Summer 2019 Crow Wing Power Credit Union Credit Connection

SUMMER 2019

4296-0719-CCNEWS

VOLUME 22, NUMBER 3

SAME DAY DELIVERY ON LOANS! We all hear the big box stores and online merchants touting “Same Day Delivery” these days. The Credit Union offers “Same Day Delivery” on loans for vehicles, boats, motorcycles, travel trailers, ATVs or any other toy you are dreaming of. We can get you approved for a loan in as little as 30 minutes.* We need a loan application, which you can find at www.cwpcu.org, income verification and information on the collateral you want to use or information on the loan you want to CONSUMER RATES refinance. In some cases you can walk out AS LOW AS 2.99%* the door with a check in hand or we will send a check to your current lender to payHOME EQUITY RATES off your existing loan. Real Estate loans, AS LOW AS 3.25%* because of federal regulations can be approved but take longer to fund. Call or stop by the Credit Union and talk to our friendly Member Service Representatives, they are here to help you.

HOME EQUITY LOANS – NO CLOSING COSTS – RATES AS LOW AS 3.25% Home Equity Loan rates are as low as 3.25%*. If your current home equity loan has a higher rate, now is the time to give the Credit Union a call to see how easy it is to move your loan, lower your rate, and save money. No closing costs if your loan is under $100,000.* This program is perfect for those that plan to pay their small balance loans off within three to five years. You avoid huge closing costs associated with fixed rate mortgages AND you are keeping it local. The processing, underwriting, closing and servicing departments are all in our office.

• Loans $50,000 or less can be amortized for 15 years, balloon in 5 years.

• Loans $100,000 or less can be amortized for 20 years, balloon in 3 years.

• Loans over $100,000 can be amortized for 30 years, balloon in 3 years. * New money only. Current CWPCU loans are not eligible for these rates. All loans subject to credit approval. Other rates and terms available based on collateral and credit.

Rates based on credit scores, so your rate may be higher. Some exceptions may apply to 30 minute approval depending on your credit and income. Purchases not eligable for no closing costs.

DID YOU KNOW? Regular board meetings are July 18th, August 15th and September 19th.

Our secure document shred day will be in October. Look for more details in the Fall Credit Connection and at www.cwpcu.org.

FIXED RATE MORTGAGE LOANS – GET PREAPPROVED

We are experiencing a seller’s market this summer in our area. Get ahead of the competition for that first home, dream home or cabin by getting preapproved for a fixed rate mortgage at your Credit Union. The Credit Union along with AmeriCU Mortgage have the mortgage solution for you. Our experienced staff will help guide you through the maze of loan programs to find the right loan to fit your needs.

Come to the people you know and trust. Save money on the closing costs and work with Crow Wing Power Credit Union for your mortgage loan solution.

CWPCU NMLS #408088, AmeriCU NMLS #3028.

MID-YEAR FINANCIAL CHECK-UP Have you paid off your 2018 holiday purchases? Paying off credit card debt is a smart move. So is our Holiday Savings Account! Open and deposit up to $100 per month. On October 1st, your holiday savings will be transferred to your regular savings and be available when you start your 2019 holiday shopping.

Are you contributing to your work retirement plan or a Traditional or Roth IRA? Time is your best friend so the more you save now for retirement, the larger your nest-egg. We offer both types of IRA’s in a variety of investment options. We can also help you move your funds from the retirement plan of your former employer.

Have you set up a financial center and followed your financial plan? It doesn’t matter if it’s a shoebox or a file cabinet – just have an area where you keep all your financial paperwork. Late fees are in the $40 range, so paying a bill late is like throwing money out the window, not to mention the hit on your credit score. Being organized saves both your time and your money.

Have you established an emergency savings account? Life happens! Having money (even a few hundred dollars) available when an emergency strikes will lower the stress level in your life. We can set up an automatic savings transfer from your checking account to get your emergency savings started.

Have you reviewed your credit report?

Go to www.annualcreditreport.com and make sure that your credit report shows accurate information about you. It’s also a sure-fire way to spot identity theft and fraud. Your credit score is not available thru this free service. If you do not have internet access, we can pull your credit report and review it with you.

Need to build your credit report or improve your credit score?

Apply for a credit builder loan at the credit union. The money you borrow is deposited into your savings account and frozen until the loan is paid off.

A little backwards but a credit-builder loan will accomplish your goal of building or restoring your credit history.

MORTGAGE LOANS

SAVINGS RATE

APY

Regular Savings

.40%

.40%

Holiday Savings

.80%

.80%

Home Equity Up to 80% of tax assessed value Rates as low as 3.45% Up to 30 year amortization with 3 or 5 year balloon Primary Residence, Cabin, or Land loans

(maximum deposit $100 per month)

Home Equity Line of Credit

IRA Savings

.50%

.50%

Checking

Up to 80% of tax assessed value Variable rate tied to Wall Street Journal Prime Rate Up to 15 year amortization Primary Residence, Cabin, or Land loans

.15%

.15%

(with a $500 average daily balance)

Fixed Rate 15,20,30 year Mortgages available.

Certificates ($1,000.00 Minimum) IRA Certificates available in 1 & 2 year term only

Your local loan processor Loans serviced by AmeriCU Mortgage NMLS #3028

Dividend penalty for early withdrawal

6 month Certificate 1 year Certificate 2 year Certificate

1.35% 2.17% 2.32%

1.36% 2.19% 2.34%

APY=Annual Percentage Yield Rates subject to change without notice. effective 7-1-2019

NMLS #408088

FINANCIALS May 31, 2019 Members .................................................... 5,369 Assets ............................................ $87,810,918 Deposits........................................ $80,259,958 Loans ............................................ $52,742,105 Reserves.......................................... $7,208,685