Tips for First Time Homebuyers

My boyfriend and I are in the process of buying our first home. Now I am at a bit of an advantage since I do mortgage lending, but I have learned some helpful information along the way that I feel would be helpful for others. Buying your first home should be exciting and somewhat stress free so here are some great tips:

1. Get an idea of what you are looking for. We started looking for houses by using www.trulia.com this website allowed us to download an app to our cellphones and sent us an alert whenever there was a new listing in our preferred area. We could also select the number of bedrooms, bathrooms and the price range we were looking for.

2. Get pre-approved. Before you even starting looking at houses with a Realtor make sure that you get pre-approved for a mortgage loan. It is important to make sure you can afford the houses that you are looking at. It is a simple process and will put you at ease when looking at houses. Stop in one of our branches and talk to a loan officer about getting pre-approved for a mortgage!

3. Select a Realtor that you trust. A good way to select a Realtor is to talk to your friends and family to see who they used. I can’t imagine what our home shopping experience would have been like if we didn't like the Realtor we were working with. Remember a good referral goes a long way!

4. Get an inspection. Once you have put in an offer on a house make sure to schedule an inspection. This is something that your Realtor will go over when you are putting together your offer to purchase. An inspector will look over the appliances, the roof, the siding, and pretty much everything else and give you a detailed report of everything that they look over. An inspection will sometimes allow you to make changes to your offer to purchase and give you an idea of what will need to be replaced in the next 5 years. This is a cost that you have to take care of on your own, but it is well worth the money.

5. Give yourself some time. Buying a house is going to take time and patience. Make sure you are prepared for that. In most cases you are not going to find the home you want the first time you go to look with the Realtor. Buying a home can sometimes take up to a month or longer depending on the loan type and what is in the offer to purchase. Be patient. It will be worth it in the end.

Image courtesy of digitalart at FreeDigitalPhotos.net 

Post by: Katie B.

If you missed the Home Building Seminar, you're in luck!

One of the area’s top builders, realtors, title and homeowner’s insurance agents, and mortgage lenders came together on October 21st to answer a range of home building questions, some of the most common of which are listed below. 

· Will my home fit on my lot?
· Which plan is best for my family?
· How much can I customize?
· What will my new home really cost?
· What are the best rates and financing programs?
· What is the building process?

If you missed the live event, you're in luck!  We recorded the seminar and you can watch each segment now on YouTube, just click the link below!  From shopping for a builder and a lot, to securing a construction loan and taking draws, to your end mortgage financing and insuring your new home, our seminar covered it all!

Horizon Community Credit Union Home Building Seminar 2014

If you have any questions after watching the recording, or if you would like to start the home building process, feel free to reach out to any of the participants listed on the contact sheet!

Green Bay Home Building Seminar 10/21/2014

Does your house still fit you?  Have you always wondered what it would be like to have a layout that you designed?  Are you afraid to tackle the building project because you don’t know who to turn to for questions; or maybe you don’t know what questions to ask?  Building a new home can be a daunting task.  We do not want you to tackle that alone.  How would you feel if there were experts available in one spot on one evening in October?

October 21^st, at 5:30 p.m. Horizon Community Credit Union (HCCU) will be hosting a free informational meeting at our Voyager Drive office.  We have assembled some of the best experts in the Green Bay area for a home building seminar.  One of the area’s top builders, realtor, title and homeowner’s insurance agents, and mortgage lenders will be present to answer all of your questions, ranging from some of the most common (listed below) to whatever issue is giving you a headache as you think through the process.

· Will my home fit on my lot?
· Which plan is best for my family?
· How much can I customize?
· What will my new home really cost?
· What are the best rates and financing programs?
· What is the building process?

HCCU is excited to host and be a part of this educational opportunity.  Bring along your questions and thoughts.  If you are planning to attend, you can RSVP by emailing info@horizonccu.com or calling 920-433-0122.  If there is a specific question or topic that you would like covered, please include that as well.  Not sure if you'll be able to make it?  No problem if you find out last minute that you can attend!  All are welcome - you do not need to be a member of Horizon Community Credit Union to take advantage of this educational opportunity!      

We look forward to seeing you.  We are here to help with life’s challenges.  Your success is our destination!

Post by: Pat J

POA & POD - What you should know!

Before I started working at Horizon Community Credit Union, I was employed as a caregiver for seniors. I assisted with daily living needs, but over time I became aware of the type of financial responsibilities seniors have. One of the things that seniors must establish later in life is a financial power of attorney, often called POA’s.

A Power of Attorney for Finances is a person to whom you have granted the right to handle your finances and property. There are a few important things to know about a POA for Finances. First, establishing a financial POA does not mean you relinquish control of your finances and property. You still have the power over your finances and property, but in the case that you cannot act, your financial POA can act for you. Even if you are able to act, your POA can conduct that action for you.  Second, financial POA is durable. This means that, unless you specify otherwise, the POA is still active even if you become incapacitated. Third, you can change your POA at any time. You simply need to revoke the current POA form and complete another one. Lastly, and most importantly, the financial POA has no power over your finances and property after your passing.

There is a form made available by the state of Wisconsin that establishes POA for Finances, and the link for that will be available at the bottom of this post. You need to meet with your lawyer to complete this form. Horizon Community Credit Union requires legal documentation such as the form available thorough the link. I encourage you to look through the form, as there is so much information regarding POA of Finances that I would have to write a short book instead of a blog post.  It is also important to note that this particular POA is for Finances only. If you wish to establish a POA for your healthcare decisions, that is a separate process.

Another term you may hear is POD, which means Payable on Death. In laymen’s terms, anyone you establish as a POD becomes a beneficiary of your account upon your passing. A POD does not have any powers over finances or property.

What I’ve explained only just touches on the subject of POA/POD. If you have legal questions, certainly consult your lawyer. If you have the paperwork required to establish a POA or you have questions about what paperwork the credit union requires to establish a POA, you can stop by the paperwork or call with questions any Horizon Community Credit Union branch during normal business hours. If you would like to set up a beneficiary POD, stop by either of the Horizon Community Credit Union branch during normal business hours. You need to know your POD beneficiary’s information (SSN and the like) or you can bring the person you wish to assign as a POD beneficiary with you.

POA and POD can seem complicated, and sometimes they are. At Horizon Community Credit Union we’re here to help you understand. Though your legal questions should be directed to an attorney, the Member Service Representatives at either Horizon Community Credit Union branch can help clarify any remaining questions.

State of Wisconsin Department of Health Services: Power of Attorney for Finances Form

Post by: Breanna B.

Out and about, don’t know your balance?

Out shopping, at dinner, or taking in a show?  Want to use your debit card, but you’re not sure what your balance is?  And you have no way to access your account on-line...or maybe there's no public wi-fi and you're almost over on your data for the month?  Call our toll free number @ 1-855-718-0884 to activate CU*Talk.

The system is totally automated, and easy to walk through.  All you need is a touch-tone phone, your account number, and a four digit PIN (password).  You can find out your balances, see what checks have cleared your account, check any deposits or withdrawal that have been made, and verify the date and amount of transactions.  You can even transfer money between your accounts if you are running low in one of them.  You'll even have the option to make a loan payment.  (Just remember transferring out of your savings via CU*Talk will count toward your allowable Reg D transfers.)

If you have not used our CU*Talk phone banking yet, your generic PIN will be the last four digits of your Social Security Number.  

CU*Talk is fast and easy to use.  Add us as one of your contacts on your phone and give us a call.

Any questions, you can still always call us during our business hours at 920-433-0122.  We'd love to chat with you!

Post by: Karen S.

Getting Ready for College!

Getting ready to go off to college can be stressful enough…figuring out classes, setting up dorm rooms, finding roommates, etc.  Being financially secure and ready with your accounts is just another process that adds to the excitement of getting ready for college.  With that said, there are many ways at Horizon Community Credit Union that can help you with this process!

A student checking account with a debit card is a great item to have when going away to college.  There are plenty of ATMs around that allow you to take money out of your account without having to pay for an ATM fee.  This way you are able to take money out of your account hassle-free no matter where you are!  If you are unsure which ATMs are fee-free, check out the Horizon Community Credit Union ATM Alliance website for a complete list of all the participating free ATMs out there.

Another good thing to do before going to college is to enroll in e-statements and set up online banking. Having access to your account online helps you to manage and keep track of your money throughout the year...especially when you’re trying to figure out if you have enough money to buy that late night pizza once a week (trust me, we've all been there)!  Knowing how much money you have (or sometimes don't have, right?) can save you from getting costly overdraft charges too!

One last thing to consider that can be helpful when you head off to school is applying for a credit card with a low limit.  (Bonus: all of our cards earn Scorecard Rewards points!)  It’s always nice to have one on hand in case an emergency comes up.  Also, using your credit card here and there helps you build up your credit score.  Just make sure that if you do use it, you remember to make your payments on time and you don’t max it out!

Learning how to handle money before you’re out on your own is a step in the right direction of getting through college and being independent. These are all important steps that can help lead to setting up a student’s financial goals and eventually meeting them.  If you want more resources or information, don't hesitate to ask a member of our staff!

Post by: Lindsey L

Image courtesy of hywards at FreeDigitalPhotos.net

Tips for the First-Time Home Buyer

Do you have dreams of buying your first home?  Whether you’re ready now, or even if you don’t think you’ll be ready for a year or two, it never hurts to be prepared.  Talk to a loan officer about different loan options and look over your current debt.  If you need to, take the steps now to boost your credit rating or pay down debt.  When you ARE ready to start shopping for a home, stop in to chat with that loan officer again and get pre-approved for financing.  This will help you determine the price range of homes that you can afford before you start looking.  You should also talk to a real estate agent about what you’re looking for and get signed up with email listings.  You’ll stay up-to-date with new properties while at the same time getting an idea of the types of homes within your budget.    

One thing that will help you from the start is saving. If you know you’ll be in the market to buy a home in the next couple years, you’ll want to start to save what you can. Putting down 20% will help you avoid having Private Mortgage Insurance (PMI) added on to your monthly mortgage payments.  PMI is insurance that allows lenders to safely accept a lower down payment than it would normally require.   Basically, it is a financial guaranty that protects the lender from losses in the event that you would default on the loan.  

On the other hand, if you don’t have 20% to put down, you can still buy a home with PMI.  As long as you have a conventional mortgage, once your loan is paid down to 78% of the home value the PMI will automatically drop off. 

Start making a list of what you do and don’t want in a home, similar to what you see on all those home buying TV shows.  This is an investment – and a pretty expensive one!  Keep in mind what you can and cannot change in a home.  You can always remodel the kitchen or put in hardwood floors but you can’t change the neighborhood or make the lot bigger. 

We’d be glad to help from start to finish on making your first home your dream home.   Call or make an appointment to talk to a loan officer to go over your finances or apply for a mortgage.  And once you’re in your home, we can even help you turn your house into your dream home by financing your remodel!  

Post by: Sara D

Image courtesy of phanlop88/ FreeDigitalPhotos.net

Individual Retirement Accounts available at HCCU!

What is an IRA?
IRA stands for Individual Retirement Account.  One member owns it, it helps the member to save for retirement or education. It is an account, not an investment.

What types of IRA accounts does HCCU offer?

ROTH IRA: With a Roth IRA, you make after-tax contributions, so withdrawals are tax-free in retirement

TRADITIONAL IRA: With a Traditional IRA, your contributions may be tax-deductible, and you'll pay taxes when you make withdrawals in retirement.

COVERDELL IRA: With a Coverdell Education Savings Account you save for future education of your child/children.

All of the above IRAs are available as a regular share account or share certificate.  IRAs at Horizon Community Credit Union are not part of the stock market. You cannot lose value in your account.  

If something happens to me, who gets that money if no one else is on the account?

You can will any of the above accounts to loved ones in the event of your death.

What if I have other questions?

Ask any one of our MSRs for details. We have informational pamphlets available to everyone, and we would be glad to answer any questions you have and help you find an option works for you.

Remember: We are a financial institution, not financial advisors. We are not able to give any tax advice to our members or evaluate members’ savings strategy for retirement.

Post by: Lori S

This applies to you! Yes, YOU!

Regulation D 

If you have a savings, club, and/or money market account with HCCU, you are limited to six (6) withdrawals via electronic, telephone, preauthorized or automatic transfers per calendar month. Exceeding the limit will result in a fee of $25 per transaction in excess of six, or possibly account closure.

What counts against me?	What DOES NOT count against me?
Overdraft Protection Transfers	Transfers done via ATM machine
Automatic transfers to another account or third party	Automatic transfers towards a loan
Preauthorized withdrawals	Deposits into your accounts
Online Banking transfers	Transactions conducted in person at a branch
Phone banking transfers
Using your ATM card with PIN at a store to conduct a transaction out of your savings
Phone transfers done with a HCCU employee

FAQs

What is Regulation D?
Regulation D, or Reg. D, is a federal regulation that places a monthly limit on the number of transfers you may make from your deposit account (savings, club, money market) without your physical presence being required. Its purpose is to regulate the level of reserves a financial institution maintains.

If I use online banking, will it notify me if I have gone over the 6 transactions I am limited to?
No, there is nothing in the online banking that will notify you. Members should keep track of the number of transfers they make out of their deposit accounts.

I have more than one deposit account. Am I limited to a total of six transactions for all my deposit account combined?
No. You are allowed up to six Reg. D transactions per month for each of your deposit accounts.

Is Reg. D something new?
Reg. D was enacted in 1933. It was and still is enforced.

Please contact us if you have any questions or concerns regarding this regulation and its enforcement.

Post by: Kelly V

Image courtesy of Pong / FreeDigitalPhotos.net

Just Say NO to Payday Lenders!

I’m sure you've seen or heard the commercials for payday or title loans that give you cash in 30 minutes or less, but hopefully you haven’t (and won’t) sign up for one of those loans. Want to know why? Keep reading.

Have you read the fine print??????? Do you know that many of those places charge over 300%APR for a loan? OMG…300%....no, that’s not a typo, there shouldn’t be a decimal in there, three hundred, not kidding (unfortunately). Let that sink in for a minute.

So what does 300% APR mean exactly? Well, if you go there and get a loan for about $1000, and pay it back over 6 months, you will pay back roughly double what you borrowed. That’s right, they give you $1,000 and you pay them back about $2,000. If you can pay it back on time exactly as agreed upon. As if that isn’t bad enough, if you can’t pay it back on time (which is what often happens), they can automatically withdraw what you owe from your account. What typically happens when they try to do that? You overdraw your account and are charged a fee. Then they try to withdraw the money again, and you probably still don’t have it or you would have sent it to them, so you overdraw your account again and are charged another fee. Wait, this happens one more time, because they can try to take the money 3 times for each payment, so there’s another fee. Now you still owe your payment, plus you wasted all that money on 3 NSF fees, and the payday loan place probably has some sort of late fee or NSF fee too. Do you see how this can start to snowball quickly and put you deeper and deeper into debt with no good way out? It happens too often, and we don’t want it to happen to you!

To give you something to compare to, that same loan here would come with a rate of between 3% and 16% (rates are determined by a number of factors including your credit score and history, amount of unsecured debt, and past bankruptcy). Even using our highest rate of 16%, if you borrowed $1,000, you would pay us back roughly $1,050. That’s quite different from the example above where you borrow $1,000 and pay back $2,000. What would you do with the $950 you saved? You can probably think of lots of things, that’s a lot of money!

So JUST SAY NO to Payday Lenders (or anyone else charging a ridiculously high interest rate for that matter). Call us, tell us your situation and let us try to help. Whether it’s a loan here, at a dealership, a bank, or another credit union, know what you are agreeing to before you sign anything.

Here are some questions you should ask every time you apply for financing anywhere:
· Is there an application fee?
· What is my interest rate?
· What is the repayment period?
· What is my monthly payment and can that amount change? If it can change find out what would cause it to change, how often it can change, and how much it can go up.
· Is there a penalty for prepayment?
· How much will I pay in interest over the life of the loan?
· What happens if I default?

Post by: Cari J

The Advantage of Being 50+

YAY! You’ve hit the big FIVE – O so flaunt it! You’re looking good and you deserve a break! So what can we offer you? A FEE FREE CHECKING ACCOUNT! Yes! FEE FREE! That means NO minimum balance required! Already have a fee free checking account with us? Guess what, you can now get checks at no charge too! That’s right! FREE! We know you are looking good but we want you to feel good too! Stop in the credit union and any Member Service Representative can give you more information and get you closer to a fee FREE checking!

Post by: Kelly V

Let us cover your car repairs!

Car trouble is more than hassle. It's expensive. Did you know here at Horizon we offer a product that will help limit the cost of those repairs???  It is called Mechanical Repair Coverage or MRC.  MRC will pay for the cost of covered repairs less any deductible.  Yes, pay for auto repairs!!!  We offer levels of coverage where you choose the term, mileage limit and deductible that meet your needs and fit your budget. You pay only the deductible amount you select – $0, $100 or $250.

Plus the plan includes:
-Rental Reimbursement up to $35 per day for 5 days.
-24-hour, toll-free roadside assistance, which covers towing, jump starts, flat tire changing, fuel, oil or other fluid delivery, and entry when keys are locked in your car.
-Emergency travel expenses up to $500 for lodging, meals and transportation if your car breaks down more than 100 miles from home.

You are able to add MRC to a new or existing auto loan.  Even if your loan is with another financial institution or if you own your car free and clear, as long as the vehicle is eligible for coverage, you can get MRC through Horizon Community Credit Union. Contact Horizon to see how you can benefit by having Mechanical Repair Coverage.

Post by: Kelly B

Stay safe from identity theft!

There are many things in life that are very dear to us and that we keep a close eye on. With society today, one of these things should be our identity. Although it’s hard to believe, the sad truth is that our identity is one of the most wanted items by others. Did you know that within the first 6 months of last year, 1.6 million taxpayers were affected by identity theft? Sometimes even with every effort made to prevent this from happening, it still does.

Here at HCCU, protecting your personal information is just as important to us as it is you. We want to make sure it’s really you calling us before we give out information, or that it’s really you standing in front of us before we give you money, so don’t be alarmed or offended if we ask you to verify your information or ask to see your ID. It’s for your protection. With people out there trying to get their hands on your money, identity, and good credit, we want to take extra precautions.

Not only is it important for us to protect your accounts, but we are also committed to helping you protect your identity. To do so, check out these links for lots of helpful tips on preventing identity theft and recovering from it if it happens:

Federal Trade Commission - http://www.consumer.ftc.gov/topics/privacy-identity
Transunion - http://www.transunion.com/personal-credit/identity-theft-and-fraud/how-to-prevent-identity-theft.page
Annual Credit Report.com - http://www.annualcreditreport.com/

Post by: Emily P

Month Challenge: Ways to Save – Change and Costs at Home

At the start of May I decided that I was going to do a challenge all month long on saving. Not just money but ways to save at home. I am huge debit card user, so instead of carrying cash around I decided that whenever I make a purchase with my card I will round up on the balance. So if I spent $36.34 on gas, I was going to round up to $37 and put the $.66 in my saving account. From just our normal spending throughout May, we were able to put $28.44 in our savings. That’s just from rounding up on change!

As for saving at home, I saved some milk containers and cleaned them out. Every time I’d run the sink water, waiting for it to warm up, I’d have the water run into the milk container. The water that we would have wasted, I used to put into the dog’s water dish. We've been able to save over 10 gallons of water that we would have other wise wasted.

The small things can add up. Those were just things you would do on a normal day. Now, if I were to save the change each month on our normal purchases, averaging the $28/month, I’d have $336 in my savings from just change. That doesn't include if you take out cash and save that change as well! Also with the water, just saving from the sink is the start. It opens my eyes to what other water we waste. From taking a shower, brushing our teeth, to doing laundry. I plan on challenging myself more to save! Every penny counts!

Why don't you see what you can save for the month of July?

Post by: Sara D

How do you know if you're getting a good price on a car?

You’re at a car dealership and you find a vehicle that you like, but you’re not sure if it’s worth what they are asking for. What do you do? Call your credit union! Horizon Community Credit Union has a client log-in with NADA (National Automobile Dealers Association). Just supply us with the VIN# for the vehicle, year, make and model and we can bring up the value in a couple of minutes. Why NADA? NADA delivers monthly trade-in, loan and retail values to give us an idea what the vehicle is really worth. Wonder what value to use? At HCCU we will determine your vehicles value by looking at the clean loan value because it figures in the depreciation (decrease in value over time) of the vehicle. We can also give you values if you’re looking to sell your vehicle or use it as a trade-in. Call us today to get your value!

Post by: Katie B

Nobody likes to think the unthinkable...

What would happen to your family if you became disabled, or worse, if you died?  Are they protected?


Disability insurance is designed to help maintain your standard of living while you are out of work.  It is the oldest form of health insurance, providing coverage when you are unable to work due to accident or long illnesses.  Statistically, there is a 30% chance of someone needing disability insurance before the age of 60.

Disability insurance replaces up to 60% of your income if you are out of work for the above reasons.  You can use funds to pay your mortgage, rent, monthly bills, medical bills, whatever you need to pay.  Disability insurance is non-taxable.  You will not pay any income tax on any disability insurance you receive.  It is also inexpensive, making it easy to maintain a policy so that you are covered in case anything happens to you.



Life insurance is designed to replace your income in the event of your death, therefore helping maintain your family’s standard of living. It also allows you to keep the financial promises you made during your lifetime if you die before those promises are fully paid.  Life insurance protects your assets and the assets of your loved ones. Your death benefit payout is non-taxable, so your family will not have to pay taxes on your death benefits.

Life insurance can also be accessed during your lifetime in certain circumstances, such as when you are suffering from a chronic or terminal illness.  Some plans accrue cash value which can be accessed during the life of the policy for any reason.  It can also be used as a supplemental form of retirement income, depending on type of life insurance you purchase.  Life insurance is also very affordable; the earlier you buy life insurance the more reasonably you can acquire it.

Post by: Lori S

Demystifying Your Credit Score

So everyone talks about credit scores, but does anyone really know what goes into a credit score or what to do to raise their score?  Most people don’t really know, even if they think they do.  You don’t get a high credit score simply by paying your bills on time as many people think (although that does help).  There are actually a lot of things that are considered when compiling a score.  Take a look at the pretty graph below:

The importance of each category will vary for each person depending on their overall credit picture.  That means that someone just out of high school may not have as much emphasis put on the payment history category as someone who has had loans and other credit for years.  As that credit picture changes, so does the importance of each category.  Really clarifies things for you, doesn't it? 

While credit score does play a part in whether or not you will be approved for a loan, it isn't the only thing that lenders look at, so if your score isn't ideal that doesn't mean you can’t get a loan.  Your score can affect the interest rate you pay on your loans though, so it’s a good idea to know your score and take steps to improve it. 

Even though how your score is actually calculated may still be a bit confusing, knowing more about what goes into it will help you make good decisions in the future.  Here are a few simple things that you can do to improve your credit and score: 

1.   Take a look at your credit report.  There are a variety of websites you can use.  At www.annualcreditreport.com you can get a free report from each of the 3 bureaus annually, and if you find something on your report that isn't correct, they have information there to help you dispute it (not only that, but they have a TON of helpful info if you’d like to find out more about credit and credit scores).  When looking at other sites for free credit reports, watch for sites that make it appear to be free but actually only offer a free trial period.

2.  Make your payments on time.  To help you do that, set up automatic payments so that you don’t have to remember each month.

3.    Do things in moderation.  That means don’t max out your credit cards or other lines of credit.  Having only one card that is to its limit is not better than having 2 cards with smaller balances on each one, so keep your balances low on revolving debt (like credit cards).  Closing a bunch of cards or opening a bunch of cards isn’t going to help either.  Basically, don’t do anything drastic.

Post by: Cari J

Loan? Piece of cake.

So you need a loan. Now what? We realize the process can be a bit intimidating, and that you probably have questions. How do you get things started? What information do you need to give us? How long it will take to get approved? We want to help you through that! While the information needed and the time it takes varies some depending on the type of loan, having as many of the loan details as possible beforehand can definitely get you a decision and get you the money you need a lot faster.

For many people, the most convenient way to get started is to complete an application online. This gives us most of the information we need for the loan, and also gives us the OK to run your credit report to get the process rolling. If face-to-face is more your style, give us a quick call to schedule an appointment. That way the meeting is not rushed, and you know that a loan officer will have enough time to chat with you, take your application, and answer your questions.

Here’s the information you need to give us:

• Your personal info (name, address, date of birth, social security number etc.). And if you’re married, we will need the same info about your spouse even if he/she is not signing on the loan. 
• How much money you need, and what you need it for. Or if you’re refinancing a loan from somewhere else, your payoff amount on that loan. 
• How much you pay for your mortgage or rent monthly. 
• How much money you make and documentation (2 recent pay stubs or tax returns) for you, any cosigners, and your spouse (again, just if you’re married even if your spouse isn't signing on the loan). 
• Information about what you’re planning on buying with the loan funds (if applicable). 
• Information on what you are using to secure the loan, also referred to as collateral. This may be what you are purchasing, or may be something you already own. By having collateral securing the loan your interest rate typically decreases, sometimes significantly. 

Once we have all this information, we are able to process your application and get you a decision. At Horizon Community Credit Union, we review and decision all of our loans locally! Because someone within the CU or on the board of directors is the making the decision, we are committed to getting back to you as quickly as possible, often the same day for consumer loans! While our decision-making is also quick for real estate loans, there are more things that are required, such as an appraisal and title insurance. Closing times for real estate loans from start to finish are typically 30-45 days.

It’s really easy, we promise! So have you been thinking about making a purchase? Need a loan? Start an application today at http://www.horizonccu.com/loans.php or contact a loan officer at 920-433-0122! We look forward to helping you achieve financial success!

Post by: Katie B

Safe and Secure

Grandma’s Heirloom Necklace, Dad’s Favorite Watch, Passports, Your Last Will & Testament, Car Titles, Extra Cash.

What do these all have in common?  These have all played an important part in your life, and at Horizon Community Credit Union we want to help you protect these memories and valuable items. 

What would happen to these things if you had a house fire, experienced a natural disaster like a tornado or flood, or if your house got robbed?  What if you didn’t have to worry?  At our Voyager Branch we offer four different sizes of safe deposit boxes starting as low as $15.00 a year.  Yes, that is only $15.00 a year, for us to protect your important documents and life’s memories in our secure vault.  

Stop wondering where you put that birth certificate or car title, or if your jewelry is safe where you currently store it.  Call to inquire about our prices and box sizes, or next time you are in ask one of our friendly Member Service Reps.  We are always here to serve you, our members.

**Remember, HCCU does not insure the contents of your box.**

Post by: Karen S

The Credit Union Difference

You may think that there is no real difference between a credit union and a bank. You can submit cash and checks for deposit or withdrawal. You can open financial savings products through both of these institutions such as savings, checking, or money market accounts. You can also receive loans through both banks and credit unions. So what is the difference? From the outside looking in, both institutions seem very similar.

                 

Here at HCCU, and at all credit unions, each of the members is an owner of said credit union, while banks are owned by investors who may or may not be depositors. Since the members are the owners, they each have one vote in electing board members who help to make decisions for the credit union. The board members of these credit unions are not paid; they are volunteers who represent the diversity of the membership. Credit unions spend much of their focus on consumer loans, savings products, and providing essential services needed by the membership. On the other hand, banks focus primarily on commercial loans and big business accounts that generate significant income.

                

Why should I do my banking with a credit union? The answer is simple.  Credit unions are nonprofit organizations whose earnings are paid back to the members in the form of higher savings rates and lower loan rates, leaving more money in YOUR pocket. According to the NCUA the average credit card interest rate for banks is 1.29% higher than credit unions. Also while credit unions are not careless with the loans they give out, they tend to be easier to borrow from than megabanks. Finally, the customer service at credit unions is more personable than banks with a larger clientele, making for a better experience every time you come in to make a transaction.

Become a member of a credit union today!

Post by: Matt K