OnPath Credit Union

OnPath Update

Maximizing Your Savings: Understanding Annual Percentage Yield (APY) and Building a Strong Financial Foundation


In today’s fluctuating economic landscape, making smart money moves is more crucial than ever. One such smart move is to place your money where it can work the hardest for you. You don’t necessarily have to invest your limited funds into high-risk investments like stocks or cryptocurrency to earn a high yield on your dollars. OnPath Federal Credit Union members can earn an astonishing 7% APY* on average daily balances up to $10,000 (and 0.50% on balances above $10,000) in our OnPath Reward High-Yield Checking Accounts.

Should You Join a Credit Union to Take Advantage of High-Yield Checking?


For many New Orleans banking customers, the answer is likely yes. At OnPath Federal Credit Union, we’ve recently launched an unprecedented 7% APY* high-yield checking account that gives banking customers the chance to earn exceptional interest on the funds they use for everyday expenses.

How to Read Your Credit Report: Navigating the Numbers and Notations


A credit report extends beyond mere digits to offer a panoramic view of your financial history. If you’re worried about your credit score, want to make sure the credit bureaus aren’t basing your score on errors or faulty data or you’re just curious to see what’s on your credit report, you should make use of one or more of your free annual credit reports.

Receiving your credit report is most useful when you understand how to decode its content. The good news is most of the report is straightforward.

How to Protect Your Credit: Safeguarding Against Fraud and Identity Theft


Modern connectivity and technology has been a mixed bag of previously unimaginable conveniences and unpredictable risks.

Mobile banking, online shopping and credit cards are easily accessible and, in many cases, virtually free tools for consumers in the U.S. Unfortunately, there are people who have found vulnerabilities within the modern digital structure to exploit.  

How a Credit Score Affects You


Whether for good or ill, every consumer has a credit score. It’s an inescapable figure that follows you wherever you go, and there’s no switch you can flip to turn it off, on or reset it. You'll often find your credit score quietly influencing opportunities, dictating terms and either opening or limiting access to various financial products.

Tips for Repairing Your Credit Score


Building a strong credit score over time may seem straightforward. Pay your loans and credit cards in full and on time each month. Don’t keep too many lines of credit open simultaneously. Only use about a quarter of your available credit at any one time.

How to Improve Your Credit Score


Every person is a multifaceted individual who faces unique struggles. Many consumers have overcome significant obstacles in their lives, some of which have knock-on financial consequences.

Fair or not, your credit “worthiness” is distilled down to a three-digit number that represents the totality of your financial existence – in the eyes of lenders at least.

How to Get Money for Home Renovations


Whether it’s completely redoing your kitchen, installing a pool or adding a bedroom, large-scale renovation projects are inevitably pricey.

The good news is getting financing for a home renovation project is straightforward if you work with the right lender. Loans are not singular in form. There are a truly diverse array of potential borrowing options to choose from, each with their own benefits and drawbacks.

What Should I Know About Wealth Builder Accounts?


Wealth Builder accounts – also sometimes called high-yield savings accounts – are special savings accounts that earn a guaranteed dividend rate and annual percentage yield (APY) if minimum balance requirements are met.

Saving in a Wealth Builder account is a great way to harness the power of compound growth without having to risk your money investing in the stock market or keeping your money in an illiquid savings vehicle like a share certificate.

Can You Negotiate a Lower Auto Loan Interest Rate?


Yes – you may be able to negotiate a lower auto loan interest rate with some lenders. Lenders base approved rates on traditional loan approval criteria like a borrower’s credit score and the size of their down payment. However, there isn’t a uniform rubric for rate decisions, and there are a handful of techniques car purchasers can employ to secure a lower rate.

What to Do Before You Apply for a Credit Card


Credit cards are powerful financial tools that can significantly enhance your purchasing power and quality of life. They allow you to build and improve your credit while simultaneously freeing you from the need to carry around cash or wait for your paycheck to arrive before you can go grocery shopping or make everyday purchases.

How to Build a Strong Credit History


There are a lot of great things about financing, from reward points for credit card purchases to being able to buy a home, pay for renovations or get a reliable vehicle without requiring liquid cash on hand. The primary challenge for many people seeking loans or financing has to do with their credit score – or lack thereof. Poor credit can impact nearly every aspect of your life, from your ability to rent a good apartment or buy a car, to your rates on student loans and credit cards.

How to Get a Mortgage with Bad Credit


There’s a common misconception, especially among long-term renters, that having no credit or poor credit prevents you from qualifying for a mortgage and purchasing a home. This is not always the case. Your credit score is not the only stat mortgage lenders consider when analyzing your loan application.

What Is a Credit Score?


A credit score, at its core, is a numerical representation of an individual's creditworthiness. In simpler terms, it’s the likelihood of them repaying borrowed money. Think of it as a financial report card, where lenders, landlords and sometimes even employers check your grade to determine your reliability.

How to Qualify for a First-Time Home Buyer Mortgage in Louisiana


Are you tired of ever-increasing rental rates in New Orleans? Do you want a home you can change and modify as you see fit? When given the choice, many renters would love to buy a home. Unfortunately, the hurdle of securing a mortgage often seems overwhelming. At OnPath Federal Credit Union, we take pride in helping first-time homebuyers find and get approved for home loans.

How to Get a Mortgage with Good Credit


The adage that “good credit opens doors,” is maybe most evident when you begin a mortgage application process. Virtually every aspect of the qualification application and approval process is less stressful – not to mention the better rates and terms you’ll have available.

How to Get Your Free Credit Report


  1. Go to com and click the “Request your free credit reports” button
  2. Choose how you want to use the tool (you can get them all at once or choose to space them out over any given 12-month period)
  3. Enter the necessary personal information (name, address, birth date and Social Security number)
  4. Pick the reporting company to request a report from
  5. Answer any necessary identity verification questions
  6. View or download your credit report

What Is Covered in a New Construction Loan?

A new construction loan is different from your typical home mortgage. It's a short-term, interim loan for financing the cost of construction. It operates on an interest-only basis during the building phase, meaning you'll only be paying off the interest on the money drawn out while your home is being built.

Land Loans vs. Construction Loans: Understanding the Differences and Which to Choose

In the simplest terms, a land loan is like a mortgage for the specific purpose of purchasing land. A construction loan finances the cost of construction but becomes a more traditional mortgage after the house is built. In most respects, they’re similar to traditional mortgages a homebuyer might apply for if they were simply purchasing an existing home.

Can I Take Equity out of My Home Without Refinancing?

Yes, you can take equity out of your home without refinancing your current mortgage by using a home equity loan or a home equity line of credit (HELOC). Both options allow you to borrow against the equity in your home, but they work a bit differently.

A Home Equity Loan is what’s traditionally referred to as a “second mortgage” – or a secured loan for a fixed amount, at a fixed interest rate, with a set payment schedule. The loan is secured by the equity you have in your current home (what you’ve paid off/the portion of your home you own outright).

What Disqualifies Borrowers from Getting a HELOC?

To even be considered for a home equity line of credit (HELOC) you must first own a home and have built up at least 15 to 20 percent equity (or more depending on the lender and your credit). If you don’t own a home or just recently purchased a home and have yet to reach the necessary threshold for your lending institution, you won’t qualify for a HELOC.

Using Share Certificates to Build Emergency Savings

For most people, the importance of having an emergency fund set aside to cover any unexpected expenses is indisputable.

Although these amounts can vary depending on your individual financial situation, it’s recommended to have at least three to six months of living expenses saved in your emergency fund.

Planning a Big Purchase? Here Are Some Tools to Use to Help You Save


Saving for a big purchase doesn’t have to be a daunting task. With careful planning and dedication, you can save up for that big purchase in no time. Whether you're saving for a car, a vacation or something else entirely, there are plenty of financial tools and habits that can help you reach your goal.

How to Maximize Credit Card Rewards

When used wisely, credit cards can offer plenty of benefits. Whether you need emergency funds for an unforeseen repair or purchase, are looking to spread out the cost of large purchases over several months or need to build your credit, using a credit card can be an easy and convenient way to achieve your goals. Many credit cards also come with an extra perk in the form of rewards.

How Do You Qualify for an Expedited Mortgage Process?

To qualify for an expedited mortgage process, you must meet certain eligibility criteria. Generally, mortgage lenders look for borrowers who have a good credit score and a low debt-to-income ratio. Some lenders may also require that you have sufficient funds in reserve to cover closing costs and other expenses associated with the loan, but this isn’t always the case.

Why Use a HELOC Instead of a Second Mortgage?

The average homeowner has two borrowing options if they want to access their home equity: home equity lines of credit (HELOCs) or a home equity loan. Although both are often referred to as “second mortgages,” they’re far from being interchangeable options.

Is a HELOC a Second Mortgage?

A home equity line of credit (HELOC) is not a traditional “second mortgage,” but it is essentially a loan that is secured by your home equity. Getting a second mortgage essentially means taking a lien against a property for which you already have a loan – hence the “second” mortgage.

How are Credit Unions different Than Silicon Valley Bank?

It’s safe to assume that millions of Americans who bank locally with regional financial institutions experienced at least a bit of anxiety over what happened to Silicon Valley Bank (SVB) and Signature Bank. There’s a reason that PacWest Bancorp (California) lost 40 percent of its value, Western Alliance Bancorp (Southwest U.S.) lost 30 percent and even a nationwide institution like Charles Schwab dropped 20 percent in valuation in the immediate aftermath of the mini bank run in March 2023.  

The 5 Cs of Business Lending: What Are They and Why Do They Matter?

The “five Cs” of business lending refers to a commonly applied rubric lenders use to assess risk when evaluating the creditworthiness of potentially borrowers seeking business loans. They are:

  1. Character
  2. Capacity
  3. Capital
  4. Collateral
  5. Conditions

What Are the Benefits of Refinancing Your Home?


The main benefits of refinancing your home are that you can save money and change the terms of your mortgage. Home refinancing may allow you to lock in a better rate, cash out equity or even add a new co-signer or borrower to the loan.

Is It Better to Get Your Mortgage Loan Through an Credit Union or a Traditional Bank?


Whether or not it's better to get a mortgage financed through a federal credit union or a traditional bank will depend on your personal preference.

If you prefer more personalized financing plans and potential membership benefits, a federal credit union may be a better option to get your mortgage loan.

Is It Possible to Get a Home Renovation Loan?


Yes, it is possible to get a home renovation loan. A home improvement loan can provide the capital you need to increase your home's value through remodeling or home improvement projects. The actual impact a home improvement loan will have on your home’s valuation and your equity will vary based on the type of improvement.

Is New Banking Technology Safer Than in the Past?

Yes, banking technology today is much safer than it was in the past. New banking technology, like mobile applications and digital access, continues to make people's lives easier, but they're not without risks. Thankfully, there have been many improvements in the safety of banking technology, including:

Seven Compelling Reasons to Get Your New Orleans Small Business Loan from a Credit Union


Are you a New Orleans small business owner shopping around for a commercial loan? Many people bank with nationwide for-profit banks, and their first inclination is to apply for a loan with the bank they know. If you’re not a member of OnPath Federal Credit Union already, or you’ve never thought about branching out and looking for alternative funding solutions, now might be a good time to learn about all the benefits of joining a local FCU.

How Are Credit Unions Not-for-Profit?


One of the defining features that set federal credit unions like OnPath Federal Credit Union apart from banks is their not-for-profit business model. Credit unions aren’t about making money for themselves – they are solely focused on the financial health of their member owners.

Difference Between the FDIC and the NCUA


Both the FDIC and the NCUA perform the same role – they insure the banking deposits of consumers. The primary difference is the FDIC insures for-profit banks, while the NCUA insures credit unions. Other than this one primary difference the organizations have very similar mandates.

Things to Keep in Mind When Purchasing Your First Home

First-time homeownership is an important milestone in many people’s lives. Whether you want more space to grow a family, build wealth through equity or simply make your space your own, embarking on the journey to homeownership can be exhilarating.

To ensure the process goes smoothly and you find the right property for your unique preferences and circumstances, there are several important things to do and consider before you sign on the dotted line.

Why Choose a Federal Credit Union Over a Bank

Both banks and credit unions offer products that satisfy the financial needs of their customers. On the surface, credit unions and banks seem the same, but upon closer examination you may notice a few things that make them different.

If you’re looking for a trusted and service-oriented financial institution, consider joining the OnPath Federal Credit Union. We offer a variety of affordable personal and commercial banking products to residents of the Greater New Orleans area.

What You Need to Know About Opening a Checking Account

Checking accounts are essential financial tools for fulfilling your day-to-day spending and bill paying needs.

Not every checking account will fit your personal needs or finances, so understanding the differences between the types of checking accounts out there is critical. When choosing the account that’s right for you, take your time and consider all your options.

Share Certificates: What are they & How can they help you?


At OnPath, we understand how hard it is to save right now. That's why we're consciously introducing our promotional rates to allow you to watch your money flourish in a share certificate account. We're trying to help you earn more money, while we do all the rest of the work!