What to do When Win FREE Amusement Park Work with
Your ARM is Due. Cosby Tickets! Tickets now on Sale Someone You Trust
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volume 2 2008
RaTeWaTCH Need a Mortgage or to
Refinance? Why not try YouR
6 Month Certificate ($2,500 min.) ...........3.03% Are you in the market for a new home or looking to
1 Year Certificate ($2,500 min.) ..............3.03% refinance your current home mortgage? Not sure
18 Month Certificate ($2,500 min.) .........3.03% of where to go with today’s volatile lending market?
2 Year Certificate ($2,500 min.) ..............3.03% You do not need to look any further than your
3 Year Certificate ($2,500 min.) ..............3.23%
member-owned financial cooperative, Beacon Credit
4 Year Certificate ($2,500 min.) ..............3.44%
5 Year Certificate ($2,500 min.) ..............3.86%
IRA Account (18 Month Cert.) .................3.02%
15 Month Certificate Special ..................3.65% As a member of your credit union, you’ll receive
LoAn RATES........................................... APR a competitve rate and lower than average closing
Primary Res. 15 yr. fixed costs. Beacon Credit Union does not sell its
(20% down) ...........................................5.375%
mortgages to the secondary market. This means
Primary Resident 1 yr. ARM • No underwriting fees
(25 yr. amort./20% down)......................4.625%
that your mortgage will be held and serviced by
• Minimal closing cost
Primary Resident 3 yr. ARM Beacon for the life of the loan.
• Actual/365 simple interest calculations
(25 yr. amort./20% down)......................5.125%
Farm Operation (1 year max.) ..............5.750% • Interest serviced to date of payment weekly
Many financial institutions and mortgage compaines
Farm Real Estate 15 yr. fixed or biweekly allowing faster principal reduction
do sell thier mortgages. Often, your mortgage is
(35% down) .........................................6.000% for early payoff
sold more than once, leaving you confused with who
For a complete rates listing, visit www.beaconcu.org • Limited paperwork requirements
APY is Annual Percentage Yield · APR is Annual
is taking care of your financial needs. Here are
Percentage Rate a few of the advantages of a Mortgage Loan from
ARM is Adjustable Rate Mortgage Flexible Terms
Rates effective April 22, 2008 Beacon Credit Union:
Rates Subject to Change Beacon Credit Union offers a variety of home loans
to fit your budget. Both fixed rate and variable rate
• We will guide the way for you through the
loans at a variety of terms are available.
• No prepayment penalty
Take advantage of the tremendous Mortgage Loan
• No escrowing of taxes and insurance
opportunities from YOUR credit union. Visit one of
• No application fees
our full service Branch Offices, apply online today at
• No origination fees or points
www.beaconcu.org or call our Mortgage Department
• Single premium PMI coverage available up to
at (260) 563-7443, ext. 2205.
What to Do
When Your ARM Is Due
If you have an adjustable-rate mortgage (ARM) and
your fixed-rate period is drawing to an end, your
first rate adjustment is looming. It’s time to devise
Many ARM borrowers are facing that task with
uncertainty. One of three homeowners with ARMs
say they don’t know what they’ll do when their rate
adjusts, according to a March 2007 Bankrate.com
survey. If you’re among those who feel unsure,
consider a few pointers.
Begin by examining the ARM you have. How often • Stay with the ARM you have and take the rate
can the rate adjust? How much can the rate rise at adjustment.
each adjustment? How much will your monthly pay- If you have a low-rate ARM and it can’t climb much,
ment increase at each adjustment? What’s the limit you might want to stay in it for the remaining few
on the rate increase over the life of the loan? years and see what happens—if you can live with
the uncertainty. It also makes sense to stay in your
Here are some things to consider for when your current ARM if you plan to sell your home soon.
ARM comes due for an adjustment:
If you need help to decipher your ARM contract and
• Refinance into a fixed-rate mortgage plan your next move, turn to your financial partner
You’ll never have to worry about rate adjustments and let us guide the way through this uncertainty.
again for as long as the life of your loan. A fixed Visit your nearest Beacon Credit Union office today
rate mortgage from Beacon CU can give you the or call our Mortgage Department at 260-563-4774,
piece of mind that you need. Please note that your extension 2205 today.
current ARM may have prepayment penalties.
Make sure to check your contract.
doCumenTs: What you need before you apply!
Applying for a mortgage can seem like a complicated process. Our mortgage • If applicable, name, address, and phone
representatives can guide you through the paperwork. To get started, here’s a list of number of landlord or land contract holder.
documents to start gathering. (Some may not be needed, but having them available can • Copy of land contract, if applicable.
help speed up the process). • Names, addresses, account numbers and
monthly payments on all open loans, credit
• Pay check stubs for most recent 30-day period. cards, etc.
• If self-employed, two years personal and business tax returns and current profit and • If applicable, divorce decree and final property
loss statements. settlement.
• Residence addresses for last two years. • If necessary, you may be asked to provide
• Names and addresses of employer from the past two years. written explanation of any current or past
Stop by your
Home Improvement Scams nearest Beacon
By Aine Willis, Beacon CU Fraud Coordinator
Home improvements are important to the preservation of your home. If done correctly, those improve-
ments can even add to the value of your property. In order to have a worthwhile experience though,
it is necessary to do your “homework” before contracting the project. Unfortunately, being a cautious
register to win
homeowner is necessary because there are individuals who will prey upon unsuspecting targets dur-
ing this process. 2 FREE Tickets to:
Precautions you can take in order to make an informed decision include:
• Make sure you know the salesperson’s name, as well as the name and address
of the company they are representing.
• Don’t be afraid to ask the company for references and take the time to check
into them. If possible, inspect the finished project.
• Contact your local Better Business Bureau and check out their reputation before
agreeing to any contract.
• Get several estimates for the repair work. Be sure to ask if there is a charge for
the estimate before agreeing to let anyone look at your property.
• Read the contract thoroughly before signing.
• Save all of your paperwork. Including, a copy of the signed contract and receipts
for any payments made to the contractor.
Sat. June 28, 2008
Finally, it is important to be skeptical of home repairs that you do not initiate. Some con artists will
show up at your door and inform you of repairs they feel are needed. This is especially true for elderly
homeowners. They are prime targets for fraudulent home improvement operators. Honeywell Center
No matter the situation, it is best to take as much time as you feel necessary to make a well-guided
decision. Both Shows Sold Out
from Beacon Credit Union.
• There will be 7 lucky winners.
• Register by Saturday, May 31,
• Must be a Beacon CU member
Beacon Credit Union offers competitive rates and terms • Limit one entry per household
up to 72 months on new and pre-titled cars, trucks, per visit.
vans, boats and motorcycles.
Preapproval is available on new vehicle loans and you
can make your payment weekly, bi-weekly or monthly -
whatever fits your specific needs.
The Compass, a publication of Beacon Credit Union
How to Contact
Beacon Credit Union
(260) 563-7443 Now On Sale!
(260) 982-7551 Paramount’s Kings Island
Rochester Your Cost General Admission You Save
1-Day Child/Senior* $25.00 $29.99 $4.99
1-Day Adult $30.00 $45.99 $15.99
Peru (n. Broadway)
*Child = Ages 3 and up, 48” and under, Senior = Age 62+
Peru (W. Main) Cedar Point
(765) 472-1214 Your Cost General Admission You Save
Peru (old Key) 1-Day Adult Admission $35.00 $42.95 $7.95
(765) 472-1022 2-Day Admission ** $67.00 $71.95 $4.95
Logansport (216 Mall Road)
Holiday world & Splashin’ Safari
Your Cost General Admission You Save
Logansport (1405 W. Market St.) 1-Day Adult $33.00 $39.95 $6.95
Marion Six Flags Kentucky Kingdom
(765) 664-9537 In Louisville on the Kentucky Fair and Exposition Center Grounds
Huntington Your Cost General Admission You Save
1-Day Age 4 or Older $19.00 $39.99 $20.99
(574) 268-1276 Your Cost General Admission You Save
Grissom Aeroplex Combo Ride & Water Park Pass (48” & Over) $23.00 $35.50 $12.50
(765) 689-9181 Combo Ride & Water Park Pass (Under 48”) $13.00 $27.50 $14.50
CD/IRAs................................ ext. 2230
Collections ............................ ext. 2215
Human Resources ................ ext. 2270
work with Someone You Trust
E-Services ............................ ext. 2260 A message from Beacon Investment Services
Consumer/Ag Lending .......... ext. 2200
Real Estate Lending ............. ext. 2205 • Is your retirement money invested properly? The program works in cooperation with your
Beacon Inv. Services ............ ext. 2245
• Will you have enough income in retirement? credit union and complements the products and
New Accounts ....................... ext. 2235
• How will you pay for a child’s education? services the credit union makes available to you.
VISA...................................... ext. 6015
Contact Center ..................... "0" or "3" • How will you pay for long-term care? Together we can provide a total package to help
you realize your full financial potential.
Email: firstname.lastname@example.org The Beacon Investment Services Program
Send all mail inquiries to: located at Beacon Credit Union has one objec- When it comes to insurance and investments, we
Beacon Credit Union tive: to help you reach your financial goals. We’re understand the importance of a trusted partner.
PO Box 627 here to help you make sound financial decisions Please, contact a Beacon Investment Services
Wabash, IN 46992 consistent with your risk tolerance, investment financial advisor today at 1-800-762-3136 ext.
time-lines, and goals. 2009 for a no-cost, no obligation appointment.
Each account insured up to $250,000 by Ameri-
can Share Insurance. By members’ choice, this
institution is not federally insured. Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member
FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512-6109. non-deposit
investment and insurance products are not federally insured, involve investment risk, may lose value and are not
obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution,
through the financial services program, to make securities available to members.