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<p>A Home Equity Line of Credit (HELOC) is a great way to access funds using the equity in your home. Metro Credit Union offers HELOCs for up to 90% of your home&rsquo;s value. You can use it for home renovations, a dream wedding, debt consolidation, and more.</p><p>When applying for a HELOC, you&rsquo;ll need to decide whether you want a rate that can periodically increase or decrease during the loan term or a rate that remains fixed. Understanding the differences between a variable rate HELOC and a fixed rate HELOC can help you choose the option that best fits your needs.</p><h3>What is a Fixed Rate HELOC?</h3><p>A fixed rate HELOC allows you to lock in an interest rate for the duration of your credit line. While your monthly payments may vary based on your outstanding balance, the interest rate remains the same. This means you can borrow funds as needed at the same fixed rate throughout the draw period. Fixed rate HELOCs are ideal for those who:</p><ul><li>Prefer predictable monthly payments</li><li>Want protection against rising interest rates</li><li>Plan to borrow a large sum and repay it over time</li><li>Need long-term financial flexibility without rate fluctuations</li></ul><h3>What is a Variable Rate HELOC?</h3><p>A variable rate HELOC has no locked rates, which means an interest rate that fluctuates based on market conditions. This can cause your monthly payments to go up or down depending on interest rate changes. Metro&rsquo;s variable rate HELOC has a 12-month introductory rate, after which the rate becomes variable. A variable rate HELOC may be a good fit if you:</p><ul><li>Are comfortable with some level of uncertainty in your payments</li><li>Expect interest rates to remain steady or decline</li><li>Plan to borrow and repay funds quickly</li></ul><h3>How to Choose the Right HELOC for You</h3><p>Consider the following when deciding between a fixed or variable HELOC:</p><h4>Do you prefer stability? </h4><p>A fixed rate HELOC is ideal if you want consistent payments and protection from rising interest rates. </p><h4>Are you comfortable with fluctuations?</h4><p>A variable rate HELOC might be suitable if you're comfortable with potential rate changes and want to take advantage of lower initial rates.</p><h4>How long will you keep the loan?</h4><p>If you plan to repay the loan quickly, a variable rate could save you money in the short term.</p><h4>What are your financial goals?</h4><p>If you're funding a large, long-term project, a fixed rate HELOC may be preferable. For short-term or occasional borrowing, a variable rate HELOC might be more beneficial.</p><p><hr /></p><h3>Which One Is Right for You?</h3><p>Both fixed and variable HELOCs offer unique advantages. The best choice depends on your financial situation, risk tolerance, and borrowing needs. If you're unsure which option is right for you, Metro Credit Union can help you explore your options and find the best fit for your financial goals. Visit our <a href="file:///C:/Users/brianp/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/SVYULXBT/metrofcu.org" data-sf-ec-immutable=""></a><a target="_blank" href="/home">website </a>or contact a member of our <a target="_blank" href="/loans/heloc">Mortgage Team</a> today to learn more and make an informed decision that works for you!</p><h3></h3>

<p>At some point in time, you may find yourself needing financial assistance to help you navigate life. Whether it&rsquo;s to complete a home repair, finance a family getaway, or pay for an unexpected medical expense, a personal loan may be your best option. You might also consider a personal loan to consolidate existing debt into a single payment with a lower interest rate.</p><img alt="" src="/images/default-source/layered-ctas/home-repair.png?sfvrsn=5600af1d_1" sf-size="100" /><p>Depending on your needs, a signature loan, line of credit, or consolidation loan could be the best option given your unique circumstances. While each provides access to funds, they work very differently. Here&rsquo;s what you need to know about each option:</p><h3>Signature Loan</h3><p>A signature loan from Metro Credit Union is a fast and easy way to get funds and does not require any collateral to open. This type of loan can be used for a variety of expenses with a wide range of rates and terms available to fit your financial needs.<br /></p><h3>Debt Consolidation</h3><img alt="" src="/images/default-source/blog-article-images/credit-cards.png?sfvrsn=3db87405_1" sf-size="100" /><p>Credit cards are convenient to use, but if you find yourself struggling to make multiple credit card payments each month, you might want to consider&nbsp;<a href="https://save-and-succeed.metrofcu.org/articles/5-benefits-of-consolidating-credit-card-debt-to-a-personal-loan" data-sf-ec-immutable="">consolidating your debt</a>. When you convert credit card debt to a personal loan, you may pay less in interest, and you have a fixed repayment period while making a single payment for multiple credit card debts.</p><h3>Line of Credit</h3><p>A line of credit is a preset borrowing limit that can be tapped into at any time. You can take money out as needed until the limit is reached, and as money is repaid, it can be borrowed again in the case of an open line of credit.</p><h3>Your Credit Score</h3><p>When applying for a personal loan, the first thing that matters is your credit score. Just like a report card describes what kind of student you were, your credit score tells credit unions what type of borrower you are. It indicates how well you&rsquo;ve repaid loans in the past and how likely you are to repay a loan in the future. Your credit score can determine not only whether you get a loan but also how much you pay in interest. A better credit score can save you hundreds or even thousands of dollars in interest. Each quarter, we provide our members with updates on their FICO&reg; Score, and you can access it via <a href="https://my.metrofcu.org/Authentication?ReturnUrl=FicoScore" data-sf-ec-immutable="">online banking</a> under the tools section.&nbsp;</p><p>&nbsp;</p><hr /><p>&nbsp;</p><p>To help you understand what type of loan will meet your unique needs, visit our Resources page at <a href="/home">metrofcu.org</a> where you can find links to <a href="/resources/financial-calculators">financial calculators</a>, <a href="/resources/blog">blogs</a>, <a href="/resources/member-education">member education</a> tools, and <a href="/resources/save-and-succeed">Save and Succeed</a>, Metro&rsquo;s personal finance program. Once you&rsquo;re ready to move forward, visit our <a href="/loans/personal-loans">Personal Loans</a> webpage and click Apply Now.&nbsp;</p><p>&nbsp;</p>

<img src="/images/default-source/blog-article-images/financial-checklist-blog-body-image-1.png?sfvrsn=f9bcc10b_1" sf-size="100" alt="" /><h3>Set Financial Goals</h3><div><p>Define clear financial goals by prioritizing short-term and long-term&nbsp;<span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">objectives, such as saving for a home or retirement. Break these&nbsp;</span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">goals into actionable monthly or quarterly targets and track your&nbsp;</span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">progress regularly to stay motivated and focused. With consistent&nbsp;</span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">effort and evaluation, you can achieve your financial goals.</span></p><h3>Analyze Your Spending</h3></div><div><p>Small, habitual expenses can quickly add up. Spend a month&nbsp;<span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">tracking your spending patterns to identify unnecessary purchases&nbsp;</span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">and areas where you can free up cash for your financial goals.</span></p><h3>Create a Realistic Budget</h3><div><p>Setting a realistic budget helps you allocate your money effectively&nbsp;<span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">before you even receive it. Start with a simple 50/30/20 framework&nbsp;</span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">(50% needs, 30% wants, 20% savings or debt repayment) and adjust&nbsp;</span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">as needed to align with your financial priorities.</span></p><h3>Focus on Reducing Debt</h3><div><p>Debt can hinder your path to financial freedom. Adopt a repayment&nbsp;<span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">strategy, like focusing extra funds on high-interest debts while&nbsp;</span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">maintaining minimum payments on others. This approach can help&nbsp;</span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">you reduce debt more efficiently.</span></p><h3>Review Your Spending</h3></div><div><p>Periodically review your expenses to uncover opportunities for&nbsp;<span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">saving. Consider switching from cable to streaming, canceling&nbsp;</span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">unused subscriptions, or finding more affordable options for phone&nbsp;</span><span style="background-color:transparent;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">and insurance plans.</span></p><img src="/images/default-source/blog-article-images/financial-checklist-blog-body-image-2.png?sfvrsn=7d9dd7a6_1" sf-size="100" alt="" /><h3><span style="background-color:transparent;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;"></span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">Review Your Insurance Policies</span></h3><div><p>Ensure your health, life, home, and auto insurance policies meet your current needs. Life&nbsp;<span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">changes like a new job or having a child can impact your coverage requirements and costs.</span></p><h3>Review Your Retirement Contributions</h3><div><p>Review your workplace retirement plans to ensure you&rsquo;re maximizing contributions, especially&nbsp;<span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">if your employer offers a match. If possible, aim to increase your contributions each year to s</span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">tay on track for retirement.</span></p><h3>Check Your Credit Score and Report</h3></div><div><p>Your credit score plays a crucial role in determining loan approvals, interest rates, and&nbsp;<span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">financial opportunities. Take advantage of Metro&rsquo;s updated <a href="https://my.metrofcu.org/FicoScore" data-sf-ec-immutable="">FICO<sup style="background-color:initial;font-family:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">&reg;</sup><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;"> score feature</span></a>, available&nbsp;</span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">quarterly via <a href="/services/online-banking" target="_blank">online banking</a>. Regularly monitoring your credit score can help you identify&nbsp;</span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">areas for improvement and set goals accordingly.</span></p><h3>Update Your Will</h3></div><div><p>Keep your will up to date to ensure it reflects your current wishes and circumstances. If you&nbsp;<span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">don&rsquo;t have one, now is the time to create it. Review and update beneficiaries on all accounts,&nbsp;</span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">including pensions and life insurance policies, and consider establishing a power of attorney&nbsp;</span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">to designate someone to make decisions on your behalf if needed.</span></p><h3>Build an Emergency Fund</h3><div><p>An emergency fund provides a safety net for unexpected expenses. Start small by setting&nbsp;<span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">aside a portion of each paycheck and aim to save enough to cover 3&ndash;6 months of living&nbsp;</span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">expenses. Automate your savings with regular transfers to maintain consistency and keep&nbsp;</span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">the funds in an easily accessible <a href="/accounts/savings-accounts" target="_blank">savings account</a>.</span></p><h3>Educate Yourself on Personal Finance</h3><div><p>Empower yourself with financial knowledge to make informed decisions. Explore resources&nbsp;<span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">such as <a href="https://save-and-succeed.metrofcu.org/login" target="_blank" data-sf-ec-immutable="">Save and Succeed</a>, Metro&rsquo;s personal finance program. You&rsquo;ll find financial blogs&nbsp;</span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">&ndash; like the source of this article - and an array of other member education tools. Learn the&nbsp;</span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">essentials of budgeting, saving, credit management, and debt reduction to take control of&nbsp;</span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">your financial future.</span></p><p>&nbsp;</p></div></div><p>&nbsp;</p></div><p>&nbsp;</p></div><p>&nbsp;</p></div></div></div>