Mortgage refinancing

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					                                                                                                                                             april 2008

                                                    a q u a r t e r ly p u b l i c at i o n o f H u d s o n va l l e y f e d e r a l c r e d i t u n i o n

    in this
Spring is the perfect time for renewing and improving your life!
This issue provides you with some financial spring cleaning tips for
managing your finances.

2    Move or improve?
3    Top ten home updates

4    Advice for life

5    Free seminar on first time home buying

6    Got green? Take the challenge

Mortgage refinancing
Fresh opportunity and cash for spring projects

There are two primary reasons         Cash for what you need                  With a cash-out refinance,                      have questions or you would
to refinance a mortgage; to           Cash-out refinancing                    you could refinance your                        like discuss refinancing
get a more desirable rate             leaves you with additional              mortgage for $160,000, pay                      options, call our Mortgage
and term, or to get cash from         money above the amount                  off the $110,000 and $10,000                    Call Center at 800-468-3011
your home’s equity. With the          needed after paying off your            balances owed and pocket                        (in US), or stop by any branch
recent decrease in mortgage           existing mortgage balance,              the $40,000 difference (minus                   and arrange to speak with a
interest rates now may be an          closing costs, points and any           any closing costs).                             Mortgage Consultant.
opportune time to consider            outstanding home equity
refinancing.                          balances. Use the additional
                                                                                Example of Cash Out
                                      cash toward spring projects
                                                                                Mortgage Refinancing
Rate & term                           —updating your kitchen,
If you have an adjustable rate        adding another bedroom—or                Original value: ................... $160,000
mortgage (ARM) that is due            anything you may choose.                 Amount borrowed: ......... $120,000
to increase soon, you could                                                    Current appraisal ..............$260,000
refinance to a lower fixed-rate       First, you’ll need to                    Refinance amount ............ $160,000
mortgage. Or, if you have a           determine how much equity                Less mortgage balance .....-$110,000
fixed-rate loan and you know          you have in your home. For               Less HE balance................. - $10,000
you’ll move in two or three           instance, say you bought                 Cash paid to you: ........... $40,000
years, you could refinance to a       your house for $160,000 a
lower-rate 3/1 ARM. Our staff         few years ago and borrowed
                                                                                                                                   Refinance to our
can help you decide which type        $120,000. Now the house                Click–Call–Come in
                                                                                                                              Fixed Rate Reduced Closing
of mortgage program, rate,            has an appraised value                 When you’re ready to refinance
                                                                                                                               Costs Mortgage and save
and term works best for your          of $260,000 and you owe                go to RapidLink at                         hundreds at closing!
situation and needs.                  $110,000 and have a home               for fast and convenient online
                                      equity loan of $10,000.                application processing. If you
    Move OR
    iMprove?                                                                            How to save for
                                                                                        a down payment
                                                                                        (or just about anything)
                                                                                        If a new home is in your future, you
                                                                                        probably are focused on putting
                                                                                        away for a down payment. Saving
                                                                                        methodically is a surefire way to get
                                                                                        you to your goal.

                                                                                        Direct your funds. Check with your
       The case for moving                       Consider all the factors               employer to see if they participate in a
                                                                                        direct deposit program and put away
Despite the current home improvement        There are costs associated with each        an affordable amount each week. As
boom, remodeling is not for everyone.       decision that need to be weighed. See       an alternative, budget an amount and
First of all, not every renovation is       what a new mortgage versus a cash-          stick to it by making regular deposits
worth the time, money, and effort. If       out refinance or a home equity loan         each payday.
you own a two-bedroom ranch on a half       will cost you. To help you make the
acre, but you fantasize about a four-       necessary calculations, comparisons         Windfalls. Tax returns are an
bedroom Victorian with a large lot lined    and estimates to aid in your decision,      excellent opportunity for you to really
with stately trees, you’re unlikely to be   check out Hudson Valley Federal             put a dent in your goal. Add in the
happy no matter how much you remodel.       Credit Union’s online calculators at        additional tax rebate coming in May
Secondly, if you are contemplating a                                  and you’ve got a great head start on
move within 24 months because you’re
                                                                                        your savings goal.
tired of a long commute, you want to be     If you move, you will need to factor in
closer to better schools, or you prefer     any potential sales commission on the
                                                                                        One man’s junk. Selling unused
a safer neighborhood, then it might be      price of your home, any repairs you
                                                                                        treasure is a great way to make extra
better to start looking for a new home      need to make, as well as money spent
                                                                                        cash. Whether you have a garage sale
now.                                        on a moving truck or storage rental.
                                                                                        or use an auction site like eBay, the
     The case for improving                                                             money you’ll make is more than worth
                                            If you remodel, you will need to add
                                                                                        the effort.
Homeowners who love their homes             the costs of “surviving” the renovation,
and communities most often remodel          including any hotel stays or take-
                                                                                        Loose change. Every little bit helps
because they already have everything        out meals while the work is being
                                                                                        when you’re trying to reach a goal.
they want except for some feature such      completed.
as a master bedroom suite, a deck, or an                                                This tip is easy. Use only bills to
updated kitchen. One main advantage         A last consideration is taxes. Whether      pay for items and save the change.
of remodeling is that you only need to      you move up to a larger house or            You’ll be surprised at how quickly
change one or two things to suit your       remodel your home, your property            your change adds up over time. Some
needs. If you move, you run the risk        taxes are likely to increase. Remember      families are able to finance a family
of not liking one or more features of       to research what the property taxes         vacation from loose change!
your new home, yard, or location. You       are for homes with the features you
may end up having to make many              want for your current or future location    Keep it growing. When it comes to
compromises before settling on your         before moving ahead with your plans.        saving, time is on your side. Take
new home. After doing their homework,                                                   advantage of your credit union’s
many homeowners decide it’s cheaper to      Whether you decide to move or improve
                                                                                        certificate account offerings. Deposit
renovate what they have than to buy or      we can help you with financing. Stop by
                                                                                        all your accumulated proceeds,
build something comparable.                 any branch, visit us online at,
                                                                                        windfalls, coins, and cash into a
                                            or give us a call at 845-463-3011 to get
                                            all the information you need to make        certificate account to maximize
                                            an informed decision.                       your return.
top ten
It’s important to make the right decisions when it comes to updating or renovating your home.
Here are updates with the average return on resale you can expect from your remodel.

1. Minor Bathroom remodel - 102%.                          It costs about $10,500 to replace the tub, tile, floor, toilet, sink, vanity
and fixtures. Re-glaze your tub for a like-new finish for around $300 to $400.

2. Landscaping - 100%.               The average homeowner spends about $3,502 for landscaping and another $1,465 on
designer services, according to the American Nursery & Landscape Association.

3. Minor Kitchen remodel - 98.5%.                      A minor kitchen remodel averages $14,913. This includes 30 feet of
re-facing for cabinets and drawers, a new wall oven, cook top, sink and fixtures, laminate countertop and resilient flooring.

4. attic Bedroom - 93.5%.                 The average attic bedroom in a 2 or 3 bedroom house costs $39,188. Pricing includes 1
5’ x 16’ bedroom, a 5’ x 7’ bath with shower, a 15’ dormer, four windows and a closet.

5. Major Bathroom remodel - 93.2%.                         A major bathroom remodel involves expanding an existing
5’ x 7’ bathroom, relocating and replacing the tub and toilet and adding designer sinks and faucets, a linen closet, lighting, a
ceramic tile floor and exhaust fan for a cost of $26,052.

6. Major Kitchen remodel - 91%.                       A complete kitchen remodel in a mid-range home averages $43,862. That
price buys you 30 ft. of cabinets, an island, laminate countertop, stainless sink, wall oven, cook top, vinyl flooring and appliances.
Budget 10% or 15% of your home’s value for remodeling a kitchen.

7. Deck addition - 90.3%.                 Adding a 16’ x 20’ pressure treated wood deck with a simple pattern costs about $11,000.

8. Basement remodel - 90.1%.                      The average basement remodel includes a 20’ x 30’ entertaining area with wet
bar, a 5’ 8” bath, recessed lighting, and a laminate floor at a cost of just over $51,051.

9. replacement Windows - 89.6%.                         Replacing ten 3’ x 5’ windows runs about $9,700.

10. family room - 83%.               The average family room addition costs $54,464. A sun room counts in the home’s square
footage only when the room is heated and cooled for year-round use.

Hudson Valley Federal Credit Union can help you with all these updates, and more. Mortgage
refinancing, home equity, home improvement loans, and credit cards are just some of the ways we can
help make your project an affordable reality.

                                                                                                    Source: Home and Garden
                                            In this issue of Shared Interests
                                            we discuss saving for a down
                                            payment, saving our natural
                                            resources, and saving on your

                                            mortgage. But how about saving
                                            for the rest of your life?
                                                                                                         Nancy Palatucci on

Investing is a lifelong process. The        brokerage firms in the United
                                                                                                “As a volunteer, one really gets a sense
sooner you start, the better off you’ll     States, LPL Financial. For a free, no
likely be in the long run. The first part   obligation consultation at any Hudson               of what it is to be a credit union owner.
of that process is developing consistent    Valley Federal Credit Union branch,                 By participating as a volunteer in the
savings habits. Whether you’re saving       contact 845-463-3366.                                decision-making process, I help lead
for retirement, home improvements,
                                            Investments are not deposits, are not obligations   the credit union in becoming the best it
or education, you will need a dedicated
                                            of the credit union, are not NCUA insured, have
focus. Regular contributions to savings                                                          can be for every member. It’s exciting
                                            no credit union guarantee, are not guaranteed
or investment accounts are often the        by any federal government agency, or by any          to have an active role in that success
                                            affiliated entity. Investments involve risks,
most productive.                            including the possible loss of principal. HVFCU       as well as increasing my personal
                                            Financial Services Consultants are registered
                                                                                                knowledge and experience. By serving
Once you begin saving on a regular          representatives of, and securities and insurance
basis, you’ll need to start making
                                            products are offered through, LPL Financial and       as a volunteer, I am able to put the
                                            its affiliates, Member FINRA/SIPC.
important decisions about how to                                                                 credit union’s People Helping People
invest your money. Regardless of your       LPL Financial representatives offer access
                                                                                                        philosophy into action.”
                                            to trust services through The Private Trust
financial stage of life, you will need to   Company N.A., an affiliate of LPL Financial.
consider what your objectives are, how                                                                  Nancy Palatucci,
long you have to pursue each objective,                                                         Board committee volunteer since 2006
and how comfortable you are with risk.

The knowledgeable Financial
Consultants at HVFCU Financial
Services can help translate your specific
financial goals into a sound investment
plan. HVFCU Financial Services is
aligned with one of the top independent

5                   StepS
                    to keeping your car looking brand
                    spanking new

Spring is here and you’re driving a
new set of wheels with the help of an
auto loan from Hudson Valley Federal
Credit Union. Your car will never look
as good as when you drive it off the
showroom floor—or can it? You can           in auto detailing. The clay is similar    to sunlight and other environmental
keep your car in like-new condition for    to Play-doh and is used to remove         hazards will deteriorate quicker and
years to come with a little effort and     contaminants from the surface of the      require significantly more cosmetic
preventive care.                           paint prior to polishing.                 maintenance later on.

1.    Dirt and grime are your car’s        2.     To avoid scratches and dings,      4.    Always keep a good coat of
enemies. When left on the finish,          stay away from tight parking spaces.      wax or paint sealant on the car. In
dirt acts like sandpaper to dull your      Whenever possible, park further out       addition to providing gloss and depth,
car’s paint. There’s one basic rule        in a lot where there are fewer cars and   wax will also protect your car from
about touching the surface of your         walk the extra steps. You’ll get some     the elements, including sunlight and
automobile—anything coming in              exercise and save your car’s finish.      many other circumstances that you
contact with your car’s finish should                                                will encounter, from bug carcasses
be soft. Professional auto detailers       3.    Protect your car from the           to bird droppings. Detailing experts
recommend washing your car every two       elements as much as possible. This        recommend polishing/waxing your car
weeks. If you’re a real auto enthusiast    means storing the car in a garage or      every 60 to 90 days.
you may want to add a claying              covered area. If you don’t have either,
treatment every four to six weeks.         a car cover is highly recommended.        5.    Make a habit of detailing your
Claying is a relatively new process        A finish that is constantly exposed       car inside and out. In most cases, once
                                                                                     a month is adequate. More often if the
                                                                                     car is subject to harsh conditions.

          JOIN US FOR A FREE
       SEMINAR ON first time
                     Home buyinG
       Experts offer their advice on one of the most important purchases
                            you’ll make in your lifetime.                              Financial Spring Cleaning Tip
              Thursday, May 8, 2008, 6:30 pm - 8:00 pm                                 To increase buying confidence when
                                                                                          shopping for your next vehicle
                                Holiday Inn, Fishkill
                                                                                          apply online at for a
                        RSVP to 845-463-3011, ext. 2300                                    pre-approval in just seconds.

         Youth Week

    GOT GREEN?                           cans or bottles, (approximately five
                                         dollars worth) or more and deposit the

       Take the                          proceeds into their savings account.
                                                                                              Financial Spring Cleaning Tip
                                         Your pledge sheet is                                Paying 20 bills per month online saves
                                                                                               the average family $80 per year.
                                         also an entry form!
                                         Your child’s pledge form also will be
It is never too early to start your      used as an entry form into a number
children saving for the future by        of drawings. We’re giving away
“greening up” their savings habits and   eleven $100 U.S. Savings Bonds as
the environment. During the 2008         well as one grand prize drawing for
National Youth Savings Challenge,        a $250 Save Smart Certificate.* In
                                                                                             PAY BILLS THE GREEN
April 21-26, 2008, we challenge young    addition, participants will be entered                  WAY–ONLINE
members (under age 18) to take the       automatically into a national drawing                 You already know that paying bills
“Got Green?” pledge. Stop by any         for $100. That’s three ways to win! A                 online is convenient and easy—and
branch that week and have them           deposit or new account is not required              absolutely free to members. But did you
complete and submit a “Got Green?”       for entry into the drawings.                        know that by paying bills online you’re
pledge form. Participants promise to                                                            helping the environment as well?
redeem a minimum of 100 recyclable       Encourage your children to be more                      If all U.S. households received
                                         “green” throughout the challenge and                  electronic bills and paid their bills
                                         beyond. Have them deposit a portion                          online, it would save:
                                         of their allowance, proceeds from
                                         recyclable items, a jar of coins, birthday               2.3 million tons of wood
                                         money, or other into their Hudson                          or 16.5 million trees.
                                         Valley Federal Credit Union account
                                         regularly. With your help they can start
                                                                                                      1.6 billion pounds
                                                                                                        of solid waste
                                         green and stay green.
                                                                                              or 56,000 fully loaded garbage trucks.

                                         Some restrictions apply. Stop by a                  26 million BTUs of energy, enough
                                         branch near you for a copy of the official          to provide residential energy to the city
                                         contest rules.                                            of San Francisco for a year.

                                                                                                     3.9 billion pounds
                                         *Members of the official family (directors,
                                         officers, volunteers, credit union employees, and
                                                                                                   of toxic air pollutants,
                                         immediate members of their families i.e., family     an amount equal to that produced by
                                         members residing in the same household) are                355,000 automobiles.
                                         prohibited from participating in any member-
                                         oriented contests, drawings or prizes.
                                                                                             Sign up for free HVFCU Bill Pay online
                                                                                             through Internet Banking at

                                                                                                       Data based on 2007 study
                                                                                                    by Javelin Strategy & Research.

Meet the Middletown
Branch Manager
                       Friday and Saturday, May 2-3, 2008

                  If you haven’t                  into the branch once to see Jean with
                  stopped by to see               an issue that I thought would take
                  our new branch in               hours to resolve. Instead, it took only                     David Bagley on
                  Middletown, maybe               minutes. Personal service is the reason                      Volunteerism
                  it’s time you did.              why I choose Hudson Valley Federal
Come in and meet Branch Manager                   Credit Union.”                                        “As credit union members, we
Jean Sexton during its “Meet the
                                                                                                       should do whatever is necessary
Manager” days, May 2-3, 2008.                     Experience Middletown’s service for
                                                  yourself. Come on in during “Meet the                to help our organization prosper
Member Ted Brebbia knows Jean                     Manager” days. While you are there,                    and run smoothly. That’s why
and her staff well. He frequents                  enjoy a light refreshment and introduce                I volunteer. It’s rewarding to
the Middletown branch to conduct                  yourself to Jean and her branch team.
business and loves the personal                                                                        work with other volunteers and
attention he receives. “The new branch            The Middletown branch is located on                   dedicated employees to develop
in Middletown is so convenient and                Route 211 in the Fairgrounds Plaza,                  products and programs that will
the member service is impeccable,”                next to Cheeseburger in Paradise.
                                                                                                      help our members grow financially
enthuses Ted. He explains, “I came
                                                                                                     in a safe and sound institution. The
                                                                                                       side benefit from volunteering is
                                                                  Jean Sexton shares information
                                                                   with Ted Brebbia.                  that the experiences you gain from
                                                                                                      dealing with credit union matters
                                                                                                      such as organizational structures,
                                                                                                       financial matters, and more can
                                                                                                        be applied to all aspects of your
                                                                                                      life outside of the credit union. It’s
                                                                                                        what makes it all worthwhile.“

                                                                                                             —David S. Bagley,
                                                                                                            Director, Treasurer and
                                                                                                             volunteer since 1991

Hudson Valley Federal Credit Union Privacy Policy Notice
We at HVFCU and CUSERVE, Inc. are committed to protecting the privacy of each member’s financial information consistent with state and
federal laws. To that end, we maintain physical, electronic, and procedural safeguards at all times that comply with federal regulations to guard
your non-public personal information while you conduct business via the Internet, ATM networks, wire services, telephone, the U.S. mail, and
other means of communication. Occasionally, we will supply third-party vendors with information we collect regarding our members, in order
to extend offers that may benefit the membership, such as offers of credit, investments, or insurance products. We will not sell, or otherwise
provide, member information to telemarketing firms. The information we may share with these third-party vendors may be collected from the
following sources: information we receive from you on membership, deposit, and loan account applications (paper and online) or other forms or
information created as a result of you being a member of HVFCU or a customer of CUSERVE, Inc.; information about your transactions with
us such as your payment history and credit card usage; and information we receive from consumer reporting agencies such as credit history. We
may also disclose non-public information about you to non-affiliated third parties, as permitted or required by law. We restrict access to non-
public information about you to those employees who need to know that information to provide products and services to you.

    featured rates                                                                           Holiday Schedule
    Home eQuity loan rates as low as                                                         All Branches will be closed on Memorial Day, Monday,

                                                                                             May 26, and Independence Day, Friday, July 4.

                                  %     FIXED APR 2,3

    Consumer loan rates rates as low as                                                      Directory
    	                                          Fixed           Variable                      Directors & officers                     hvfcu atms
                                                                                             T. S. Jones, Chairman                    All HVFCU Branches
    	                             	    										APR														APR1
                                                                                             Joseph E. Eppich, 1st Vice Chairman      Adams Fairacre Farms, Route 44,
    New Auto, Truck, Van .......... 5.59 2,3                      5.80 2,3                   Takao Inouye, 2nd Vice Chairman            Poughkeepsie
    Used Auto, Truck, Van ......... 5.84 2,3                      5.80 2,3                   David S. Bagley, Treasurer               Blue Cross/Blue Shield,
                                                                                             Henry J. Rodgers, Jr., Asst. Treasurer   Middletown*
    Home Equity LOC .............. N/A                            5.45 2,3,4                 Larry J. Prescott, Secretary             Gap/Old Navy Distribution Center,
    Higher Education ................. N/A                        6.75 3                     Noreen E. Hennessy, Director               Fishkill*
                                                                                             Werner H. Lackner, Director              Mohonk Mountain House, New Paltz
    1. Annual Percentage Rate (APR) is subject to increase.                                  Bonnie R. Rowen, Director                1810 South Road, Nine Mall,
    2. Rates for this product are as low as stated and are effective as of 3/8/08. Rate is   Jan B. Mahar, Director Emeritus
    based on an evaluation of applicant credit. Rate is also based on the selected term                                                 Wappingers Falls
    for vehicle and Home Equity loans and on the total amount financed for home equity       Ralph E. Plant, Director Emeritus        Poughkeepsie IBM Bldgs. 052, 416,
    loans and home equity lines of credit. Your rate may vary from the stated rate.                                                     705, 708*
    3. The rate stated is discounted by .25% and includes a requirement that loan            supervisory committee
    payments are automatically transferred from your savings or checking account
                                                                                                                                      East Fishkill IBM Bldgs. 300, 320,
                                                                                             William J. Mulvey, Chairman
    for the life of the loan. The monthly payment is not decreased as a result of this                                                  323, 330*
     discounted rate. The discounted rate only applies to new loans and newly refinanced     Kathleen A. Dispensa, Secretary
                                                                                                                                      Vassar Brothers Medical Center,
     loans from another lender.                                                              Stephen M. Caswell, Member
     4. Maximum rate for home equity line of credit is 18%. Homeowners insurance             Nancy Kappler-Foster, Member
     required.                                                                                                                        *Employee accessible only
                                                                                             Noreen E. Hennessy, Member
View all our current deposit and loan rates online at                                                                      24-hour Drive-up atms
                                                                                                                                      Arlington, Fishkill, Hopewell
                                                                                             Mary D. Madden
                                                                                                                                        Junction, Hyde Park, Middletown,
                                                                                             Branches                                   Newburgh, Pleasant Valley, and
Looking for more ways to grow your                                                           Monday-Friday 8:30-7:00                    Poughkeepsie Branches
                                                                                                                                      Bridgeview Plaza, Route 9W,
                                                                                             & Saturday 9:00-5:00
money? Check out the great deposit                                                           4 Tucker Drive, Arlington
                                                                                                                                      CVS Plaza, Route 44 & West Road,
                                                                                             449 Route 9, Dutchess Mall, Fishkill
                                                                                             415 Route 376, Hopewell Junction           Pleasant Valley
and account specials going on                                                                4011 Albany Post Road, Hyde Park         1810 South Road, Nine Mall,
                                                                                             Route 211, Fairgrounds Plaza,              Wappingers Falls
right now at!                                                                        Middletown
                                                                                                                                      online services
                                                                                             953 Route 300, Newburgh
                                                                                             12 North Avenue, Pleasant Valley
                                                                                             159 Barnegat Road, Poughkeepsie          information center
                                                                                             11 Marshall Road, Wappingers Falls       Monday-Friday 8:00-7:00
                                                                                             Monday-Friday 8:30-5:30                  & Saturday 9:00-5:00
                                                                                             1 Civic Center Plaza, Poughkeepsie       845-463-3011/800-468-3011 in US
                                                                                             Monday-Friday 8:00-4:30
                                                                                             IBM Buildings 320, 330, 416, 705*        tDD (for hearing impaireD)

                                                                                                                                      supervisory committee
                                                                                                                       federally      845-463-6934/800-468-3011
                                                                                                                       by nCua        mailing aDDress
                                                                                                                                      159 Barnegat Road,
                                                                                                                                        Poughkeepsie, NY 12601
For a free, no-obligation quote, call 866-397-3319 or go to the
link on our website at
Insurance products are not deposits, obligations of, or guaranteed by Hudson Valley
Federal Credit Union and are not insured by the National Credit Union Insurance
Fund (NCUSIF), or any other agency of the United States, Hudson Valley Federal
Credit Union, or CUSERVE, Inc. Any insurance required as a condition of an extension
of credit by Hudson Valley Federal Credit Union need not be purchased from Insurance
Agency of the Hudson Valley and may be purchased from a licensed insurance company
of your choice.


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