We Put Educators First.
There’s a lot more to a mortgage than just the interest
rate. To ensure the best overall loan value, consider these
POINTS. Each point equals
1% of your mortgage loan
CLOSING TIME. Some
companies may claim to
amount. While points may
lower your mortgage loan
rate, they are the equivalent
provide loans within as
little as 10 days, but this
is not realistic. Most
Back in Tustin Special
of pre-paid interest and raise
your closing costs.
mortgage loans take
20-45 days to process. ENTERPRISE USED AUTO SALE
Saturday, January 22 Participation
INSURANCE (PMI). PMI is
usually required when the
down payment is less than
INTEREST RATE LOCK.
Because rates may
fluctuate throughout the
loan process, look for
More than 300 quality pre-owned vehicles on site.
9 a.m. to 4 p.m.
OCTFCU Tustin Operations Center
15442 Del Amo Ave. Bonus
Don’t skimp on the research 20% of the property’s value. companies that will lock
How To Reach Us Letter from the Editor shared by Members
PMI significantly increases in your intended rate
when choosing your loan. the monthly payment (subject to qualification) for WEB SITE www.octfcu.org I’d like to take this opportunity to thank you for
associated with the loan. at least 60 days. TELEPHONE SERVICE CENTER S 714/258-4000, 800/4OCTFCU your readership and for making Report Card the
Monday-Friday: 7 a.m. to 7 p.m. credit union’s most read communication. I am
FEES OR CLOSING COSTS. LOAN SERVICING. Servicing TELLERPHONE
Saturday: 9 a.m. to 3 p.m.
especially grateful to the thousands of Members
who took the time to complete our survey last
Carefully review the Good
Faith Estimate, which
lenders are required to
incorporates the collection
of payments, including
amounts for property
TDD-Telecommunications Device for the Deaf
P.O. Box 11547
Santa Ana, CA 92711-1547
summer. Your comments and suggestions were
instrumental in our efforts to improve Report
Card. Based on your responses, Report Card is
provide. This document taxes and homeowner’s now back to a standard size for easier storage. It is
should clearly state the fees insurance. To ensure that ANAHEIM 590 N. Euclid Street once again mailed with your statements, which
associated with your loan
(e.g. loan origination, escrow,
you receive the best
service, both before and
ANAHEIM HILLS E S
CORONA E S SB
8152 E. Santa Ana Canyon Road
550 Hidden Valley Parkway
provides a significant cost savings. And, it features
more quick tips, rate highlights, and information When to Collect
recording, appraisals, credit
report, and title insurance fees).
after the loan closes,
we suggest working with
a financial institution
On campus, 2nd floor of Titan Shops
6828 W. Katella Avenue
18651 Brookhurst Street
relating to retirement and financial planning. You
can also look forward to special promotions,
personal finance tips, and news just for educators.
that provides in-house
FULLERTON E S SB
1040 E. Bastanchury Road
13008 Harbor Blvd.
7251 Warner Avenue
As always, your continued comments and
suggestions are appreciated. Security
WE’RE HERE TO HELP. To learn more about our competitive, IRVINE 5305 Alton Parkway Sincerely,
comprehensive mortgage packages, visit us at LAGUNA HILLS E S SB 26892 S. La Paz Road Shannon Langpap, Editor
www.octfcu.org > Home Loans or call our Telephone MISSION VIEJO 26440 La Alameda
Service Center, extension 8236. NEWPORT-MESA
RANCHO SANTA MARGARITA
450 E. 17th Street
377 E. Chapman Avenue
30092 Santa Margarita Parkway
SEND YOUR QUESTIONS OR COMMENTS TO:
EMAIL: email@example.com Meet
PHONE: 714/258-4000, ext. 8137
FIRST-TIME HOMEBUYER PROGRAM SANTA ANA 2115 N. Broadway MAIL: Attn: Shannon Langpap, OCTFCU
UCI E On campus, next to bookstore P.O. Box 11547, Santa Ana, CA, 92711-1547
Featured Mortgage Product
WALNUT 515 N. Grand Avenue
Conforming loan amount up to $500,000
BRANCH HOURS Monday-Thursday: 9 a.m. to 5 p.m.
MONDAY, JANUARY 17
Free 60-day rate lock with “float down” option Birthday of Martin Luther King, Jr.
No down payment required
No PMI required
Friday: 9 a.m. to 6 p.m. All OCTFCU locations closed
SATURDAY, JANUARY 22
IF BUYING A HOME E EXPRESS CENTER, LIMITED SERVICES, CALL FOR HOURS.
Enterprise Used Auto Sale
1-year, 3/1, 5/1, and 7/1 adjustable loan rate S SATURDAY HOURS
or refinancing, we can
options available SB EXPRESS CENTER LOCATED INSIDE STATER BROS.
Tustin Operations Center PLUS:
process your loan in just In-house loan servicing MONDAY, FEBRUARY 21 ■ Auto Sale
20 to 30 days. Visit www.octfcu.org for current rates Visit our web site for a complete listing
All OCTFCU locations closed ■ FastTrack Dealers
of OCTFCU and CO-OP Network ATMs.
■ Rate Guide
Federally insured by NCUA
Asset is You
When to Collect
A Message from
Deciding when to start collecting Social Security benefits can be difficult. Meet Gay Royer
Rudy Hanley, The age you start collecting has different income consequences that will
President/CEO last throughout your retirement. GAY ROYER, A LIBRARY MEDIA
CLERK at College Park Elementary
Thanks to your unprecedented level of loyalty and
in the Newport-Mesa Unified
participation this past year, your credit union has
reached more than $5 billion in assets and over
now... or later... School District, is one of our ten
2004 Educators First Award
300,000 Members. More than a symbol of our WORKERS WHO HAVE EARNED FULL BENEFITS ARE AVAILABLE at “full winners, and our Hero in Education
financial strength, these milestones represent credits can begin collecting monthly retirement age,” which varies for January. Gay used her $500
your achievements, of which we have been so Social Security benefits at age 62–but depending on year of birth. By award to purchase
privileged to share. The excitement of owning a they receive a reduced amount, delaying benefits up to age 70, Read Gay’s
books for the school
full story at
home, the comfort of a retirement nest egg, the currently about 75.8 percent of full people can receive a higher benefit
www.octfcu.org library and take a
gift of a college education–we are proud to be a benefits. Eventually, this percentage amount to reflect delayed much needed
part of your family, helping you achieve your will drop to 70 percent. retirement credits. recuperative vacation after her
A Dividend Bonus most important personal financial milestones. struggle with cancer. Counterfeit Are you selling items over the Internet? FastTrack: For your convenience, there are now
Age of 2004 Maximum
Retirement Monthly Benefit* If so, we want to make you aware of a more than 60 FastTrack dealers in the
Check Auto Loan
for Your Participation Thus, your satisfaction is the true measure of our
success. And while growth is not our goal, we can 62 $1,422 Having cancer caused me
to cut back on a lot of Scams on
scam you may encounter.
Orange County area where you can
purchase a vehicle and get your credit
use our expanding resources to continue to 65 and 4 months
$2 Million THANKS TO MEMBERS’ high level of participation and $1,784 things I loved to do, so WHAT IT IS. The seller receives an union loan funded in minutes. It’s easy:
support throughout 2004, your credit union now improve products and services. In 2004, we (full retirement) the Internet offer for an item they are selling
at a Dealer
Shared introduced a state-of-the-art mortgage lending 70 $2,111
getting the award gave
has more than $5 billion in assets. To celebrate,
me a terrific boost. I on the Internet. The purchaser pays Near You Select your car from a FastTrack
by Our we’re rewarding Members for their participation with facility to offer a superior selection of loan
with a phony cashier’s check in an dealer; mention you are a Member
programs with more convenient application AT FIRST GLANCE, it might seem that ONLY AFTER CAREFULLY considering a used part of the $500
Members a special participation bonus. amount that is much higher than the
and want to fund your loan
processes and faster turnaround times. New waiting until age 70 may be the variety of factors, including age, to visit Palm Springs, but through OCTFCU.
wisest decision because a 70-year- asking price. The scam artist then
A REWARDING PARTNERSHIP PAYS OFF. We believe that mortgage loans include our First-Time Homebuyer health, and financial situation, I really loved being able
old retiring today would receive up asks the seller to deposit the cashier’s The dealer will immediately process
loyalty should be rewarded. You will receive a program, Educators Mortgage Loan, and Interest- should you begin taking out of a to buy some books for
to $689 more per month than the check and reimburse them for the your loan application.
bonus amount equal to one percent of the total system in which you've spent much the kids.
Only loans. In addition, we created a retirement overpayment amount by money gram
reduced benefit amount at age of your career contributing a
interest you have paid on loans plus one percent of center to offer specialized support to Classified and or wire transfer. Upon approval, sign your loan
62–that’s $8,268 a year! However, by percentage of your salary.
the total dividends you have earned on share Certificated educators. We now serve a total of documents and drive home in
waiting, the individual would not
accounts in 2004 through October.* The greater your 65 school districts, and more than 1,000 your new car!
receive eight years worth of reduced WHAT HAPPENS TO THE VICTIM. When the
loan and share balances, the more you earned. Every Members attended our first, sold-out Retirement
payments, or $136,512.** GAY financial institution is notified that the
Member in good standing will receive at least $1, Forum in August. To support our growing TO FIND A FASTTRACK DEALER NEAR YOU,
ROYER, check is counterfeit, they reverse the
regardless of their participation level. Your bonus will Membership, we opened new locations in Library visit www.octfcu.org and search
amount of the deposit from the
be deposited directly into your Share savings account Corona, Laguna Hills, and Walnut, and moved our Media
SIGN UP FOR OUR NEW RETIREMENT NEWSLETTER, Trusted Advisor. It features “FastTrack Dealers,” call our Telephone
by the close of business December 31, 2004. To find
Anaheim branch to a more convenient location
tip well-researched articles that provide tips and insight to help you make better
Clerk, victim’s account. However, the wired
funds from the victim’s personal Service Center, or visit any branch.
out the amount of your participation bonus, check Educators First Award Winner
for our Members. decisions in planning your future.1 Issues will be mailed every two months only to account cannot be reversed, so the
your December-end statement or log in to CU@Home
Members who request it. To sign up, go www.octfcu.org, and log on to CU@Home > victim suffers a loss.
Because 2004 was such an extraordinary year, we Services > Trusted Advisor Newsletter, or call our Telephone Service Center. NEW AND USED TEACHING
are honored to give back a $2 million participation
Tell Us About AUTO LOAN CREDENTIAL LOAN
EVERY MEMBER BENEFITS from our competitive rates WHAT TO DO. If in doubt, you can always
bonus to be shared by the Membership, with
Your Hero contact the bank from where the check as low as 3.9% APR2
and low transaction fees as a result of Members *Social Security Administration, 2004
actively participating in their credit union. We each Member receiving at least $1. For some, this **$1,422 x 96 months. This hypothetical sample is based on 2004 figures, and the calculation does not reflect automatic AN EDUCATORS FIRST AWARD was issued to verify the account and 4.25% APR2
benefit increases. Actual situations will vary.
appreciate those of you who came to us for your amount may not make a significant impact, so 1
Investment products and services offered through CUSO Financial Services, L.P. (CFS) are not NCUA/NCUSIF insured, not nomination is a great way to thank check numbers are valid. If you
savings and borrowing needs–your participation is you may want to consider a donation to the Credit Union guaranteed and may lose value. Financial advisors are employed by OCTFCU and registered through CFS. an educator who has made a encounter a scam, we suggest you 8-MONTH 13-MONTH
OCTFCU is in partnership with CFS. Member NASD/SIPC.
at the heart of our success. Education Foundation where your contribution 2
The rates quoted are effective as of 12/22/2004 and are subject to change without notice. OCTFCU has a loan program difference in your life or in the life file a complaint with the Federal Trade SHARE CERTIFICATE SHARE CERTIFICATE
would greatly benefit local teachers and students. which features a range of interest rates for some of its consumer loans. A rate is based on a variety of factors, including the of a student. Make a nomination Commission at www.ftc.gov, and the 2.60% APY3 3.00% APY3
*Includes interest paid on consumer and mortgage loans, and credit applicant’s credit rating and OCTFCU account history. These rates reflect a 3⁄4 percentage point discount for payment
cards. Includes dividends earned on all share accounts as well as share To donate, visit www.octfcu.org. We thank you for through automatic transfer from an OCTFCU Share Savings or Checking account.
today at www.octfcu.org > FBI’s Internet Fraud Complaint Center $1,000 Opening Balance $1,000 Opening Balance
certificates, IRA certificates, and DCP accounts. making this bonus possible. 3
Rate valid as of 12/22/04 and subject to change. Minimum balance $1,000. Penalty for early withdrawal. Community > Educators First Award. at www.ifccfbi.gov.
See disclosures at left.