Mission Fed Rates Overview
Mission Fed is a not-for-profit financial institution owned and controlled by our members for our members. The primary mission of a credit union is to provide excellent service to its members therefore we at Mission Fed have a duty to educate our members about rates, financial products and services. Banks have no similar obligation to educate their customers because of their for-profit status. Banks are capitalized through stock offerings, other borrowing, and retained earnings.
Our not-for-profit status positions Mission Fed as a great place to get loans or earn dividends. Whether a credit card, auto loan or mortgage, checking or savings Mission Fed offers better rates compared to major banks or financial institutions. Even if your credit is less than stellar, Mission Fed will often customize a loan to meet your needs.
Due to the daily fluctuation, all rates listed on the Mission Fed website are anticipated and variable, unless otherwise stated, and may be adjusted without prior notice. Check back often for latest in rates for all financial products and services.
MFCU does what others fail to do—work for us. The customer.-Len L.
Financial Terms to Know
APR = Annual Percentage Rate
Finance charge over a full year, expressed as a percentage reflecting all costs of the loan.
APY = Annual Percentage Yield
The total amount of dividends that are projected for an account based on the dividend rate and the frequency of compounding for a 365 day period, or the number of days in the term.
The maximum dollar amount that may be borrowed.
A share of earnings distributed to shareholders of a credit union.
Home Equity Line
A revolving line of credit secured by a home and normally based on the equity in the home.
Home Equity Loan
A fixed-term loan secured by a home and normally based on the equity in the home.
The rate being charged by or being paid by a financial institution for use of credit or monies.
The amount charged by the mortgagee for granting a loan, often referred to as points, acquisition credits, or initial service charge. Loan fees are generally stated as a percent of the face amount of the loan. The charge is generally made to cover the cost of placing the loan on the books, but also may represent, in part, an adjustment of yield.
The actual amount of a loan before finance charges and other charges are added or deducted.
Length of time designated for total repayment of loan.
An interest rate on a loan or line of credit that changes over time. Usually based on the Wall Street Journal Prime Rate or a similar index.
Complete Financial Glossary at Yahoo! Finance: Learn more
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