Tag Archives: USAgencies

Letter from the CEO: Together, we brave the storm

2020 created the “new normal” way we do things in our daily lives, including limited in-person interaction, social distancing, and getting used to virtual meetings. We understand visiting our branch is not always easy, especially during an unprecedented time like this, which is why we always look for ways to stay connected to our members. We recently implemented a text messaging system so our members can text us during business hours to take care of their banking needs, this is one extra layer of convenience we provide our members.

On top of the communication enhancement, me and the entire USAgencies team are doing everything we can to reduce the risk and stress for our members during these challenging times, including the assistance programs we created to provide support to our members. We are offering skip-a-pay and loan consolidation at no additional fees, as well as short term loans with a low interest rate. If you or anyone you know needs help with finances and going through the options available, please do not hesitate to connect with us, we are more than ready to help.

As you may be aware, we have our field of membership earlier this summer to individuals who live or work in any of these 4 Oregon counties: Multnomah, Clackamas, Washington, and Marion. We are very excited for the opportunity to serve more people in our community; this opportunity would not have been possible without our members.

I would like to take this time to thank you for the trust you put in the credit union. No matter the situation, our members’ financial wellness is always our priority. I am confident that together, we will brave the storm.

Justin Olson, President/CEO, USACU
Justin Olson
President/CEO
USAgencies Credit Union

Your Personal RV Buying Guide

Buying an RV is a big decision, though. If your biggest assets are your car and your house, this decision represents a purchase that is somewhere between the two. There’s a lot to know before you set foot on a lot, and the more you research now, the better things will go.

With that in mind, here are three questions to ask yourself before you start shopping for an RV. With these as jumping off points for research, you can make informed decisions about your needs. You’ll also be able to more clearly communicate what you’re after, which will make the sales experience more pleasant for everyone.

1. What class are you in?

Broadly speaking, there are three classes of RV: Class A, Class B and Class C. Class A are the biggest and most comfortable. Built on big rig platforms, these are basically rolling houses. They feature full-sized couches and TVs, full bathrooms, kitchens and expandable bedrooms. Many also include storage underneath the vehicle (called the “basement” by enthusiasts) with enough space to stock supplies for a months-long journey. As one might expect for top-of-the-line vehicles, the price tags are as big as the vehicles, ranging from $60,000 to over a million for custom-built motorhomes.

Class B motorhomes are on the other side of the spectrum. These are built on full-size van platforms. They can include scaled-down versions of the same amenities in Class A motorhomes, but in a more maneuverable, less costly package. Expect to see a small kitchen, a compact bathroom, and enough sleeping space for 2-3 people for several weeks. The price tags on these vehicles run between $50,000 and $100,000.

Class C motorhomes offer a compromise between A and B. These start with cargo van platforms and extend the wheelbase somewhat to about the length of a small bus. Amenities will be more complete than in a Class B, but nowhere near as robust as in a class A. Definitely more vehicle than home, these usually run between $60,000 and $200,000.

There are other options, of course. Camper trailers, pop-ups, and fifth-wheel tow-behind campers can often fill the same needs at lower prices. It’s worth investigating these options, as well.

2. What’s your budget?

Before you make a major purchase, you’ll want to be clear on how much you can afford. Given the significant cost of purchasing an RV, financing periods are typically 10 years or longer. Because RVs depreciate, interest rates are slightly higher than home loan rates, too. It’s not just the monthly payment you need to include in your budget: you’ll also need to factor in for fuel, insurance, registration, and maintenance, even if you don’t go anywhere!

Finally, It’s also worth figuring out what you can budget for a down payment. You may be able to finance 100% of the purchase price of your RV, but putting money down helps protect you against depreciation. That means you’ll be able to get clear of your RV payment if you decide to sell it later on down the road.

3. When should you get financing?

While many dealers will try to work out financing in-house, it’s not a bad idea to go in with a pre-approval. It’ll allow you to negotiate from a position of confidence, and it’ll also prove to the salespeople that you’re serious about buying. Getting pre-approval will also make sure you don’t fall in love with an RV you can’t afford. Nothing can ruin a fun vacation like a big bundle of “How are we going to pay for this?” stress!


If you’re thinking about an RV, the time to talk financing is now. How much RV you can afford should be at the forefront of your selection process. Getting your financing in order will help you figure that out. Getting pre-approved is quick, easy & smart: apply online, give us a call (503.275.0300), or email us at loans@usacu.org.

Questions? Contact us.

All You Need To Know About Home Loans

Here at USAgencies Credit Union, we provide a variety of products and services to meet your specific financial needs and in the most ideal ways possible. One such example is home loans. Let’s take a closer look at how its application process works.

What is a home loan?

A home loan, or a mortgage, enables you to purchase a home without having to foot all the cash out of your pocket when purchasing. You will, however, need to make a down payment, which is typically between 3.5-20% of the home’s appraised value, along with closing costs and some other fees. The lender then finances the rest of the purchase. You’ll repay the loan, along with interest, over the course of (generally) 15 to 30 years.

Are all home loans alike?

Before you get started, you’ll need to choose a mortgage type. A conventional loan will necessitate a 5-20% down payment on the home. There’s also an FHA loan, which only requires a down payment of 3.5%, but necessitates mortgage insurance. If you’re a military veteran, consider obtaining a VA loan, which lets you buy a home with zero down payment.

Once you’ve chosen the kind of loan which is best for your scenario, you may be given a choice of repayment arrangements for that loan. Here are the three common types of mortgages:

  1. 30-year fixed-rate mortgage. The interest rate on this 30-year mortgage will remain fixed no matter the changes to the national rate.
  2. 15-year fixed-rate mortgage. This mortgage will also have a fixed interest rate, but the term lasts just 15 years. The monthly payments will be higher, but the overall interest paid over the course of the loan will be significantly lower.
  3. Adjustable-rate mortgage (ARM). An ARM gives the borrower a lower interest rate in the early years of the loan, and then a gradual increase (adjustment) in rate over the rest of the life of the mortgage.

What do I need to know before applying for a home loan?

A home is likely to be the largest purchase you will ever make. To qualify for one, you will need to prove that you are living a financially responsible life and that you can afford the monthly payments.

The primary way lenders gauge your financial responsibility is through your credit score. This number is like a grade that tells lenders how you’ve handled your past credit card accounts and other debts. It will include the length of time you’ve had your credit cards and loans open, the timeliness with which you’ve made your payments, the trajectory of your debt and the amount of available credit you might use. Most lenders will only grant a home loan to borrowers with a credit score of 650 or higher. You can check your score for free with My Credit Score in our Online and Mobile Banking. You might also consider ordering a free credit report from all three major credit bureaus once a year at AnnualCreditReport.com.

During the time leading to your mortgage applications, make sure to pay all your bills on time, don’t open new credit cards and work on paying down overall debt. A higher credit score will help you get approved quicker and it will net you a lower interest rate on your loan.

Another crucial factor in determining your eligibility for a mortgage is your debt-to-income ratio, or your DTI. Lenders want to know how big your collective outstanding debt will be in relation to your income if you receive the home loan. Most lenders will only allow a maximum DTI of 36%.

When should I apply for a home loan?

While you won’t need the loan until you are ready to close on a house, it’s a good idea to start the process before you begin house-hunting. Your lender will let you know whether you can expect to be approved for a loan and will provide you with an estimate of how much house you can afford so you don’t face disappointment later.

When initially applying for a home loan, ask your lender for a letter of pre-approval. This letter confirms you are preapproved for a home loan up to a specific amount. Having this letter in hand shows real estate agents and sellers that you are serious about buying. Most pre-approvals are only good for 60-90 days, so make sure you’re ready to start house hunting before you get yours.

How do I apply for a home loan?

To apply for a home loan at USAgencies Credit Union, connect with us to help you get started. Make sure all of your financial paperwork is in order and hold onto all important financial documents in the months leading up to your application.

To make it easier, we’ve created a list of the information and documents you’ll need:

  • Name of current employer, phone and street address
  • Length of time at current employer
  • Official position/title
  • Salary including overtime, bonuses or commissions
  • Two years’ worth of W-2s
  • Profit & loss statement if self-employed
  • Pensions and Social Security check stubs
  • Proof of child support payments
  • Copies of alimony checks
  • Statements for all checking and savings accounts
  • Investments (stocks, bonds, retirement accounts)
  • Proof of any gifted funds from relatives
  • Car loan information

You will also need to explain any blemishes on your financial record; including bankruptcies, collections, foreclosures and delinquencies.


Have more questions about Buying or Refinancing, or ready to get your application started? Connect with us at 503.275.0300 or visit our website. 

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USAgencies Credit Union
NMLS#: 441193

Letter from the CEO: Enhancements coming your way

At USAgencies we are constantly looking for ways to improve our financial cooperative in order to better live out our mission to provide solutions to improve each member’s financial life. We find ourselves in a time where people are busier than ever, so as your credit union, we have come up with some great solutions to make it as easy as possible for you to connect with us.

In February, we are excited to have rolled out an improved secure messaging system within our online and mobile banking. This updated platform allows us to securely and safely communicate with any member, no matter the need. We can safely pass information and provide prompt service to you. In addition, you can quickly locate frequently asked questions in our updated knowledge base.

The second communication enhancement is our text solution. We will soon have the capability to serve our members via text messaging. This is a great solution if you are out and about or too busy to hop on a phone call, you will be able to text us during business hours to get your banking needs taken care of, from balance transfers to finalizing an application, convenience is just a few text messages away.

The last solution I want to mention is our free Credit Score service within online and mobile banking. You now can monitor the all-important credit score, which is more critical to your finances than ever! Having a strong score not only helps you get better interest rates on loans, but also helps you get discounted insurance rates as well as get approved to rent an apartment. If you ever have questions on how to improve your score, connect with us and we would be more than happy to walk you through steps to improve your score.

Thank you for choosing USAgencies Credit Union for your financial needs, and we look forward to hearing from you!

Justin Olson, President/CEO, USACU
Justin Olson
President/CEO
USAgencies Credit Union