Home mortgage refinance saves Doug and Barb $767 in monthly payments

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1 Home mortgage refinance saves Doug and Barb $767 in monthly payments Doug and Barbara Fredette hugged their loan officer, Jaimy Herbert, right there in the OSU Federal offices. Worried faces and anxious hearts gave way to smiles as Jaimy confirmed the Fredettes home mortgage refinance was approved. The OSU Federal refinance would enable Doug and Barb to restore their finances following two difficult bouts with ill health, which, over a period of years, had drained their financial resources and jeopardized their homeownership. With the refinance they could pay down bills, reduce monthly expenditures, enjoy an affordable monthly payment and not worry about being able to stay in their home the home they d owned and loved for 36 years. 10 years earlier: home equity line of credit helps pay bills Years before they refinanced their home, Doug was struck with a life-threatening respiratory problem and couldn t work for weeks. Barb had her hands full helping Doug and tending to home and other family matters. Meanwhile, insurance complications were a nightmare. But the Fredettes, who had joined OSU Federal in 1997 when it became a community credit union, were able to use the equity in their home to get a home equity line of credit (HELOC). With that in place, OSU Federal members Barb and Doug Fredette. and as Doug went back to work following recuperation, the Fredettes focused on managing expenses and paying bills. Their situation settled and improved. Then the economy took a downturn and, with it, their excavating business slowed. Again the Fredettes adapted, shifting their business to serve three needs: tractor servicing, field and pasture mowing, and garden tilling. They continued to budget wisely, lived within their means and got creative, for a time selling Doug s photography at art shows in Arizona, where they like to travel in their RV. The OSU Federal difference: Hi, Doug, this is Jaimy. With the respiratory problem behind them, an injury to Doug s shoulder brought a second round of medical expenses and put an additional hit on the household budget. Over the years, the HELOC had done its work. But it had matured to a stage in which the loan shifts from interest-only payments to repayment. During the repayment phase, interest plus principal are due each month. As a service, OSU Federal notifies members about the shift to repayment status. The notification osufederal.com spring edition 2014

2 Home mortgage refinance saves Doug and Barb $767 in monthly payments... continued from page 1 completed and a week later we met at the title company and signed closing papers. Like other OSU Federal members, the Fredettes experienced a timely solution: they paid off a home equity line of credit and their RV debt, and lowered monthly debt from $2,437 to $1,670, a savings of $767 each month. isn t common among banks, but for credit union members it s another example of the OSU Federal difference in action. I called, listened and learned about their situation. I offered to meet with Doug and Barb so we could explore options to help them reduce their monthly payment and alleviate their concern about being able to stay in their home, Jaimy says. Fixed-rate mortgage refinance improves financial outlook We talked about the home equity line of credit, their existing RV loan and their total monthly debt, Jaimy says. We calculated a new budget. For Doug and Barb it made sense to refinance with a fixed-rate mortgage. They were excited. We pre-approved their loan application, their home was appraised, some repairs were Today, Doug and Barb are back on track The Fredettes, whose finances are back in shape, are staying busy working for clients around the Valley and taking care of their 20-pound cat, Sammy Sasquatch. Barb says, We love our North Albany branch. But we also set up online automatic withdrawal of our house payment from our savings account. We like that convenience. Doug adds, We ve been very happy. OSU Federal has bent over backwards to help us. The OSU Federal difference Your credit union staff provides you a combination of personal thoughtfulness, financial expertise and timely action to help you when life throws you a financial challenge (bad or good). Learn more: Apply for home mortgage or refinance at Home equity: Use this loan to pay for unexpected medical costs, vacations, weddings, other needs. May have tax benefits (consult your advisor). Loan officer: Meet and work through the home loan process with Gary, Jaimy, Robin or Sue. Purchase or refinance: Home, land, construction loans and much more. 2

3 Your volunteer Board ready to serve you Thank you and congratulations to OSU Federal members who were elected to the OSU Federal Board of Directors at the recent Annual Business Meeting. Recently elected to the Board of Directors: From the membership, for the membership While it s true that credit unions and banks offer similar products and services (checking accounts, credit cards and mortgage loans, for example), it s also true that credit unions are different from banks. One major difference is the Board of Directors: credit unions are governed by a Board of Directors elected by and from the credit union s membership. Mike Green Tim Rocak Dave Wildman Thanks also to other OSU Federal member-volunteers: Board: Jay Conroy, Shannon Cruz, Nadine Davison, Paul Dickey, Ron Stevens, Jim Swinyard. In addition, Board members also serve voluntarily, unpaid, giving valuable time and unique skills to help guide OSU Federal, Your Community Credit Union. The volunteer Board is just one element that makes the OSU Federal difference. Supervisory Committee: Elizabeth Bell, Stephanie Emmert, Kelley Kaiser. Congratulations, TLT scholarship winners! Congratulations to this year s Tomorrow s Leaders Today (TLT) scholarship winners. Shown left to right are: Trevor Whitaker, Cody Bibler, Brooke Wendland, Shelbie Ballweber, Ryan Khalife, Raina Smith, Tyger Liner, Theresa Hommes, Zanna Morre, Nathan Pederson, Victoria Jansen, Olivia Dye, Morgan Butts, Cameron Soriano. Not pictured: McKayla Creamer. 3

4 OSU Federal: involved, invested, giving to community OSU Federal, Your Community Credit Union, partnered with and helped many neighbors to fulfill all kinds of needs last year. Here are highlights about how OSU Federal was involved and invested locally with time and dollars in Community Giving and Citizenship 6,425 $22,500 Community Giving $135,000 Donated $15,000 that funded 55 projects benefiting 6,425 students throughout our five-county field of membership. Amount awarded in scholarships to local college students. Education 10,100 OSU Federal s 200-member team contributed to their communities with another record of volunteerism in 2013, exceeding 10,100 hours. 17% of those hours were performed as an investment of credit union time, while the remaining 83% of the hours were dedicated by staff on their own. $135,000 invested back into five-county field of membership to 149 schools and nonprofit organizations. $27,000 Donated to benefit Doernbecher and Sacred Heart Children s Hospitals through a $17,000 credit union match of staff donations and another $10,000 Miracle Match from CO-OP Financial Services. 35,432 Three community shred events helped recycle more than 35,432 pounds of paper: conserving 301 trees, saving 124,040 gallons of water and 72,652 kilowatt hours of energy, keeping 1,063 pounds of pollutants out of the atmosphere, and saving 89 cubic yards of landfill. Sustainability 650,000 Sending estatements to our members eliminated more than 650,000 double sided pages of paper and the associated additional mail costs. Members also paid approximately 384,000 bills using our online bill pay service. Tomorrow s Leaders Today $15,000 awarded in college scholarships for local high school seniors. Blue Sky As a Pacific Power Blue Sky partner, we invest in wind-generated power that produces more than one-third of the 1.4 million kilowatts of power that we use annually. ALL BRANCHES Mailing address PO Box 306, Corvallis, OR Phone Access Teller (PAT) or osufederal.com ALBANY 1394 Clay Street SE* 633 Hickory Street NW, Suite 120* CORVALLIS 1980 NW 9 th Street 148 NW 25 th Street* DALLAS 210 Orchard Drive* KEIZER 4990 River Road North* (inside Safeway) LEBANON 3330 Cooperative Way* MONMOUTH 464 South Pacific Highway* NEWPORT 1923 North Coast Highway* PHILOMATH 1446 Main Street* SALEM (WEST) 510 Wallace Road* WOODBURN 1550 North Pacific Highway* (inside Safeway) The articles in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your attorney, accountant or financial tax advisor with regard to your individual situation. Websites not belonging to this organization are provided for information only. No endorsement is implied. Images may be from one or more of these sources: Thinkstock, istock, Fotolia. Entire publication OSU Federal All rights reserved. * Investment services available by appointment. 4

5 Mark your calendar now for the May car and truck sale May is a great opportunity to get the car or truck you want, with unbeatable selection and rates, all in one convenient location. Prepare for the sale and save: 1. Get preapproved. Go to any branch, call or apply online at We ll help you estimate what you can afford, your monthly payment, loan rate and the overall cost. 2. Be prepared. See the article Top 10 buying tips at for guidance on how much to spend, research, setting your price and more. 3. Be informed. Read Know the facts: 0% financing at for added insight about how to assess offers. See various examples that show cost differences and more. Presents the 2014 Car and truck SALE! LIMITED TIME OFFER! * NO PAYMENTS FOR 90 DAYS! Get pre-approved today: osufederal.com/carsale (800) No loan payments for 90 days* Over 600 new and pre-owned vehicles One-stop shopping with four dealers 3 DAYS ONLY: May 16-18, 2014 Friday and Saturday 9-7 and Sunday 11-5 Benton County Fairgrounds in Corvallis (53rd St. and Reservoir Rd.) OSU Federal consultants on-site Hassle-free test drives * Limitations apply. Please call for more information. Loan rates and terms are based on your credit qualifications and the amount financed, and are subject to change without notice. Federally insured by NCUA. 5

6 INSIDE Visit us on Facebook Like, Share, Follow, Friend us on Facebook. Check out financial tips and tools. Stay informed. Learn about events, activities and promotions at facebook.com/osufederal. Let us be part of your social media community. See you there #osufederal. HOME REFINANCE SAVES DOUG AND BARBARA $767 IN MONTHLY PAYMENTS page 1 MEET, SAY THANKS, TO YOUR NEW BOARD page 3 CONGRATULATIONS TO TEEN SCHOLARSHIP WINNERS page 3 OSU FEDERAL GIVES TO COMMUNITY page 4 SAVE MAY 16 18: CAR AND TRUCK SALE page 5 SEMINARS GET YOU ON TRACK page 6 PO Box 306 Corvallis, OR Seminars from OSU Federal Investment Services and CFS* Seminars can fill fast be sure to RSVP through the investments seminars tab at A Woman s Road to a Sound Financial Future May 13 5:30-7 p.m. Financial Center Branch Board Room 1980 Northwest 9 th Street, Corvallis June :30 p.m. Albany Branch 1394 Clay Street SE, Albany July :30 p.m. University Branch 148 NW 25 th Street, Corvallis Basic Investment Principles June 24 5:30-7 p.m. Financial Center Branch Board Room 1980 Northwest 9 th Street, Corvallis Meet Kyle King, Investment Advisor Associate, CUSO Financial Services, L.P. Kyle is available to help meet the pre- and post-retirement needs of individuals, families and businesses. Learn more at * Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ( CFS ), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.