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President's Message April 2016

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We are well into our 60 year celebration and many people are taking advantage of our Cash for You, Cash For Your School initiative. Don’t forget that for every loan you transfer to UCCU we will give you 0.5% cash back, as well as donate 0.5% cash back to the K-12 school of your choice. Tell your friends and neighbors and help support local education.

The Utah housing market is booming. There is significant demand for mortgage and construction services and consumers are continuing to build equity due to rising housing prices. With the growing population rate and the increasing demand for housing, appreciation rates have continued to rise and will likely continue to be favorable.

Trying to help your children get into their first home? It may be easier than you think. UCCU has our first time home buying program that takes the guesswork out of finding the home of your dreams.  UCCU offers support and resources to help you find the right loan product to suit your financial needs. Our BuyerRelax program offers access to mortgage experts who can answer any question – big or small.

It is our pleasure to serve you! We want to be your trusted financial partner now and into the future. Take full advantage of your membership by visiting with one of our financial experts. If you are not yet a member – become one and let the benefits of UCCU membership help you save money, make smart financial decisions, and propel you and your family closer to you financial goals and dreams.

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Jeff Sermon
President/CEO

 

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Home Maintenance Tips

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Spring is the time for home improvements and repairs. According to some experts, home repairs usually cost approximately $1,700 each year*.  That is a large amount of money, and without a plan, that amount could be devastating in the future.  Here are some reasons why you should make home improvements.

Home Maintenance = Home Equity

Buying a home is a great investment.  You buy a home, and most likely you eventually sell that home.  Putting a certain sum of money into your home each year improves the value, but also makes it more livable as time goes on.

“Be Prepared”

Disasters will happen whether it’s a leaking roof, water drainage, plumbing problems or termite damage etc.  How can you be prepared?  The rule of thumb for home improvement is putting away 1% of your home’s value each year.  For example, if your home is worth $175,000, you would put away $1,750 each year or $145 a month for home maintenance**. By doing so, you can plan accordingly for those incidentals that so often come with owning a home.

Home Upgrades

There are many ways you can improve and increase the value of your home. Home additions can make a space more functional while adding value. Another great spot in the house that offers the best return on investment is the Kitchen. Upgrading appliances, installing fresh tile, and upgrading your counter tops are some great ways to improve the value.

Funding Home Maintenance

Obviously home improvements are essential and cost money.  Planning a budget for home maintenance is not as difficult as it sounds.  In fact, there are many ways to create a budget like obtaining a home equity loan, taking out from a personal budget, or making a home maintenance savings plan every month.  Your home is a great investment, so take care of that investment, and make financial plans to make it better!

If you have any questions, or want to look into a Home Equity Loan, click HERE to visit our website for details.

Sources
*http://balancepro.net/education/publications/fixhomerepairmaintenanceplan.html
**http://go.hfcu.org/blog/bid/138553/Should-I-use-home-equity-for-maintenance-and-upkeep-of-my-house

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President's Message March 2016

JeffSermon_2015

The credit union continues to celebrate 60 years of serving this great community! This year-long celebration will give members and the credit union many opportunities to strengthen the community and take advantage of special offers and services provided by the credit union. We welcome your participation and urge you to take advantage of the special offers, rates, and service opportunities that are part of our celebration.

  • Support the School of your Choice

Throughout the year, you can earn money and also support a local school of your choice – just by transferring an existing loan to UCCU!

When you transfer a loan from somewhere else to the credit union, you will not only benefit from lower loan rates and lower monthly payments – but UCCU will pay you ½% of the loan balance in cash up to $125. But that’s not all. The credit union will also send the school of your choice the same amount (1/2/% of the loan balance up to $125) in your name!  So, by moving a loan to UCCU, you’ll most likely end up with better loan rates and terms, some cash in your pocket, and the credit union will donate the same amount to a school of your choice in your name!

  • March Loan Sale Going on Now

You’ll find low special rates on auto loans and on home equity loans as part of our 60th Anniversary celebration. Whether its time to replace your car or whether you’re planning some needed home improvements or other summer projects, UCCU’s low loan rates will help you succeed.  There will be additional special offers throughout the year.

  • Your “First Choice” Financial Partner

As always, we thank you for your trust and your membership. Our sole focus, as a not-for-profit financial institution, is to provide you and your family with the services and information that will help you set- and reach- your financial goals. One valuable resource to help you make smart financial decisions is UCCURelax.com. This educational site is a great guide to help save you money and frustration in purchasing a home or car. Check it out and see how it can give you confidence in making some of life’s biggest purchases.

We love serving you and look forward to another 60 years of serving this community!

Jeff's signature

Jeff Sermon
President/CEO
Utah Community Credit Union

 

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Get Ready for Spring With a Home Equity Loan

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Spring is just around the corner, which means warmer weather, a different wardrobe, and home improvement.  Are you planning on a spring filled with a list of projects for your home?  A home equity loan is a perfect place to start! UCCU’s home equity loan experts are here to assist you with all of your needs.  There are no fees to worry about, and home equity lines of credit always have fixed-rates.  UCCU’s home equity professionals are trained and ready to assist and answer any questions you have about your home equity loans.

Home Equity Line of Credit

A line of credit is often used to cover expenses that you may incur over a period of time; used similar to a credit card. UCCU has fixed rate home equity lines of credit for 5, 7, & 10 year terms and even a Flex Pay option where you can pay the interest only for 7 years.  Variable APR can be as low as 3.74%-4.24%.

Home Equity Loans and Mini Mortgages 

Home Equity Loans and our Mini Mortgages are often used for one-time expenses. You receive the funds in a lump sum (as opposed to a line of credit that is revolving). Also a great solution if you’re looking to pay off your home in the near future. UCCU has low fixed rates and excellent terms.  Mini Mortgages can range between 5-10 years for the 1st mortgage.  Home Equity Loan or a 2nd mortgage will be up to 10 years.  These fixed APR options are also as low as 3.24%-4.25%.

So even if you are you looking to repair or remodel your home, to pay for your child’s education, or need assistance to pay off high interest credit card debit, our home equity loans are a perfect way to help your upcoming financial projects.

So put your home to work and receive financial assistance from a home equity loan.  Applying for your home equity is simple and can be done in as little as 20 minutes. Complete the form online and we will create customized quotes based on your loan details.

For any questions or if you are ready to apply please call one of our home equity professionals today at 801-223-7650 or email us at homeequity@uccu.com.  You can also visit one of our local branches and speak to a professional in person!

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President's Message January 2015

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As 2015 gets underway we note the relatively strong local economy. Unemployment is low, job creation is positive, population growth is strong, and consumer confidence continues to rise.

Of course, our local economy is still impacted by the national and global economic trends. Monetary policies in the country and in Europe continue to rely on government intervention to keep rates low, and spur on a continuing but stubborn recovery. Recent developments in the energy industry bring us sharply lower oil and gas prices. While we enjoy filling up our cars for a lot less money, the low prices are creating havoc in many countries around the world.

The European Union is bracing against economic declines with several countries already in recession. Japan, the third largest world economy, continues to struggle under the weight of massive debt. We watch with great interest as our own national monetary and fiscal policies evolve with the new congress. 2014 was the best year for US job creation since 1999 with a reported drop in unemployment to 5.6%.

National and global uncertainties notwithstanding, we feel fortunate to be enjoying a very robust local economy and the opportunity we have to serve you, your family, and this community. Most economists agree that, overall, economic trends are positive and the recovery is continuing. We remain optimistic about the future!

Six things to keep in mind as you plan for 2015: 

  1. With rates expected to rise in the near future, the credit union created a home equity line of credit that stays fixed to help hedge against a payment going up. Home equity lines of credit typically have a variable rate – which can be the best option at times, but this new home equity has a fixed rate for 10-years! Your payment can remain low for the next decade – no matter what happens in the economy. Call a home equity loan expert today at 801.223.7750 or click here to visit us online.
  1. As your not-for-profit financial partner, UCCU works hard to provide you and your family with valuable services, products, and information to help you set and achieve your financial goals. In additional to low-cost loans, free checking, convenient online and mobile account access, the credit union offers valuable services that fit every stage of life. From youth banking services with our award winning BeMoneySmart program, to any investment, insurance, or Medicare need with the UCCU Financial Group, the credit union has you covered. We want to be your “first choice” financial partner.
  1. For a fun and engaging way to teach your family, church, school, civic, or scout group about money, attend a free class from Money Made Easy – sponsored by UCCU. Money Made Easy classes make it easy to learn important financial principles through a series of interactive lessons and hands-on activities. Schedule your FREE class by calling Tom Painter at 801-235-9100 or click here for more information.
  1. The credit union is here to serve your needs. This is the best institution for low rate loans without the worry of changing rates or hidden fees. If you have a loan that is not currently with the UCCU, I personally invite you to call, go online, or visit with one of our loan officers to see about lowering your rate and saving you a lot of money. It’s time to make the move.
  1. Worried about all of the credit card fraud? EMV Chip card technology is your best defense against credit card fraud. When the EMV chip card came out, your credit union jumped on board – which is why we were able to be the first to offer EMV Chip cards to help protect your finances from criminals. Upgrade your card and bring your balances over and get a low 6.99% APR.
  1. If you have any commercial lending needs — either a new loan need or a refinance — our commercial loan professionals can help. Ask about our low rates, quick turn-around, and great terms with no pre-payment penalties.

We look forward to 2015 and appreciate the opportunity to be your trusted financial partner. Take advantage of your membership at Utah Community Credit Union this year.

Thank you for being a member!

Jeff Sermon
President/ CEO
Utah Community Credit Union

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Lower Your Home Equity Payment Today

Consolidate your debt into one loan with one low payment.

With UCCU’s new Low Payment Calculation, you can consolidate your debt into one loan and one really low payment! No-fee home equity lines of credit–with Low Payment Calculation–available right now at UCCU. Only 1.99% Fixed APR for nine months, then 3.74% Variable APR thereafter.

For more information visit uccu.com or call us at 801.223.7650

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Finding the Right Home – Utah Home Buzz

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Utah Home Buzz in partnership with UCCU is your one-stop-shop for buying and selling properties all across the state. Their skilled Real Estate experts specialize in helping buyers and sellers in your area. The website contains ALL listings from ALL Real Estate Agents in one easy, convenient location.

Looking for your next home? With search options that allow you to filter your results by location, list date, and price range, you can find the perfect home for your needs. Looking to sell your current home? Utilize the free automated home evaluation to discover the market value of your home, get alerts about new listings in your area, and keep you aware of changes in your neighborhood. Simply fill out a quick form and get your results today!

At UCCU we want you to feel confident in all your home buying and selling needs. Visit our Mortgage Loan Center today. UCCU Inspiring Smart Decisions.

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Market Rates on the Rise

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Housing rates continue to rise due to a number of economic changes. The market is beginning to recover from the housing crash of 2007 and homeowners are starting to see a silver lining.

According to Quicken Loans VP Bill Banfield, the increases in housing prices will have a positive effect on mortgage holders. “While the increase in home prices is slowing, homeowners have still gained a significant amount of equity in the last year,” he said.

That is why there is no better time than now to get a 10-year fixed Home Equity Line of Credit. At UCCU we want you to feel taken care of. With a Home Equity Line of Credit you can get the money you need to cover important expenses and make your dream home a reality.

Used like a credit card, UCCU has fixed rate home equity lines of credit for 5, 7, & 10 year terms and even a Flex Pay option where you can pay the interest only for 7 years.

Call one of our home equity specialists today at 801.223.7650 or apply online at uccu.com!

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Rates Spur Refinances as Buying Season Begins

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In early June, rates for 30-year fixed home loans were at their lowest in seven months, according to Freddie Mac. Rates had been on the decline for five weeks straight before hitting this year’s lowest yet.

The window of opportunity was certainly welcome for on-the-fence refinancers who previously opted out, found difficulties qualifying, or were unable to recoup significant closing costs. Refinances accounted for 50 percent of total home loan applications in mid-May, up 1 percent from a month earlier, according to the Mortgage Bankers Association.

Interest rates unexpectedly fell this year after the Federal Reserve began scaling back the stimulus that held borrowing costs near record lows since 2011.

Uptick in Prices and Purchases

Lower rates may have also prompted homebuyers to commit to properties, as signed contracts to buy existing homes increased 0.4 percent in April, according to an early June report from the National Association of REALTORS® (NAR). Despite this increase, the group’s expectation was for at least a 2 percent sequential gain. The NAR’s chief economist, Lawrence Yun, said, “Higher inventory levels are giving buyers more choices, and a slight decline in mortgage interest rates this spring is raising prospective homebuyers’ confidence. An uptrend in closed sales is expected, although some months will encounter a modest setback.”

Home prices, and subsequently, values, are also on the rise, as buyers in March paid 12.4 percent more for homes compared with a year earlier, according to the S&P/Case-Shiller index of 20 cities. Prices have been increasing due to high buyer demand and less available inventory, though it’s important to note that home prices are rising at more modest levels this year when compared to last year’s big gains.

Early June numbers from CoreLogic’s Home Price Index (HPI) also reported that home prices, including distressed sales, increased 2.1 percent in April compared to March, and were up 10.5 percent compared to April 2013.

While rough weather was blamed for very slow sales at the beginning of the year, closed sales in April increased slightly—the first month-to-month rise of the year.

The Bottom Line

Home loan rates remain at some of their lowest levels in months. If you have any questions about your personal situation or would like to inquire about housing and home loans, please don’t hesitate to visit UCCU.com.

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President’s Message July 2014

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Americans are using smartphones, tablets, and mobile browsers to access the Internet more than using a computer. To help you manage your money easily and efficiently, we recently launched a redesign of the UCCU Mobile app. The new mobile app for iPhone, Android, and now the iPad provides fast access to your account information anywhere and anytime. The design is more intuitive and of course, is protected by SSL encryption. This app allows you to access your normal banking needs on the go – balances, transfer, mobile deposit, bill pay, and now you can even apply for a loan. Also, you can access Smart Deals – discounts to hundreds of local merchants right from your smart phone. Visit UCCUSmart.com for details. Download or update the UCCU Mobile app today!

Using a Home Equity Line of Credit (With a Fixed Interest Rate!)

For those in a stage of life that incorporates the use of credit and borrowing money, rates have never been better, but we can all probably agree that rates are projected to go up – we just don’t know when. That is why the credit union created a new program, a 10-year fixed rate Home Equity Line of Credit, that helps you take advantage of equity in your home. A line of credit allows you to pull the funds out when you need them, so if you do not have a balance, then you do not pay any interest. Plus there is no cost to you!

Due to the recent rise in home prices you may have equity in your home that you can use for summer projects, big expenses, or just to have a rainy day fund. Speak with one of our knowledgeable Home Equity Loan Officers today at any branch or by calling 801.223.7650 to see if a Home Equity Line of Credit can help you and your family.

Take Full Advantage of Your UCCU Membership

Your membership at UCCU offers you many advantages! Whether you are a saver or a borrower (or both), the credit union has programs and services that will help you achieve your financial goals. Helpful, no-cost, financial planning advice and retirement planning help is available from UCCU’s Financial Group. Our trained professionals can help you put together a plan for retirement, estate planning, insurance protection, and investments – all tailored to suit your needs. Put these services together with a UCCU checking account, VISA debit/credit card, mobile, texting, and other on-the-go banking resources, and you have all the tools necessary to manage your finances, plan your future, and reach your financial goals.

And that, simply put, is why we exist – to serve you and your family throughout your life.

Thank you for your continued trust and the opportunity to serve you!

 

Sincerely,

Jeff Sermon
President/CEO

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