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					BEST
                                                                                                                                           Winter 2009




MOVES
A publication of Hudson Valley Federal
Credit Union exclusively for homeowners


Refer a Friend.
The greatest compliment we can receive for our
services is a referral from you!
Do you have a friend or neighbor who’s looking
for a first home, changing homes, purchasing
investment property, or relocating? If you know
someone who is looking for a trusted source for
their real estate financing let them know that we
are here ready to help.

ThREE convEniEnT
wayS To REach uS
                                                    YOuR HOME, YOuR INVEStMENt…
                                                    REFinancE now
call.
845.463.3011                                        Your home is likely the most expensive purchase that you’ve ever made. It’s not merely lumber,
                                                    sheetrock, windows, doors, and a roof, it’s the place where your family lives and grows. Your
MoRTGaGE conSuLTanTS                                home is an investment of your time, effort, ideas, and your hard earned money. this is an ideal
Jim Coleman                                         time to look through your household expenses with a fine tooth comb to identify what is absolutely
Rob Dominguez                                       necessary and what may be trimmed. In addition to that, mortgage rates have recently fallen to
Margaret Ebeling                                    historically low levels making this the perfect time to refinance your home and save money.
Maryann Fuller
Nancy Lilly-Hamilton                                Consider this, if you financed $275,000 at a recent average interest rate of 6.50% for 30 years
Keith Hamilton                                      your principal and interest payments are approximately $1,740 per month. Over the life of that
Tom Henry                                           loan you would pay back about $351,000 total in interest charges alone. Mortgage rates are
Sharman Riedinger                                   now as low as 5.00%. With such extraordinarily low interest rates, that same $275,000 for 30
Michele Rizzi                                       years has a monthly payment of approximately $1,475 and a significantly lower $257,000 in
                                                    total interest charges over the term. that means $265 extra money to save or enjoy each month
click.                                              and nearly $100,000 of interest charges shaved off over the entire term of your loan. What
Ready to purchase or refinance your home? For       tremendous savings for you and your family!
information or to apply online, go to hvfcu.org.
                                                    Likewise, refinancing may have even greater benefits. Consider a cash-out refinance and take

come in.                                            advantage of your home’s equity. You could consolidate debt to reduce or eliminate other
                                                    payments or even make upgrades and improvements to your home while potentially lowering your
Come visit us at one of our branches in
Arlington, Beacon, Civic Center, Fishkill,          interest rates and gaining tax deductibility.
Hopewell Junction, Hyde Park, Kingston,
Middletown, Newburgh, Pleasant Valley,              No matter what route you take, keep in mind your home is the place where you and your family
Poughkeepsie, and Wappingers Falls.                 enjoy the seasons of the year and grow through the seasons of life. Any way you look at it, your
Locations, hours, and directions are online at      home is a great investment!
hvfcu.org.
wouLd you LikE To SavE
MonEy on youR MoRTGaGE?
Sure you would, everybody’s looking for an advantage! Let us show you how.                                                FiRST-TiME
You may have heard that mortgage payments can be paid bi-weekly rather than monthly. the benefit                          HOMEBuYER CREDIt
of bi-weekly payments is significant savings in the amount of money paid in interest charges. the
                                                                                                                          Is there a potential first-time homebuyer
savings is accomplished by paying the principal balance off more quickly thereby shortening the
length of the mortgage and reducing the amount of interest charges that would otherwise be paid                           in your life? If so, we’ve got great news
over the entire term of the loan. the problem with bi-monthly payment mortgages though is that once                       for them. In 2009 the IRS will offer a
a borrower has committed to that payment schedule, it can never be changed. the mortgage must                             tax credit of up to $7,500 which will
be paid off or refinanced to escape from bi-weekly payments. this can prove very complicated,                             be available for first-time homebuyers
difficult, and expensive for most borrowers and ultimately is a deterrent from the potential benefit.                     purchasing any type of home between
                                                                                                                          April 8th, 2008 and July 1st, 2009.
Well, good news,
HVFCu has developed                                                                                                       the First-time Homebuyer tax Credit is
the Mortgage Accelerator
                                                                                                                          a new short-term opportunity that just
Program (MAP) to help
                                                                                                                          might open the door for many aspiring
borrowers save money. the
MAP is a free service for                                                                                                 home owners. Qualified buyers can
fixed rate mortgages that                                                                                                 receive a credit of 10 percent of the
offers a payment structure                                                                                                home’s sale price, up to $7,500, on
similar to a bi-weekly                                                                                                    their income taxes.
payment option, but allows
you to start or discontinue                                                                                               What a great way to help interested
the program as you                                                                                                        first-time homebuyers get started. that,
desire without the need or                                                                                                combined with real estate bargains and
expense of refinancing your mortgage. the benefit of the MAP is that an additional half mortgage                          the large variety of affordable financing
payment is applied to the principal balance every six months. this shortens the effective term of your                    options through the credit union, can
mortgage and reduces the amount of interest charges that you would normally pay. With the MAP,
                                                                                                                          make 2009 the year for first-time buyers
you get the financial benefit similar to traditional bi-weekly payments with the flexibility of opting in or
out of the program at any time with no complications.
                                                                                                                          to make the move!

                                                                                                                          Our Mortgage Consultants are always
Visit a branch or call us at 845.463.3011 for more information and to enroll in the Mortgage
Accelerator Program today.                                                                                                ready to help. Call 845.463.3011
                                                                                                                          for assistance with home financing
                                                                                                                          needs. For more details on the First-time
Save up to $500 through the insurance                                                                                     Homebuyer tax Credit, visit

agency of the hudson valley                                                                                               www.federalhousingtaxcredit.com.

these days, you need to find all opportunities to save money. An insurance comparison check-up is
a great way to find out if you’re getting the best deal for your premiums. hvFcu members who                             HVFCU offers financial services to 214,000
switch their homeowner and auto insurance to the insurance agency of the                                                 members in 16 branch locations. The credit
hudson valley save an average of $450-$500 per year.                                                                     union maintains a member satisfaction rating
                                                                                                                         of 97.2%. 72% of our members consider HVFCU
We’ll do all the work for you so you can compare your options. Find your best value at HVFCu                             their primary financial institution.
affiliate, the Insurance Agency of the Hudson Valley. For a free, personalized quote at no obligation,
                                                                                                                         Hudson Valley Federal Credit Union
contact the Insurance Agency of the Hudson Valley at 866.397.3319 or visit us online at hvfcu.org.                       159 Barnegat Road, Poughkeepsie, NY 12601
                                                                                                                         845.463.3011— hvfcu.org
                    Insurance products are not deposits, obligations of, or guaranteed by Hudson Valley Federal Credit
                  Union and are not insured by the National Credit Union Share Insurance Fund (NCUSIF), or any other
                                   agency of the United States, Hudson Valley Federal Credit Union, or CUSERVE, Inc.

				
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