Texas Bay Insider - Summer 2023

TEXAS BAY INSIDER

Astros VIP

As the Official Credit Union of our beloved Houston Astros, we are able to offer a contest to win a phenomenal Astros VIP Experience at the September 2nd game against the Yankees. Get four tickets to the game, watch the pre-game batting practice, and BEST OF ALL, throw out the first pitch! You’ll go home with the story of a lifetime! To enter, simply open a Perks or Premium Perks Checking account and/or a new money Certificate of Deposit (CD)!

Get Your Dream Home

June is National Home Ownership Month, and Texas Bay can help you get into that new home. Need to close fast on a mortgage loan? Or are you a first-time homebuyer? Texas Bay has the options for you! The Quick Close Mortgage is an expedited process, where we can close on your new home in as little as 15 business days. This is an especially helpful tool to have in your toolbox when you are up against multiple offers on the house you want. For first-time homebuyers, we offer to finance up to 97% of the value of your new home. That’s right… you may be able to put as little as 3% down, versus the standard 20%, keeping cash in your pocket for move-in or remodeling expenses.

Trivia Corner

1. What is the most popular Father’s Day gift?

A. Necktie

B. Soap-on-a-Rope

C. Crazy socks

D. BBQ gadgets

2. What is the traditional flower for Father’s Day.

A. Tulip

B. Carnation

C. Lily

D. Rose

3. Approximately how many fathers are there in the U.S.?

A. 52 million

B. 72 million

C. 103 million

D. 155 million

4. Which president issued the first proclamation recognizing Father’s Day?

A. Richard Nixon

B. Ronald Reagan

C. Lyndon B. Johnson

D. John F. Kennedy

Are you a trivia genius? Check your answers on the back cover!

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Summer 2023

Budgeting for Your Dream Wedding

Most would agree that budgeting and financing a wedding is the most stressful part of the process. We’d like to help by offering some tips.

Before starting the budgeting process:

• Identify what you can afford. How much can you save between your engagement and your special day? Will you need to finance it in whole, or in part? If so, how much are you willing to finance? Determine the monthly payments you’d be able to afford after the wedding.

• What kind of wedding do you and your significant other want; formal or casual; elegant venue or beach?

• Determine the priorities of the various elements of a wedding. Is a designer gown a must? Do you want to get married in a specific

• Who is paying for the wedding? Will your parents help?

• After the wedding, what other expenses are you planning? Are you buying a new house or planning to start a family immediately?

A typical allocation for wedding budgets:

• Venue and catering: 40%

• Photography and videography: 15%

• Wedding attire and beauty: 5%

• Music/Entertainment: 10%

• Flowers: 10%

• Transportation: 3%

• Cake: 2%

• Décor: 10%

Texas Bay has a variety of options to help you with the expenses:

• Personal loans1 up to $50,000.

Employee of the Quarter

Congratulations and Thank you to Yuliana Vazquez, Fuqua Receptionist, on being selected for the Texas Bay Employee of the Quarter for the 1st Quarter of 2023. On behalf of the Texas Bay team, thank you for your excellent work ethic, professional attitude and all-around dedication to what you do! We couldn’t do it without team members like you! Wishing you the best for continued success!

Terms are offered from 6 months to 5 years. There are no fees and no pre-payment penalties.

• Our Platinum Rewards Mastercard2 offers no annual fees, lower interest rates than bank cards, easy balance transfer,and you can earn rewards on purchases, which can come in very handy for the honeymoon!

venue?

1 Click here for full details on personal loans 2 Click here for full details on credit cards 2

Skip and Play

Take a vacation from July’s payment this summer! Whether you’re facing financial hardship, catching up on bills, or saving for a major purchase, skip-a-payment allows you to defer a payment on your current loan.

Skipped payments are added to the end of your loan’s term, which will extend the term. Keep in mind, it will still be accruing daily interest at the determined rate, and if your next payment does not cover the interest accrued, it will be taken out of each payment until satisfied.

Skipping a payment won’t incur additional fees or negatively impact your credit rating.

Deferments do not hurt your credit score. Unlike simply missing a payment or paying it late, a deferred payment counts as “paid according to agreement,” since you arranged it with your lender ahead of time. That’s

Reward Yourself

Have you activated the REWARDS on your Perks or Premium Perks Checking account? With the Texas Bay CU Perks app, you can access thousands of deals across the US, like savings with local retailers, fuel discounts at Shell stations, Roadside assistance, health savings, and more. Additionally, get your paycheck a day early! For our students (less than 18 years old) and our Seniors (members 65+), the monthly maintenance fee is waived!

especially important if you’re already in the kind of emergency that would call for a deferment.

Eligibility for skip-a-pay:

• The first month’s payment on a loan must be made before being eligible.

• There is a $25 skip-a-payment processing fee for each qualified loan. This must be available in your primary share account.

• Loans not eligible: Credit cards, loans currently receiving disability benefits or life insurance benefits, secured loans, lines of credit, save easy auto loans, lenders protection auto loans, home equity, HELOC, and all real estate loans.

Members can apply online June 1-30 and will be notified of approval/denial via email. The most common denial reason is applying with a share account number or member number. Be sure to apply with your loan account number.

TexasBayCU.org