Make Money, Money
This type of account is required to be a member at UWCU.
What is a Savings Account?
This loan is secured by real estate.
What is a mortgage?
This type of loan is unsecured by the bank.
What is a Personal Loan?
What is a Late Fee?
This is the Federal organization that oversees Credit Unions.
What is the NCUA?
This type of account allows you to write checks and use a debit card.
What is a checking account?
Property Value - Mortgage Balance = ________
What is Home Equity?
This product in a revolving line of credit and has a high interest rate. Most individuals have one.
What is a credit card?
Something we offer on loans and lines of credit when you miss a payment because we know life happens.
What is a grace period?
This is a rate that is locked in and does not change.
What is a fixed rate?
These type of accounts lock the funds for a fixed term but offer a high interest rate.
What is a Certificate of Deposit?
This company manages our mortgages.
What is DMI?
This type of account protects members if they overdraft, is revolving, has a lower interest rate than credit cards, and the rate is variable.
What is a Reserve Line of Credit?
This is the term used to describe interest on loans and lines of credit.
What is Annual Percentage rate?
A percentage of monthly income used to pay debts.
What is Debt-to-income ratio?
This account offers a higher interest rate than Savings accounts and allows you to access the funds.
What is a Money Market Account?
This type of account holds funds for property taxes and homeowners insurance.
What is an Escrow Account?
This type of loan lasts between 3-7 years, is secured by collateral, and has less risk than a personal loan.
What is an Auto Loan?
Members do this with loans when interest rates go down.
What is Refinancing a loan?
This is the amount of credit used; best kept under 30%.
What is credit utilization?
These accounts require a minimum of $5000. Types of accounts include saving college, retirement, and increase wealth.
What are Investment accounts?
This is a schedule that tells the amount of principal and interest on each payment. Most commonly used on mortgages.
What is an Amortization schedule?
This revolving line of credit is often referred to as a second mortgage, and the value is based on equity.
What is a HELOC?
UWCU lenders use this score when determining interest rates and amount approved to be leant.
What is a FICO score?
Sometimes called the most powerful force in the (financial) universe.
What is compound interest?