News: Financial Education

Financial Education

Unlocking the Door to Your Dream Home: Insider Insights on Mortgages

In the Houston area, the average price of a new home is around $400,000. For most people, this is the biggest purchase they will ever make in life. Complicating the matter further, there are numerous laws and regulations revolving around how mortgages are done that can easily turn the entire topic into a foreign concept. Here to break down this extremely complex financial subject is Logan Cates, Assistant Vice President of Mortgage at Texas Bay Credit Union.

What You Need to Know about Home Equity Loans

Home equity loans offer a viable option for homeowners to access cash by borrowing against the equity they've built up in their home. Understanding home equity loans is crucial to making informed financial decisions, whether for a major renovation, consolidating debt, or covering significant expenses.

Make Your House Work for You

Do you know how your home’s equity can help you? You’ve got another home renovation coming up or upcoming education costs on the horizon, that will definitely make a dent in your bank account. What if you could avoid the sudden hole in your wallet? By opening up a Home Equity Line of Credit (HELOC), you can pay for your larger upcoming expenses without having to dip into your savings. Texas Bay Credit Union can help you ease the tensions of that next big project.

Understanding Flood Insurance: Insuring Against the Deluge

Floods are among the most common and costly natural disasters, causing significant damage to homes and properties every year. Yet, many homeowners and renters underestimate the importance of having adequate flood insurance coverage. In this article, we'll delve into why flood insurance is essential for both homeowners and renters, highlighting the risks, coverage options, and the peace of mind it can provide in the face of unpredictable weather events.

Why Choosing a Credit Union Checking Account is a Smart Move

Opening a Perks or Premium Perks Checking account with Texas Bay Credit Union isn't just about managing your finances; it's about enhancing your lifestyle and safeguarding your assets. If you're looking to make the most out of your banking experience, consider opening a checking account that goes beyond the basics. Unlike traditional banks, we offer a unique blend of benefits that extend beyond the realm of banking, providing you with a plethora of perks that cater to various aspects of your daily life. Here, we delve into the benefits offered to Perks and Premium Perks Checking account holders.



Beware Debt Relief Companies

In times of financial distress, the allure of debt relief services can be tempting, with promises of reducing debt, consolidating loans, and managing your financial burden. However, a closer look reveals that many for-profit companies providing such services may not have your best interests at heart. This article will delve into common debt relief services, their workings, potential pitfalls, and why it's generally advisable to avoid them. Additionally, we'll explore alternative avenues for managing debt responsibly.


Learn and Earn with Zogo!

Adulting can be hard with the constant flurry of busy schedules, but we want you to succeed in all that you do. Finances should be an area that you feel confident in. Don't really know much about finances? Want to expand your knowledge? Need something to get your teens interested in their financial literacy?


Get a Fresh Start to Saving Money!

You start fresh each year, and every year you promise yourself you WILL SAVE this year. Saying it is one thing, but taking action is another. Obstacles, deadlines, and outside factors are all things that can sometimes steer you away from your goals. As your trusted financial partner, we want you to succeed in knocking out your financial goals this year! With that in mind, here are a few tips on succeeding at saving.

read the article

Understanding Credit Scores

Your credit score is more than just a number; it's a vital indicator of your financial well-being. Understanding and managing this score can be the key to unlocking numerous financial opportunities and achieving your dreams. Whether you're eyeing a new home, dreaming of a new car, or simply striving for financial stability, your credit score plays a pivotal role. At Texas Bay Credit Union, we recognize the importance of financial literacy and its impact on our members' lives. That's why we're dedicated to providing you with the resources and knowledge to understand your credit score and how to improve it.

The Importance of an Emergency Fund

When life throws you a financial curveball, having an emergency fund can be the difference between making it through with minimal disruption or facing a financial disaster. Having money set aside for unexpected expenses is essential, and Texas Bay Credit Union is here to help.


From Renting to Owning: How Mortgages are Changing the Landscape of Low-Income Housing

Imagine achieving the dream of owning a home despite facing challenges as a low-income individual. It may seem daunting, but with the right guidance, it's entirely possible. Challenges faced by low-income individuals in obtaining a mortgage can include strict credit score requirements, limited down payment options, and income limitations. Despite these challenges, there are steps low-income individuals can take to make home ownership a reality.

Read the Article

Strategies to Slash Debt, Boost Your Credit Score, and Stay on the Path to Success

In challenging economic times, many people find themselves burdened with debt and face difficulties in managing their finances effectively. Whether the problem is credit card debt or other piled-high balances that seem hopeless, finding strategies to consolidate debt and improve your credit score is crucial to achieving long-term financial stability.

Read the Article


Here's Why More People are Choosing Credit Unions Over Banks

Choosing who to trust with your hard-earned money is an important decision. While there are many financial institutions to choose from, one of the first decisions to make is whether to choose a bank or a credit union. Our VP of Branches, Brandy Guzman partnered with the Houston Chronicle to explain the differences between a credit union and a bank and what you should keep in mind when deciding who to trust with your financial journey.

CDs in Texas

As a Texas resident, you have several options when it comes to investing your money. One of the most popular is investing in CDs. There are numerous misconceptions about Certificate of Deposits (CD), and here at Texas Bay, we want to help you understand them better.

Read the Article

Reasons to Consider Refinancing Your Mortgage 
For many homeowners in Houston, refinancing their homes can be a smart financial move. With the current low-interest rates and rising home values, refinancing can save homeowners thousands of dollars in interest over the life of their mortgage.


Credit Union vs. Bank - Which One is Right for You?

October 19, 2023 is International Credit Union Day. Each year, we celebrate the honor of serving member through this awesome cooperative! This year, we addressed choosing between a bank and a credit union. There are some fundamental differences. Broken down - we offer many of the same products, services, and technology as banks, but we're not-for-profit. This means the profits we do make go back to our membership through lower interest rates on loans, higher dividend rates on deposits, and improving technology and services for members.