IN THIS ISSUE • Consider a Short-Term Mortgage • Make The Move to Reduce Your Mortgage • Small Car Options for 2012 • Recognize Scams Targeting Small Businesses • Did You Know: Turbo Tax Makes Filing Taxes Less Taxing • In the Community: Financial Education Seminars March 2012 Consider a Short-Term Mortgage Mortgage rates are at a record low. If you’re how much more you would pay in the thinking of applying for a new mortgage short run against how much you would or re nancing an existing one, one option save in the long run. to consider is a short payo term. You could save tens—or even hundreds—of Before you commit to a shorter mortgage: thousands of dollars by nancing for 20, 15, or 10 years instead of 30. Factor in the closing costs. If you are considering re nancing an existing loan, A shorter term mortgage means you own make sure you plan to stay in the house your home sooner, but it might also mean a higher monthly payment. Weigh “SHORT-TERM” (continued next page) Make The Move to Reduce Your Mortgage So you’ve given up your daily café co ee, It’s an easy step and one less check to both names on the title, but only one your weekly dinner date, and your worry about writing each month, or one name on the loan. Just be sure that one monthly massage to save money. But, if less bill to pay through automatic bill income will still help you qualify. you’re looking to save big money, look pay. no further than your mortgage. That Also, check what you’re paying in private loan most likely is your biggest monthly Ask about fees—It doesn’t hurt to ask mortgage insurance (PMI). PMI is insur- expense—while interest rates remain the loan o cers at your nancial institu- ance that lenders require from most near record lows. Here are ways to tion if lower fees are available on some home buyers who obtain loans for more reduce your home loan expense: mortgage costs. If you have good credit, than 80% of their new home’s value. The the lender may even waive a few Homeowner’s Protection Act of 1988 Re nance at Meriwest Credit Union— charges. Our Relationship Advantage requires mortgage lenders or servicers to Re nancing at a lower rate can cut your program o ers $200 rebate on closing automatically cancel PMI coverage on monthly payment by hundreds of costs based on your Relationship level. most loans once you pay down the dollars. And if you can a ord to re nance mortgage to 78% of the value and are to a shorter term, you could save Take out the loan in one spouse’s current on your loan. thousands of dollars in interest over the name—If you or your spouse has a life of the loan. tarnished credit score, or if one of you is Talk to a Meriwest home loan o cer for self-employed with not much or variable help with these decisions. Stop by or call Automate it—Meriwest Credit Union income, consider taking the loan out us today at 877-MERIWEST (637-4937), o ers Free Bill Pay and direct payments only in the name of the person with the or visit us online at to set up automatic mortgage payments. higher credit score. You still can have meriwest.com/mortgage. “SHORT-TERM” (continued from front page) long enough to recoup the expense of re nancing with the new savings. Review your other debts. Eliminate expensive debts—for example large credit card balances—before paying extra on your mortgage. Put retirement rst. If you don’t have a retirement account, make it a priority. If you’re eligible for a 401(k) plan, contribute at least enough to earn the maximum matching funds from your employer. Think about choosing a 30-year mortgage over a 15-year loan and investing the di erence in payments into a retirement account. Evaluate your income source. Is your job or other income source secure? If not, a longer mortgage with a lower monthly rate might interest you. The lower payment would allow you to make extra payments on the principal when you can. One extra mortgage payment a year could shorten a 30-year loan by three or four years, and save you thousands of dollars in the long run. Stop in and visit the loan professionals at Meriwest Credit Union to prequalify for a new mortgage loan or re nance and get the best mortgage term. 1.99 Auto rates as low as % APR* on new auto loans Used vehicles, as low as 2.49% APR* *APR is Annual Percentage Rate. Rates e ective 3/1/2012. Rates, terms and conditions of loan will be based on individual credit worthiness. Auto loans more than 66 months, rate is 0.50% higher. 72-month nancing is available for loans exceeding $15,000. 84-month nancing is available for loans exceeding $20,000. No further rate discounts apply to the current stated rate. Current rates re ect promotional rate. Membership is required with a one-time, non-refundable $5 fee. Small Car Options for 2012 High gasoline prices and new models adapted from Europe convinced American buyers in 2011 that maybe they should consider small cars after all. Now, a new selection of 2012 small cars is catching shoppers’ attention. Here’s a look at the 2012 small-car models that are sparking consumer interest: Chevrolet Sonic: Sonic is a sportier- looking and better-performing replacement for the Aveo as Chevrolet’s lowest-priced small car. The four-cylinder, 135-horsepower engine is rated at eye-catching styling and high rated for 22 mpg city, 31 mpg highway. 25 miles per gallon (mpg) in city driving mileage ratings. The four-cylinder, and 35 mpg on the highway. 148-horsepower engine is rated at If a new small car is in your future, turn to 28 mpg in city driving, 40 mpg highway. Meriwest for your auto loan. Our a ord- Ford Focus: Reviewers like the interior able rates as low as 1.99%* can help get comfort and features, including torque Fiat 500: Fun to look at and fun to drive, you with the vehicle you want. Call or vectoring control, which adds braking the 500 shows its sharp handling on stop in today to learn how nancing that force to wheels on one side during sharp winding roads, although its small car through Meriwest Credit Union turns. The SFE version will hit 29 mpg 101-horsepower, four-cylinder engine- can equal big savings. city, 40 mpg highway, although the rated 30 mpg city, 38 mpg highway— rating for the standard model is 26 mpg leaves it feeling a little underpowered. For more information and tools to help city, 36 mpg highway. you with your next purchase, visit us Volkswagen Beetle: In a new look for a online at meriwest.com/autotools, Hyundai Veloster: The Veloster classic model, Volkswagen has given the visit us at any convenient nancial continues two attributes that have Beetle its rst redesign since 1998. The center, or contact us at 877-MERIWEST powered Hyundai’s recent U.S. success: 200-horsepower, four-cylinder engine is (637-4937). * APR is Annual Percentage Rate. Rates e ective 03/01/2012. Rates, terms and conditions of loan will be based on individual credit worthiness. 72-month nancing is available for loans exceeding $15,000. 84-month nancing is available for loans exceeding $20,000. 96-month nancing is available for loans exceeding $25,000. No further rate discounts apply to the current stated rate. Current rates re ect promotional rate. Recognize Scams Targeting Small Businesses Small-business owners and self-employed business or leadership award, research the opportunity carefully and be especially wary if you're asked to pay money. individuals take note: Be on the lookout for scams that speci cally target small businesses. • Stolen identity—Scammers often will pose as legitimate Small-business fraud can come from internal threats, such as companies to rip o consumers. A company whose identity employee fraud, or from external full-time scammers. Because is stolen doesn't necessarily lose money, but its reputation is small-business owners often lack the time and resources to ght potentially tarnished when angry customers, ripped o by fraud, they are a popular mark for any number of di erent scams. the scammers, think the real company is responsible. The Credit Union National Association's News Now reports that • Phishing emails—Some phishing emails speci cally target the BBB advises business owners to watch out for these scams: small-business owners with the goal of hacking into their computers or networks. Common examples include emails • Directory scams—Usually the scammer will call a business to pretending to be from the Internal Revenue Service that “update“ the company’s entry in an online directory, or the claim the company is being audited, or phony emails from scammer might lie about being with the Yellow Pages. The the BBB saying the company has received a complaint. business is later billed hundreds of dollars for listing services it Company employees receiving suspicious email from a didn't agree to or for ads it thought would be in the Yellow Pages. government agency or the BBB should not click on the links or open attachments. Contact the agency or the BBB directly • Oﬃce supply scams—Some scammers prey on small-business to con rm the legitimacy of the email. owners and hope they won't notice a bill for o ce supplies, such as toner or paper, that the company never ordered. And if your small business is in need of nancial services, call us at Meriwest Business Banking. Businesses that choose Meriwest • Overpayment scams—Business employees should be enjoy signi cant savings by avoiding the high fees and cautious if a customer overpays using a check or credit card prohibitive deposit requirements typical of most banks, and and then asks the business to wire the extra money back to unlike a bank, Meriwest Credit Union can pay dividends on your the customer or to a third party. Overpayment scams often business' checking deposits. target catering businesses, manufacturers, wholesalers, and even sellers on sites like eBay, Craigslist, and Etsy. Above all, Meriwest Credit Union is your business nancial partner — helping your business secure a successful future and • Vanity awards—While it’s attering to be recognized for hard o ering a place where you are always welcome. Call us at work, some awards are just money-making schemes and have 877-733-7424, visit us online at meriwest.com/bizbanking, or no actual merit. If you’re approached about receiving a stop by any convenient nancial center. Meriwest Mobile Banking Turbo Tax Makes Filing Your Returns Less Taxing We’re now into tax season. While some of you may have already led your tax returns, if you haven’t, Meriwest Credit Union can help you le your 2011 tax returns through TurboTax, one of the most successful tax software available today, at a discounted price. TurboTax delivers the accuracy needed to calculate tax returns. With TurboTax, simple tax returns are done quickly, while complex returns can be done faster than before. No more scribbling – and a fast refund is just a click away! If you’re expecting a refund from the IRS, plan on depositing your refund check directly to your Meriwest account by using routing number 321176833. Call 877-MERIWEST, click on the TurboTax link on the web site, or visit meriwest.com/turbotax for more details on how to save time and ensure accuracy with your 2011 tax return! IN THE COMMUNITY: The Meriwest Mobile Banking App is FREE FINANCIAL FREE INVESTMENT available for Android and iPhone*. EDUCATION SEMINARS SEMINARS Visit meriwest.com/mobilebanking “Preventing Identity Theft” “401K & Company Mergers” for details. Enjoy a few Wednesday, March 21 Hillsdale FC at 1 p.m. of these improvements: Saturday, March 10 “Credit Myths & Credit Repair” Wednesday, March 28 Cottle FC at 6 p.m. • Application Navigation Wednesday, March 14 • Consolidated Account Viewing Seminars take place at Chesbro FC at 6 p.m. • Single Screen Transfer Ability 6:30 p.m., at our Thursday, March 15 • Multiple User Access Chesbro Financial Center Monta Loma FC at 6 p.m. 5615 Chesbro Avenue • Expense and Budget Graphs Wednesday, March 21 • View Transactions up to 180 days San Jose, CA 95123 Milpitas FC at 6 p.m. • Single Transaction Details March 22 RSVP with Greg Meyer at • Branch and ATM Location Finder email@example.com RSVP with Angelina Cervantes * Meriwest Credit Union does not charge for the mobile banking application, Visit our Events page for more acervantes@ but standard text messaging and mobile phone rates from your wireless provider may still apply. Registration to Meriwest Online Banking Required. FREE seminars! foothillsecurities.net Android is a trademark of Google, registered in the U.S. and other countries. Apple, the Apple logo, iPhone, iPad, iPod, and iTunes are trademarks of Apple, Inc., registered in the U.S. and other countries. Meriwest Credit Union • 5615 Chesbro Avenue • San Jose, CA 95123 • 877-MERIWEST • Routing Number: 321176833 • Federally insured by NCUA.
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