Jones Rd Closed All Day Saturday, July 20th

Jones Road Location Closed All Day Saturday, July 20th

As we prepare to transform our Jones Road location with renovations that will enhance your member experience, the branch will be closed for the entire day on Saturday, July 20th. That weekend will be used to breakdown and move equipment to the temporary, portable building located in the parking lot on the north side of the building. The drive-thru at this location will remain open during normal Saturday drive-thru hours to assist members with transactions.

Starting Monday, July 22nd, the Jones Road Financial Center will reopen, operating and servicing members from the portable building until renovations are complete at the latter part of 2019.

We appreciate your patience during this transformation. For more details on the renovations, please read the article linked below.

Home Equity Loans

Home Equity Loans: Low-Cost, Tax-Advantaged Credit

If a large amount of debt is eating up your disposable income each month, or if you need cash to remodel your kitchen--or to buy a new car--a home equity loan might be your best bet.

With a home equity loan, you borrow a lump sum of money repayable over a fixed term, usually 5 to 15 years, giving you the security of a locked-in rate and a consistent monthly payment. Plus, there's also a tax advantage. Unlike almost any other consumer loan type, the interest on a home equity loan is likely to be tax-deductible ($50,000 if married filing separately).

People tend to use home equity loans for large, one-time expenses like a major home-improvement project. You also might use one to start a business, make a big-ticket purchase, or consolidate high-interest credit card debt. This type of loan makes sense if you don't foresee future borrowing needs.

Since home equity loans use your home as collateral, if you don't make your payments, you could lose your home. But if you don't take on excessive debt and you do make timely payments, you can't beat the low interest rates and tax-deductible interest of a home equity loan.

Reach out to a Cy-Fair FCU loan officer to see if a home equity loan may work for you.

Longevity of your House

Longevity on the Home Front: How Long Will That Furnace Last?

You want your house to last forever, but some parts of a house are going to fail. The Study of Life Expectancy of Home Components from the National Association of Home Builders gives a picture of when you can expect home components to need replacement.

Why care about the longevity of home components? Because your home is most likely your biggest investment. And if you have a mortgage or home equity line of credit secured by your house, repairs and replacement become part of your cost of capital. Considering longevity will motivate you to save for the inevitable failure of a furnace, for example, or a roof.

Longevity estimates are subject to many caveats. Only good quality material--properly installed and maintained--will achieve the estimated lifespan. And a dry environment is usually more conducive to longevity than a damp one.

Estimated longevity only applies when the entire building is kept in good shape. If your foundation cracks due to unstable soil or flowing water, floors may sag, and walls may crack. When the roof or plumbing leaks, the drywall, plaster, and framing beneath can suffer prematurely.

Carpet, linoleum, roofs, and many appliances have an estimated lifespan of only 10 years or so. Many other components have a life expectancy of 100 years or the "lifetime" of the building, including:

  • All masonry and concrete (except driveways), such as foundations, walls, and countertops.
  • Siding--vinyl, cement, stucco, brick, and manufactured stone, and probably aluminum (not listed).
  • Drywall, plaster, wood, steel, and concrete framing.

 

 

 

Saving for your dreams.

Helping Teenagers Save for Their Dreams

Most teenagers have big dreams. Some dream of owning a car, traveling, or starting a business. Many plan on attending college. All those dreams require cash. So how do you turn that dream into reality? Be a dream achiever and start saving your money.

Think: $1.67 a day!
If you're 13 years old and you save $50 every month until you're 18, you'll have $3,000.

You might think, "I can't save that much a month!"

Oh, yes you can! Think about it in smaller amounts.

Fifty dollars a month is about $12.50 a week, or $1.67 a day. An easy way to save $1.67 a day is to skip the cafeteria and take your own lunch to school.

If you don’t get an allowance, you can save some of your birthday and holiday money. You can also do odd jobs for your family, friends, and neighbors on weekends and during your summer vacation.

If $50 a month is too much to manage, set a smaller goal. The main idea is to get started and to be consistent. You can raise your goal later.

Here are more ways to help you reach your savings goal:

  • Keep your eye on your goal.
    To keep you motivated, find a picture that illustrates your dream and put it where you’ll see it everyday.
  • Drop all your spare quarters and dimes into a special container.
    Coins will add up quickly.
  • Control your impulse spending.
    When tempted to buy something, ask yourself if that purchase is more important than your dream.
  • Leave your money at home.
    Carry only the cash you'll need for the day so you won't be tempted to spend it all.
  • Open a savings account at Cy-Fair FCU and earn interest.
    Your money will earn more money when you keep it in a savings account.