2016 Member Survey

Give Feedback and Enter to Win $250!

Survey open now – August 8th

Each year we invite members to provide feedback on what we’re doing well and what we can do better. We take your suggestions and input into consideration when planning initiatives to improve your credit union.

At the end of the survey, you can provide your name and contact information for a chance to win a $250 Visa Gift Card as our “thank you” for your participation.

The survey is open now and closes end of day on August 8th.

Begin the survey!

info@usacu.org | (503) 275-0300 or (800) 452-0915

*Please note: we will only contact the winner and your contact information will not be connected to your survey responses. You must be at least 18 years of age to enter. Current employees and volunteers are not eligible to win. One entry per member.

Homebuying 101: A Brief History of Rates & Home Prices

Throughout the next several weeks we’ll be posting articles and info on various aspects of the home buying process. Topics will cover everything from saving for a down payment, to refinancing, to purchasing investment properties, and more. We encourage you to connect with us on any questions you might have, and to share this information with friends and family.

 

Purchasing a home could be one of the biggest financial moves you’ll make, and deciding when the “best” time to make that move can play a big part in how much you’ll end up paying. With fewer properties for sale and rising home prices benefiting sellers, and rising rent rates and low mortgage rates encouraging buyers to jump in, both groups could recognize the benefits of the current housing market.

Currently, those home shopping (or looking to refi) are facing some of the lowest mortgage rates in history. Ultra-low mortgage rates weren’t always the norm, though. Curious about how the market has changed over the years? Let’s take a look…

Year 30-Year Fixed Mortgage Rate Inflation-Adjusted Median Sale Price for a Home Inflation-Adjusted Monthly Payment
1971 7.50% $135,696 $948.81
1976 8.87% $169,352 $1,346.83
1981 16.63% $165,228 $2,306.05
1986 10.19% $183,014 $1,631.83
1991 9.25% $192,124 $1,580.55
1996 7.81% $194,631 $1,402.44
2001 6.97% $215,760 $1,431.10
2005 5.87% $268,974 $1,590.22
2010 4.69% $221,800 $1,149.01
2016 3.75%* $295,600* $1,368.96*

If you look at 2016 vs 1976 you can see that, although the two payments are almost the same, the 2016 payment is based on a much more expensive house. Those buying in today’s market also have the advantage of today’s benefits and wages, so they are likely feeling the effects of the mortgage payments much more lightly than those from 1976’s market.

You can also see from the above data that, although you can’t do much to control the effects of inflation, you can take advantage of much lower-than-average mortgage rates to help keep those monthly payments low. The table shows that rates can, and will, change and that these are some of the lowest rates we’ve seen in decades. If you’re on the fence about whether or not it’s a good time for you to buy or refi, be assured that the low rates we’re seeing are well below average for the past several years.

 

Questions?

Steven Raymond, VP or Residential Lending at USAgencies Credit Union, has over 30 years of experience in the mortgage industry. Steven’s seen it all, as far as mortgages go. If you have questions—about refinancing, getting pre-approved, or anything else mortgage-related—talk to Steven!

Steven Raymond
Vice President of Residential Lending, NMLS#: 234025
Direct: (503) 275-0329
Toll-free: (800) 452-0915 x329
Email: sraymond@usacu.org

Ready to go?
Apply for a mortgage online now.

Equal Housing Lender Logo blog
USAgencies Credit Union
NMLS#: 441193

Sources:
mercurynews.com/real-estate-news/ci_30047385/since-1971-how-much-home-would-have-cos

*Data for Portland-metro area, Oregon.

Get a Jump on Back-to-School with this Quick Checklist

Although it’s mid-summer, and school may be the farthest thing from our mind, it’s a great time to get a jump on that back-to-school checklist. Those lazy days of summer have a tendency to slip quickly by, leaving you in a mad dash to get everything done in time. Why not head into fall prepared and confident that your student is ready to go, making the transition from summer to school is a smooth one?

Here are a few tips for getting back-to-school ready:

  • Assess where you stand.If you set a financial goal to save for school expenses as a New Year’s resolution, now is a great time to check in on that progress. Ask yourself: How much have I saved? Am I on track for my goals? Or am I behind? Not quite where you thought you’d be? Talk to one of USAgencies’ Member Service Reps about tools that can help you save, including account alerts, direct deposit, or which savings product might help you best reach your goals.
  • Ensure your student has access to funds. For some students, this may be their first time with their own bank account- others may be old pros. Whatever the case may be, getting your student set up with an account from USAgencies will ensure they have many ways to access the funds they need. With everything from our easy-to-use mobile app, to Shared Branching, to the thousands of surcharge free ATMs across the country, your student will be sure to be able to connect to their money when & where they want. One feature parents especially enjoy- account-to-account transfers inside Online Banking.
  • Keep track. Using credit and debit cards can sometimes make it easy to lose track of what you spend. Using a budgeting program–like MoneyMark from USAgencies’ Online Banking–can help you stay on track of your monthly expenses. You can even use the Cashflow Calendar feature this July & August to win some extra cash! Learn more about how this promotion can help you stay on track of money coming in and going out, plus even help bring in a little extra if you win!
  • Check in with your school’s financial aid office. All schools have different requirements when it comes to financial aid. Make sure that your school has an updated version of your FAFSA and that everything is in order for the upcoming school year so your student’s financial aid is not delayed.
  • Refinance to a lower rate & help save. If you haven’t checked in with USAgencies to see if we can reduce your auto, home or credit card rate, it’s worth a look. Reducing your interest rate can save you hundreds of dollars over the life of your loan. Contact us to see how we can put more cash in your wallet at the end of the month.
  • Explore transportation options. Car, motorcycle or bike, USAgencies can help your student get wherever they’re going with a low-interest loan, flexible terms and easy-pay options, like direct deposit. Your Credit Union has an Aspire Auto Loan option for those with little or no credit, too. A transportation loan could be a great way to help you get your student’s credit history started on a positive note.
  • Look into a responsible private education loan. As college costs continue to rise, more students are in need of private student loans to fill the gap financial aid doesn’t cover. USAgencies partners with Sallie Mae to offer the Smart Option Student Loan to help cover education expenses. With the Smart Option Student Loan, you can take advantage of some of the lowest private education loan rates in the nation, and you can choose repayment options to help pay off your loan faster than with a conventional private loan.
  • Check out a low-interest Signature loan. If your student needs another resource for paying for the ever-rising cost of books, school supplies, athletic gear, etc. consider applying for a low-interest unsecured personal loan. This July & August, USACU is offering a loan special on Signature loans – with up to 1.25% off already low rates! Learn more here.
  • Consider asecured Visa card for those unexpected expenses. The credit limit on a Secured Visa Gold card is protected by funds in your savings account — it’s the perfect tool to help students establish good credit. Have a student with a little more credit history? Check out our Visa Platinum card- it offers rewards (1 point for each $1 in purchases) that you can use towards travel, merchandise or a better interest rate on a certificate or auto loan with us. Another benefit of the Visa Platinum- USAgencies invests 5% of the net income from our Visa Platinum cards into charitable giving programs. Last year we contributed almost 21 thousand dollars to back into the community that we serve. Learn more about our Community Giving Program

Many don’t want to start thinking about back to school already, especially in the midst of these beautiful long summer days. However, back to school finances can creep up on you quickly, so planning ahead pays off. This list is a good starting place, but if you should need any help along the way USACU, your Trusted Financial Service Provider of Choice, is here to help you in any way we can. Give us a call or stop by, and we can help you make back-to-school a breeze this year.

Do you have any savvy back to school shopping tricks you use to save money every year?

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