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WHAT'S NEW: EXCERPTS FROM CREDIT VIEWS NEWSLETTER, SEPTEMBER 2010 (PDF)

In this issue:

 

The Time Is Right To Buy Or Refi

With mortgage rates at or near all-time lows, it's a great time to buy a home or refinance a mortgage on your current residence.

A buyer's market
First-time home buyers are in a particularly good position: rates are low and there are plenty of affordable homes for sale. If you've been waiting for the right time to buy your first home, this may well be it. Current homeowners who are ready to move up (or even downsize) may face a greater challenge — after all, it is a buyer's market. But homes that are in good condition and priced properly are still selling, so don't assume it can't be done.

Staying put
If you plan to stay in your home for several years to come, it may make sense to refinance your existing home loan. There are a number of reasons to do so: to lower your rate, to convert an adjustable-rate mortgage to a fixed rate, or to take cash out to consolidate debt.

Whether you're buying or refinancing, Columbus Metro has the mortgage loan that's right for you. Contact our mortgage specialist, Nate Cooper, at 614.239.0210 or 800.986.3876, extension 3026, or ncooper@columbusmetro.org.

 

It's Not Too Late To Opt In

On August 15, new regulations on overdraft protection took effect. As a result, we cannot authorize and pay overdrafts on your debit card transactions unless you tell us that you want Courtesy Pay to cover them.

Courtesy Pay does not replace your existing overdraft coverage, such as overdraft from savings or a line of credit — it will only be used if those sources of funds have been exhausted. Many members find that Courtesy Pay is just what they need when an unexpected expense or emergency comes up.

If you haven't opted in yet, it's not too late to make sure your debit card is there for you when you need it. Simply call us, stop in or e-mail us at cmfcu@columbusmetro.org to opt in today.

 

Home Is Where The Money Is

The kids are back in school and fall is just around the corner. If that means it's time to make tuition payments, buy a new vehicle or repair the roof before winter, a home equity loan or line of credit may be just what you need to get started.

A home equity loan is a great way to pay for major expenditures. Since your home serves as collateral for your loan, you benefit in several ways:

  • The interest rate is lower than for other types of loans;
  • Extended terms of 10 to 15 years make payments more affordable; and
  • The interest you pay may be tax-deductible (consult your tax advisor to be sure).

With a Columbus Metro home equity loan, you can borrow up to 90% of your home equity. That's a lot of purchasing power — perfect for your big projects and major purchases this fall.

To get started, stop in any of our offices, call 614.239.0210 or 800.986.3876, or visit us online at www.columbusmetro.org.

 

 

Looking For A New Car This Fall?

Late summer and early fall is the perfect time to buy a new vehicle, since dealerships are preparing for the new model year. Here are a couple of things to keep in mind:

  • Deep discounts are often available on models that are being discontinued. However, such vehicles may lose their value more quickly, so keep that in mind if you'll be looking to trade it in a couple of years from now.

  • Vehicles that have been redesigned for the new model year can also be a bargain, as long as you don't mind driving the "outdated" model.

Web sites like Kelley Blue Book (www.kbb.com) and Edmunds (www.edmunds.com) offer a wealth of information for new car buyers. You can also strengthen your bargaining position by getting pre-approved at Columbus Metro before you shop, so stop in, call or visit us online to apply today!

 

 

 
 
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