can help you manage your monthly expenses and prioritize your mortgage payments. Make sure to account for your mortgage payment, property taxes, insurance, and any other homeownership costs in your budget to ensure that you can afford your home.

Make your payments on time: Late payments can not only negatively impact your credit score, but they can also result in late fees and penalties that can add up over time. Set up automatic payments to ensure that you never miss a payment.

Pay extra when you can: Making extra payments towards your mortgage can help you pay off your loan faster and save money on interest in the long run. Even small additional payments can make a big difference over time. Consider making bi-weekly payments instead of monthly payments to help reduce the amount of interest you pay over the life of the loan

Auto Financing

Several Tips

Auto financing can be one of the most stressful parts of buying a car, but with the right knowledge and preparation, you can make the process much easier. Whether you're a first-time buyer or have purchased multiple vehicles in the past, these seven tips for auto financing will help you secure the best deal possible.

1. Know your budget: Before you even start shopping for a car, it's important to know how much you can afford to spend. Take a close look at your income, expenses, and savings to determine how much you can comfortably put towards a monthly car payment. Remember to take into account additional costs like insurance, maintenance, and registration fees.

2. Check your credit score: Your credit score plays a significant role in the interest rate you'll be offered on an auto loan. Before applying for financing, check your credit report to make sure there are no errors that could be dragging down your score. If your credit score is less than perfect, consider taking steps to improve it before applying for a loan.

3. Shop around for the best rate: Check with multiple lenders to see who can offer you the most competitive rate. In addition to the monthly payment, be sure to look at the overall cost of the loan, including fees and interest. You might want to opt for a shorter loan term, such as 48 or 60 months, to pay off the loan faster and save on interest costs.

Warehouse Shopping

Savings Ideas

Warehouse club stores can be a great way to save money on bulk purchases, but it's important to be strategic when shopping at these locations in order to maximize your savings. Here are some tips for saving money when shopping at warehouse club stores:

Make a list and stick to it: Before heading to the warehouse club store, make a list of the items you need to purchase. This will help you avoid impulse buys and unnecessary purchases that can add up quickly.

Watch how much you buy: One of the main benefits of shopping at warehouse club stores is the ability to purchase items in bulk at a discounted price, It can be tempting to buy large quantities of fruit, dairy, meat, or baked goods, but be sure those items will be consumer or can be frozen before they go bad. Consider buying non-perishable items like paper towels, toilet paper, and cleaning supplies in bulk to save money in the long run.