Spring 2014 For the members of Columbus Metro Federal Credit Union Views Credit WHAT IS HOME EQUITY? SPRING IS FOR REMODELING You waited patiently throughout the long winter, watching endless hours of HGTV and perusing Pinterest. Now that spring has finally arrived, you’re ready to tackle some of your home improvement projects. But how will you pay for it all? When it’s time to get started, see us first. We can help you figure out how to make your home improvement dreams come true. Your loan options will depend on the size of the project(s), your budget, the timeline and more. Possibilities include: 1. Home Equity Loan With a home equity loan, you borrow a lump sum and pay it back in affordable monthly payments over an extended term – usually 15 years. This type of loan is best used for one large project or several smaller projects that will be completed at the same time. Equity is the difference between the appraised value of your home and your outstanding mortgage balance. For example, if your home is worth $150,000 and you owe $65,000 on your mortgage, you have $85,000 in equity. 2. Home Equity Line of Credit At Columbus Metro, you can borrow up to 80% of your home’s equity, or $55,000 in our example. Here’s how it works: 3. Mortgage refinance Value of Home$150,000 80% of Appraised Value$120,000 Less Mortgage Balance - $65,000 Potential Loan Amount/ $55,000 Credit Line A HELOC is particularly convenient if your need for funds is ongoing – for example, you’ll be working on a series of projects over an extended period of time. You’ll be approved for a specific credit limit, which is the maximum amount you may borrow at any one time, and you can access your credit line with our special Redi-Line Visa® card or convenience checks. As you pay down your balance, those funds become available to you again. With a HELOC, you can borrow and repay over and over throughout the life of your loan. If you have equity available and plan to stay in your home for years to come, it may be to your advantage to refinance. If you take cash out, you’ll have a lump sum that you can use for your home improvement projects. Our mortgage specialist, Jenniffer McNamee, will be glad to help you determine whether this option is right for you. We’re here to help you turn your current home into your dream home. For more information, call, stop in or visit us online at www.columbusmetro.org. Inside: Mother’s Day 2 Celebrate On A Budget 3 One-Stop Shopping At Its Best Your Kids Increase 4 Help Their Money IQ Could Save On Your 5 You Car Insurance www.columbusmetro.org Super Money Market $20,000 minimum......... 0.50% APY $50,000 or more............0.60% APY CELEBRATE MOTHER’S DAY ON A BUDGET 6 Month Share or IRA Certificate $1,000 minimum.......... 0.50% APY 12 Month Share or IRA Certificate $500 minimum.............. 0.65% APY 15 Month Share or IRA Certificate $500 minimum.............. 0.65% APY Allows deposits of $250 or more 36 Month Share or IRA Certificate $500 minimum.............. 1.05% APY 60 Month Share or IRA Certificate $500 minimum.............. 1.65% APY Education Growth Fund Certificate $250 minimum.............. 1.25% APY Vehicle Loan (2012 to 2014) As low as....................... 2.74%* Up to 72 months Vehicle Loan (2008 to 2011) As low as....................... 3.74%* Up to 66 months Vehicle Loan (2007 & older) As low as....................... 5.24%* Up to 60 months Home Equity Loan—Fixed Rate As low as......................5.99% APR* Up to 180 months Key rates Home Equity Line of Credit Redi-Line.......................3.50% APR First Mortgages Contact Jenniffer McNamee at ext. 3026 or [email protected] Rates current as of 3/1/14 and subject to change without notice. See a Member Services Representative for full details. APY = Annual Percentage Yield. APR = Annual Percentage Rate. Loans made subject to standard loan approval guidelines. *The rate you pay may vary based on your credit history and/or loan-to-value ratio. Excess Share Insurance Federally insured by NCUA Excess According to the National Retail Federation, Americans planned to spend an average of $168.94 on Mother’s Day in 2013 – over $20.7 billion nationwide. If you’re on a tight budget this year, don’t sweat it. Mom will see how much you love her even if you do it frugally. Here’s how: Make it yourself. It may seem corny, but moms agree that a homemade gift from the heart is still the best gift of all. Consider a poem on some pretty paper; a meaningful letter of thanks for lessons taught; or her favorite baked goods or a special treat. Remember, it’s the thought that counts! Skip the Sunday – make plans for Saturday. Many restaurants, tea rooms and other venues may offer special events on Mother’s Day Sunday, but you’ll often pay a premium. If you’re taking her out, make plans for Saturday afternoon or evening and just visit with her on Sunday instead. Consider a combination gift. Partner with a sibling or other family member to purchase a joint gift for your mother and/or grandmother(s). Or, if you are fortunate enough to celebrate both Mother’s and Father’s Day, combine the two celebrations in late May or early June. You can save by paying for one dinner or brunch out, or with one set of theater tickets. You may also want to set up a secondary savings account to save for the year’s important gift-giving occasions – not just the holidays but Mother’s Day, Father’s Day, birthdays and all the rest. Give us a call at 614.239.0210 or 800.986.3876 or visit any of our branches for more information. ANNUAL REPORT NOW AVAILABLE Columbus Metro’s 2013 annual report is now available. Stop in any of our branches for a copy or visit www.columbusmetro.org/news/AnnRep13.pdf ONE-STOP SHOPPING AT ITS BEST If you’re in the market for a new vehicle, buying a car is easier and more convenient than ever with Columbus Metro. Get preapproved before you shop Getting preapproved before you shop is useful for a couple of reasons. One, you’ll know how much you can afford to spend. And two, you’ll know what interest rate you qualify for. Many members agree to a higher interest rate than they need to simply because they don’t know what a “good” rate is. So, before you take a test drive: • Apply online, by phone or in person • Take your preapproval letter along as you shop • Negotiate your best deal on the vehicle of your choice, then hand your preapproval letter to the dealer and they’ll take it from there Convenient financing at the dealer We know that you don’t always plan ahead when you buy a vehicle – a serious accident or the need for major repairs could send you shopping on short notice. If that’s the case, you’ll appreciate the ease and convenience of financing at the dealer. • Visit a Metro Direct participating dealer (listed below) • Choose a vehicle and tell them you want to finance with Columbus Metro • Sign your loan papers with confidence – you got the same great rate as if you had come in to our office • Take delivery of your new vehicle, then hit the road It’s not an either/or choice – you can get preapproved and finance at the dealer. For example, you may not know where you’ll end up buying. You get preapproved, then visit several dealers and end up buying a vehicle from one of our participating dealers. Don’t worry about the preapproval – simply let the dealer know you want to finance with Columbus Metro and sign your loan papers on the spot. Questions? Call or stop in to talk to one of our lending professionals, or visit www.columbusmetro.org. Metro Direct Participating Dealers A. D. Farrow Downtown Columbus A. D. Farrow Shop at Northstar Acura Columbus Auto Direct AutoMax Chrysler Dodge Jeep Ram AutoMax USA AutoQuick Buckeye Honda Buckeye Nissan Byers Chrysler Jeep Dodge Ram Byers Chevrolet Byers Dublin Superstore Byers Ford Byers Imports Byers Kia Byers Mazda/Subaru Byers Volvo C & A Harley-Davidson Centennial Park Harley-Davidson Chesrown Chevrolet Buick GMC Chevrolet of Dublin Crown Chrysler Dodge Jeep Ram Crown Eurocars of Dublin Dan Hatfield Chrysler Jeep Dodge Dave Gill Chevrolet Dennis Imports at Easton Dennis Hyundai of Dublin Dennis Kia of Easton Dick Masheter Ford Fink’s Harley-Davidson Germain Cadillac of Easton Germain Ford Germain Honda of Dublin Germain Infiniti of Easton Germain Lexus of Dublin Germain Lexus of Easton Germain Mazda of Columbus Germain Nissan Germain Toyota Hatfield Hyundai Hatfield Kia Hatfield Volkswagen Haydocy Buick GMC Haydocy Chevrolet Cadillac Buick Jack Maxton Chevrolet Jack Maxton Harrisburg Pike Jack Maxton Lewis Center Jeff Schmitt Buick GMC Jeff Wyler Chevrolet of Columbus Joe Carson Motor Sales Inc. John Hinderer Honda Krieger Ford Lash Chevrolet Lindsay Acura Lindsay Honda Mercedes-Benz of Easton Nourse Circleville Auto Sales Ohio Motorcycle Performance Chrysler Jeep Dodge Roush Honda Roush Honda Used Car Company Sandoval Buick GMC Tansky Sawmill Toyota Taylor Chevrolet Toyota Direct Toyota West Teach Children to Save Day is April 11 By fax 614.239.0988 You teach your children to read, to tie their shoes, to ride a bike. But one of the most important lessons you can ever teach them is how to manage money. By email [email protected] Here are some easy ways to get started: 1. Give your kids an allowance. You may or may not decide to tie this money to chores – experts differ on this point. But the important thing is that they have the opportunity to handle money before they are old enough to get their first job. 2. Open savings accounts for your kids and make saving a priority. You could require them to save a portion of any money they receive, even if it’s just $5 of the $25 they got for their birthday. 3. Teach smart shopping skills. You can use trips to the grocery store or back-toschool shopping to teach kids about unit pricing, using coupons, calculating sale prices and more. 4. Talk about the family budget. You don’t necessarily need to go into specifics, but you can tell kids when money is tight and demonstrate how you distinguish between wants and needs. 5. Let your children have a job. It could be after school, a couple of hours on the weekends or just during the summer. But it’s important to expose them to paying taxes and the delayed gratification that comes with waiting for a paycheck. At Columbus Metro, we offer two programs to help you teach your kids about money: the Metro Kids Club featuring Kirby Kangaroo for children 12 and under, and the CU Succeed® Teen Financial Network for those ages 13 to 17. And visit the Money As You Grow website, www.moneyasyougrow.org, for 20 essential, age-appropriate financial lessons about saving, making choices and avoiding debt. BY Mail P.O. Box 13240 Columbus, OH 43213-0240 Visit Us 4000 E. Broad St. Columbus, OH 43213 6623 E. Main St. Reynoldsburg, OH 43068 5600 N. Hamilton Rd. Gahanna, OH 43230 DSCC Building 20 Room B110S DFAS Building 21 Room A132 24-Hour Services MetroWeb www.columbusmetro.org MetroTeller 614.237.8777 or 800.529.4619 Bill Pay Support 877.682.0339 Visa® Balance & Payment Inquiries 800.600.5173 www.ezcardinfo.com Lost or Stolen Visa During regular business hours 614.239.0210 or 800.986.3876 After hours 800.991.4961 Lost or Stolen Debit MasterCard® 800.528.2273 contact us HELP YOUR KIDS INCREASE THEIR MONEY IQ By phone 614.239.0210 800.986.3876 Auto INSURANCE You could save on Your CAR insuRAnCe Exclusively for credit union members You want quality protection you can depend on and at rates you can afford. On average, credit union members who switch save up to $427.96* with the TruStage Auto Insurance Program. Call for your FREE, no obligation quote. Some members save even more from all of the discounts offered. Plus you will have access to extra benefits, such as 24/7 claims service and 24-hour Roadside Emergency Assistance coverage.** Visit us at TruStageAutoHome.com Toll-free 1-888-380-9287 Monday - Friday ........................ 7am - 1am ET Saturday ............................. 7am - 11:30pm ET Sunday .................................... 9am - 10pm ET TruStage products and programs are made available through TruStage Insurance Agency. Affiliates of TruStage have been providing insurance and financial services designed for credit unions and members for more than 75 years, serving more than 13 million credit union members. TruStage™ Auto Insurance Program is made available through TruStage Insurance Agency, LLC and issued by leading insurance companies. To the extent permitted by law, applicants are individually underwritten; not all applicants may qualify. Discounts are not available in all states and discounts vary by state. A consumer report from a consumer reporting agency and/or motor vehicle report will be obtained on all drivers listed on your policy where state laws and regulations allow. Please consult your policy for specific coverages and limitations. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by your credit union. * Figure reflects average national savings for customers who switched to Liberty Mutual’s group auto and home program. Based on data collected between 1/1/2012 and 6/30/2012. Individual premiums and savings will vary. **Optional coverage. Requires the purchase of Towing and Labor coverage to cover cost of towing. Subject to policy limits. Emergency Roadside Assistance available anywhere in the U.S. and Canada. MC2503AD-A-0313 MC2503AD-A-0313_0312.indd 1 KEEP US UP-TO-DATE If you’ve moved, changed your email address or cancelled your landline in favor of your cell phone, be sure to let us know. It’s important that we have your current contact information on file so that you receive your statements and other important mailings, e-statement notifications and more. If the information we have on file for you is incorrect, you may not receive information about your account in a timely manner. To update your address, stop in one of our offices or download a copy of our address change request form from the online forms page of our website (www.columbusmetro.org/onlineforms.html). We do need your signature for an address change, so be sure to fax or mail the form back to us. If your email address or phone number(s) have changed, simply let us know the next time you call, stop in or email us, and we’ll be glad to update your account. 3/13/13 10:32 AM Presorted STD U.S. Postage Holiday closings P.O. Box 13240 Columbus, OH 43213-0240 PAID PSB Views Credit Memorial Day Monday, May 26 Independence Day Friday, July 4 THE RIGHT TIME. THE RIGHT RATE. Save big with our 0% balance transfer special Transferring balances to your Columbus Metro Visa® card is always a great way to save, thanks to our everyday low rates. But you can save even more when you take advantage of our spring balance transfer special. • 0% APR* for 12 months on balance transfers made prior to May 31, 2014 • $0 balance transfer fees • Enjoy our regular low rates once the promotional rate expires If you’re an existing Columbus Metro cardholder, simply call or stop in for a balance transfer form, or visit our website at www.columbusmetro.org to download a copy. (Be sure to use the form – if you write a convenience check, you will be charged a cash advance fee and you will not receive the promotional rate.) If you don’t have a Columbus Metro Visa card yet, stop in any of our offices, call 614.239.0210 or 800.986.3876 or visit www.columbusmetro.org to apply. Once you’re approved, you can transfer balances to your new Columbus Metro Visa and get the same great 0% offer. Hurry, this special offer won’t last long. Balances must be transferred by May 31, 2014 to qualify. So don’t delay, transfer your balances or apply for your Columbus Metro Visa card today! PR=Annual Percentage Rate. Limited-time offer of 0% APR for 12 consecutive billing cycles on balance transfers processed between March 1, 2014 and May 31, 2014. A Refer to the balance transfer form for complete details. *