LAPFCU Spring Dispatcher

Simplify your life! Lower your rates and payments, plus, consolidate and pay off debt sooner.

Refinance a loan from another lender with us:

n Vehicle loan (auto, motorcycle, RV/trailer, or boat/watercraft)

n Credit card debt

n Personal loan/line of credit

1Offer valid through December 31, 2023. Existing LAPFCU loans do not qualify. Must refinance a personal loan, credit card debt, or vehicle loan (auto, motorcycle, boat and watercraft, motor home and travel trailer loans) from another lender that is at least $10,000. Credit card debt from another lender is eligible for a personal loan refinance. Offer applies to each eligible loan. The $200 will be credited to the primary applicant’s S1 Share Savings Account within 60 days after loan origination. Offer subject to change or cancellation at any time without notice. Other restrictions may apply. May not be combined with any other offers. Please ask for complete details. 2Only applies to auto loans. Number of total payments on your auto loan remains the same, and interest continues to accrue during deferred payment months. Deferring an auto loan payment may void your GAP insurance. Consult your insurer for details. 3APR = Annual Percentage Rate. Effective rate as of March 24, 2023.To qualify for 4.49% fixed APR for 60 months requires a FICO score of 760 or greater and member must qualify for Member Benefits. Actual APR offered may be higher depending upon applicant’s credit rating and other underwriting factors (Member must participate in automatic payment program and qualify for Member Benefits program at time of funding). Go to lapfcu. org/member-benefits/ for complete details. 60-month term payment example: A 5-year loan at 4.49% fixed APR with zero down payment will have 60 monthly payments of $18.64 per each $1,000 borrowed. All rates, terms, and promotional offers are subject to change without notice. Cannot be combined with any other offer. Restrictions may apply, ask for complete details. 4APR = Annual Percentage Rate. Effective rate as of March 24, 2023. Minimum loan amount of $10,000 and the maximum loan amount of $100,000. To qualify for 10.74% fixed APR for 60 months requires a FICO score of 760 or greater and member must qualify for Member Benefits. Actual APR offered may be higher depending upon applicant’s credit rating and other underwriting factors (Member must participate in automatic payment program and qualify for Member Benefits program at time of funding). Go to https://www.lapfcu.org/member-benefits/ for complete details. 60-month term payment example: A 5-year loan at 10.74% fixed APR will have 60 monthly payments of $21.61 per each $1,000 borrowed. All rates, terms, and promotional offers are subject to change

notice. Cannot be combined with any other offer. Restrictions may apply, ask for complete details.

ATTAIN THE AMERICAN DREAM IN TODAY’S HOUSING MARKET

Spring is here, and with it, comes homebuying season! Yet these days, the prospect of homeownership can seem daunting. Especially in Southern California, where the median home price for an existing single-family home was $738,250 in January.

With prices and interest rates at their highest in nearly 20 years, for many, the 20% down payment (plus closing costs and reserves!) and big monthly loan payments (plus property tax and insurance!) for a traditional 30year fixed-rate home loan are simply out of the question.

Perhaps, it’s time to rethink going the traditional route to homeownership. You may know the tried-and-true 30year fixed-rate home loan. But did you know that about 10% of American homeowners have taken a different path to achieving the American dream? These people have discovered that an adjustable-rate mortgage (ARM) can be a viable financing option that makes owning a home more affordable and realistic.

HOW DOES IT WORK?

Lenders set the interest rate for ARMs by matching the loan to a widely used financial index rate, and then adding their own margin. The margin stays constant, but the index can change. In turn, the borrower’s interest rate can change, too. It can increase or decrease. This means during certain periods your monthly payment can go up or down, also.

ARMs have backstops that protect consumers from rising rates. First, your ARM interest rate will stay the same for a few years. Then, it can only adjust once a year. There are limits on these adjustments, known as annual caps, that prevent the rate from increasing too much in any given year. Finally, there is a maximum rate, called a lifetime cap, that cannot be exceeded.

WHO SHOULD CONSIDER AN ADJUSTABLE-RATE MORTGAGE?

You should consider an ARM if:

n You want lower monthly payments for several years, or you want to qualify for a larger home loan

n You plan to sell your home before your rate adjusts (the average length of time people own their home is only 8 years)

n You anticipate that your income will increase over time, so higher monthly payments are not necessarily an issue

n You are comfortable with the fact that after a few years, your monthly payments may increase once a year

Keep in mind that when rates drop, if you have sufficient equity in your home and qualifying income and credit, you may be able to refinance your ARM and get a low, fixed-rate on a traditional 30-year loan.

If you’re interested in learning more about how you may be able to afford a home in today’s market or have any home buying questions, reach out to one of our expert Mortgage Loan Officers at (877) 6952732. They will happily walk you through your best options for purchasing a home. They can also share information with you about special programs that don’t require a 20% down payment.

We’ll close by making it clear our mission is to improve your quality of life and financial wellbeing. We will only recommend options that you are comfortable with and that truly benefit you. As your trusted advocate, doing what’s in your best interest is our guiding principle in all matters and when it comes to helping you achieve the American dream.

ANDRE PLUMMER | CHAIR JOHN ROEMER | PRESIDENT/CEO

Usually, ARM rates are lower than fixed loan rates. This means borrowers who choose an ARM may have lower monthly payments or qualify to purchase a more expensive home.

Index Rate + Lender Margin = Your Interest Rate (changes) (constant) (changes)

REMEMBER OUR FALLEN HEROES

MEMORIAL T-SHIRT FUNDRAISER

Honor our fallen heroes with a special-edition memorial t-shirt from LAPFCU. All proceeds will directly benefit the families of fallen officers.1

ORDER ONLINE: April 25 – May 6 at lapfcu.org/memorial-shirt or scan the QR code.

BUY IN PERSON: May 15 – 19. T-shirts will be available to purchase in-person at our branches ONLY during National Police Week.

Scan the QR code to learn more.

*Limited quantities and sizes of shirts available. Online orders only ship to U.S. addresses, with a $6.00 shipping charge. Orders will ship 2-4 weeks after they are processed.

SHRED IT AND FORGET IT FREE SECURE DOCUMENT SHREDDING AND E-WASTE DISPOSAL

Join us for our document shredding and e-waste disposal drive-thru events! We’ll shred your unneeded personal documents and recycle your old electronic equipment safely and securely – FREE!

HERO: an ordinary person who faces extraordinary circumstances and acts with courage, honor, and self-sacrifice.

SATURDAY, MAY 6 | 8:30-11:30 A.M.*

ONTARIO POLICE DEPARTMENT PARKING LOT 2500 South Archibald Ave., Ontario, CA 91761

SATURDAY, JUNE 3 | 8:30-11:30 A.M.*

LAPFCU BREWER BRANCH PARKING LOT (ARTC) 5651 West Manchester Ave., Los Angeles, CA 90045

Get more information and view guidelines at lapfcu.org/shred-days

*Event dates, times and location subject to change or cancellation without notice. May end early if shredding truck reaches capacity.

LIMITED-TIME OFFER!

EARN 5.05% APY FOR 10 MONTHS *

Supercharge your savings or build an emergency fund with our high-yield share certificate!

n Guaranteed returns

n No minimum deposit

n No monthly fees

n Federally insured

Scan the QR code to learn more.

FREE WEBINAR:

SMARTER HOMEBUYING

WEDNESDAY, APRIL 19 6:00-7:00 P.M. PDT1

Whether you’re considering buying your first home, next home, retirement home, or investment property, one hour of education can help save you thousands of dollars and avoid painful mistakes.

This live webinar will help you navigate the homebuying process in today’s market, explore how you can afford a home right now, and make informed decisions.

To register, visit lapfcu.org/webinar or contact Melissa at (818) 779-3328 or mmiranda@lapfcu.org for assistance.

1Webinar times and dates subject to change or cancellation at any time.

*APY = Annual Percentage Yield. No minimum opening deposit or balance requirement for limited-time share certificate promotion. The Member Benefits rate bonus does not apply to the limited-time share certificate promotion. Early withdrawal penalties apply. At the end of the 10-month term, the balance in your limited-time share certificate will roll-over into a regular 12-month share certificate. All rates and terms are subject to change without notice. Ask for complete details.

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Los Angeles Police Federal Credit Union is a financial institution with over $1.3 billion in assets exclusively serving active and retired, sworn and civilian employees of Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties Law Enforcement, their families and select police-related groups

-Michael M.

It’s a pleasure to do business with the employees that work there. They go above and beyond to ensure that you have a positive experience.

I’ve been an LAPFCU member for more than 40 years. All of their employees are always polite and professional. They go out of their way to make you feel appreciated.

FROM OUR MEMBERS