Indiana Preapproval Mortgage Company by vmy19736


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									                          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
                                                               Credit Union?
CERTIFICATES/IRAs ......................APY
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                                                                        •	 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.
                                                                        approval process
                                                                  •	 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
                                                                                                               or call our Mortgage Department
                                                                  •	 Single premium PMI coverage available up to
                                                                                                                        at (260) 563-7443, ext. 2205.
                                                                        95% financing
                                        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	
                                        a plan.

                                        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
                                        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
                                                                                                      credit problems.
                                                                                                                    Stop by your
Home Improvement Scams                                                                                           nearest Beacon
By Aine Willis, Beacon CU Fraud Coordinator
                                                                                                                   Credit Union
                                                                                                                    Branch and
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
                                                                                                                  5:00 p.m.
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
                                                                                                             Wabash, Indiana
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

                                                                                                                     Sponsored by:
     Auto Loans
             from Beacon Credit Union.
                                                                                                            •	    There will be 7 lucky winners.
                                                                                                            •	    Register by Saturday, May 31,
                                                                                                            •	    Must	be	a	Beacon	CU	member	
                                                                                                                  to enter.
                                  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
                                                       Discounted Theme
                                                       Park Tickets
(260) 563-7443                                         Now On Sale!
north Manchester
(260) 982-7551                                               Paramount’s Kings Island
Rochester                                                                                                                       Your Cost                 General Admission                      You Save
                                                       1-Day Child/Senior*                                                      $25.00                    $29.99                                 $4.99
(574) 223-4871
                                                       1-Day Adult                                                              $30.00                    $45.99                                 $15.99
Peru (n. Broadway)
                                                       *Child = Ages 3 and up, 48” and under, Senior = Age 62+
(765) 472-3472
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
(574) 722-2161
                                                                                                                                Your Cost                 General Admission                      You Save
Logansport (1405 W. Market St.)                        1-Day Adult                                                              $33.00                    $39.95                                 $6.95
(574) 722-6395
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
(260) 359-9680
                                                             Indiana Beach
(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

Department Extensions
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:                            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.


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