August/September 2004
Home Equity Line of Credit
RATES AS LOW AS
Get the straight scoop on SECU loans
As your credit union, we’re here to help you get the loan you need—with payments you can afford. Compare our rates (including our low or no fees) to a bank’s! Looking for a quick way to calculate different loan payments? Try the free loan calculators on our website, found under the “Rates & Calculators” button. We want to make applying for a SECU loan convenient for our members. No time to visit a branch? Apply online at www.SecuMd.org. Or you can apply for most loans by phone, 24 hours a day. Just call 410-487SECU or 800-TRY-SECU (option 3). To apply for a mortgage, call SECU (option 3) during our Contact Center’s business hours; please see page 4.
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Relationship Rewards
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APR**
(See page 2 for details.)
Coming this fall!
This fall, we’re introducing several account options that will reward you for banking with SECU—checking accounts with the options you prefer, like free Bill Pay and bonuses on CDs! You’ll be seeing more information about Relationship Rewards beginning next month.
Visa rates as low as 7.99% APR*
Our Platinum Visa® credit card is a helpful financial tool: • No annual fee or balance transfer fees • Low, fixed Annual Percentage Rate (APR) • 25 day interest-free grace period on purchases • No transfer fee for cash advances or withdrawals at SECU branches and ATMs • World-wide Auto Rental Insurance and $500,000 Travel Accident Insurance • Convenience checks for transferring higher rate balances to your SECU Visa card • Add the ScoreCard feature to earn points for travel and merchandise. Apply now and we’ll waive the first year’s $25 ScoreCard annual enhancement fee and give you 5,000 points when you activate your account.
Financial tip: Don’t rely on interest-only payments
Credit cards are meant for financial flexibility, not overspending. Paying just the minimum payment on a credit card bill may help you get through a tight month, but making this a habit can hurt you, big time. For example, if you have a $5,000 balance on a credit card with an 18% Annual Percentage Rate, paying only the minimum payment each month, it will take 26 years to pay off your balance! You’ll have paid $7,115.42 in interest, without making any additional charges on your card.
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410-487-SECU • 800-TRY-SECU SecuMd.org
*APR = Annual Percentage Rate. Rate is determined by application and credit history. Visit www.SecuMd.org for rates and more information.
Don’t rely on interest-only payments
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Home equity is a better way to borrow
One of the best features of your home isn’t the comfy family room or extra bedroom. It’s the financial borrowing power known as equity built up since you purchased your house. The difference between the market value of your home and what you’ve paid off on your mortgage is your home’s equity. Visit our website and try our free home equity calculators!
New or used: check out SECU’s low rates
SECU offers low rates for new and used Auto Loans plus 100% financing, in case you don’t have a down payment. Ask about our 60-day preapproval—we’ll tell you exactly what you’ll qualify for, so you can go car shopping with confidence. What if you already have an auto loan with another financial institution? Refinance with a lower-rate SECU loan. For more information or to apply for an Auto Loan, visit a branch or our website, or call 410-487-SECU or 800-TRY-SECU (option 3).
It’s best to pay off your credit card balances each month. If you can’t manage that, switch higher-rate balances to a lower-rate credit card or home equity line of credit. It’s also essential to look at your expenses to create a spending plan, or budget. You’ll never be able to get ahead without controlling your expenses. That’s where SECU’s free and confidential Financial Counseling service can help. Visit www.SecuMd.org or call SECU for a debt counseling questionnaire. Fill it out and return it to us. A Financial Counselor will contact you with better budgeting ideas.
Why a SECU Home Equity Line of Credit is a better choice:
• We pay the closing costs!** • Your interest may be tax deductible (consult your tax advisor).** • Borrow up to 100% of the equity in your home.** • Settle at your home or office. • Use home equity for home improvements, bill consolidation, major purchases, even tuition.
Save money with free online Bill Pay through December
Do you use our convenient (and free) Online Banking service? See how easy it is to pay bills online with our Bill Pay service. Give it a test drive— we’re waiving all Bill Pay service fees now through December 2004.* Cut down on checks, stamps, envelopes and clutter, too. To enroll in Bill Pay, log on to SECU’s Online Banking and click on the “Bill Pay” button.
* “Free Bill Pay” promotion in effect through December 31, 2004 for all SECU Bill Pay users. Starting in October, SECU will offer several options to allow members to have their Bill Pay fees waived. Look for details in future issues of SECU&You.
Financial tip: Maximize tax savings with Home Equity
Cut down on taxes by deducting mortgage and home equity interest on your tax return (consult your tax advisor).** Tax deductibility is a clear-cut advantage you won’t get by making big purchases with credit cards or most other loans. That’s why some members choose to buy a car using a home equity line!
** APR = Annual Percentage Rate. Rates as low as 4.00% APR. Line of credit rate is Prime minus ½% with a minimum rate of 4.00% APR and a maximum rate of 18.00% APR; Prime rate was 4.50% as of 8/16/04 and may change. The rate is determined by application and credit history. Minimum initial draw is $10,000; up to 80% Loan to Value (LTV). Credit lines up to 100% LTV also available. SECU pays for appraisal, credit reports and closing costs on your first SECU Home Equity Line of Credit (one per primary/ secondary residence), subject to credit history. Closing costs range from $650 to $850 on a $10,000 line of credit. Adequate property insurance required. If loan is paid off within 24 months of original note date, closing costs must be reimbursed to SECU by borrower. Consult your tax advisor for deductibility of interest.
Financial tip: Our low rates can beat dealer financing
When you’re ready to buy a car, you may be offered a choice of a manufacturer’s rebate or 0% dealer financing. Though 0% sounds tempting, we’ve got a better idea! Use the rebate as a down payment toward the purchase of your car and pay less with a lowrate SECU loan. By applying the rebate to the purchase amount, you’re lowering the amount financed, a better deal in the long run. To determine which financing is better for you, visit our website for free auto loan calculators and current rates.
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For more information, call SECU Credit Union: 410 -487- SECU or 800 -TRY-SECU
Sept. 16 -18 Car Sale: Anderson Automotive
Join us for our last car sale of the season! SECU and Anderson Automotive of Baltimore City will offer low-rate SECU financing for an amazing inventory of new and used Buicks, Chevrolets, Hondas, Oldsmobiles and Pontiacs. They’ll even provide a $200 “thank you” deposit into your SECU savings account when you buy a car with a SECU Auto Loan!*
Apply online for faster mortgage processing
Chances are, you’ve researched your dream home on the Internet. Now you can go online to apply for a SECU mortgage, anytime! Whether you apply online, by phone or at a branch, a SECU mortgage offers: • Competitive interest rates • Low down payment • No application fee or pre-payment penalties • 120-day mortgage pre-approval— know what you can afford! • Loans for properties in Maryland, DC, Pennsylvania, Delaware, Virginia and West Virginia For today’s low mortgage rates, visit our website or call SECU.
Financial tip: Avoid paying Private Mortgage Insurance
If you don’t have a 20% down payment for a house, you’ll have to pay Private Mortgage Insurance (PMI). PMI will be cancelled by your lender once the loan-to-value ratio drops below 78% of your home’s original value. Still, you can avoid paying PMI altogether! Inquire about an 80-10-10 mortgage loan, which includes a second mortgage to finance 10% of the down payment; you’ll provide the remainder of the 10% down payment on your own. Or if you have a 15% down payment saved, ask about an 80-15-5 mortgage. To learn more about SECU’s mortgage options, call 410-487-SECU or 800-TRY-SECU (option 3); please see page 4 for our Contact Center’s business hours, including Saturdays.
SECU’s Sept. 16-18 Anderson Car Sale
Where: Anderson Automotive of Baltimore Howard and 25th Streets Baltimore, Maryland 16 When: Thurs., Sept. 16 (9 a.m. to 9 p.m.) 17 Fri., Sept. 17 (9 a.m. to 9 p.m.) 18 S at., Sept. 18 (9 a.m. to 5 p.m.)
Financial Counseling
Have you ever been turned down for a loan? Be sure to use credit wisely, based on your current income level and your existing obligations. If you’re in over your head, ask about our financial counseling program. It’s free and confidential.
Anderson offers low MVCP prenegotiated pricing, including used cars starting at $3,995, plus manufacturers’ rebates (up to $5,000). Remember to take the rebate and save with a low-rate SECU loan! SECU loan officers will be on-site during the sale to help you. Or call our Contact Center at 410-487-SECU or 800-TRY-SECU (option 3) for preapproval before the car sale.
* Limited time offer for cars purchased at Anderson Automotive of Baltimore with a SECU Auto Loan during this sale only; call SECU or visit our website for details.
Holiday Schedule
SECU branches and offices will be closed on Monday, September 6, 2004 (Labor Day).
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Visit SECU Credit Union, anytime, on the Internet: SecuMd.org
Contact SECU
On the Internet
http://www.SecuMd.org
Phone scam alert
A handful of SECU members have received suspicious phone calls from a scam artist asking for SECU Visa® credit card information. One member retrieved a scammer’s number from her caller ID service (1-877-494-7346) and reported this to Corporate Security. Please remember; SECU will not call you to ask for personal and account information! When you initiate a call to our Contact Center, you may be asked to verify information to establish your identity. However, don’t volunteer personal information like account numbers, your address or Social Security numbers to any caller who approaches you first. What are the signs of a scammer? Unsolicited calls with callers who won’t identify the name of their company and can’t explain how they got your phone number. If you receive a suspicious call about your SECU accounts, don’t tell the caller any personal information. Hang up and call SECU’s Contact Center directly.
(Shown, from left): Robert Taylor and Joyce Cole, SECU Real Estate Lending Manager.
By telephone
Call one of the phone numbers below and select option 8 for our Contact Center, Monday – Friday, 8:00 a.m. to 7:00 p.m. and on Saturday, from 9:00 a.m. to 1:00 p.m. Baltimore area: 410-487-SECU (7328) Other areas, toll-free: 800-TRY-SECU (800-879-7328) 24-hour Expressline: press “1” 24-hour loan applications: press “3” Expressline-only, Baltimore: 410-487-7930 Expressline-only, toll-free: 888-643-9777 TDD, Baltimore area: 410-487-7905 TDD, other areas, toll-free: 888-833-7328
Help for homebuyers
SECU loan representative Bill Atkinson presented a first-time home buying seminar on July 14 in Linthicum. He was assisted by real estate agent Robert Taylor, who shared information about our free Real Estate Rewards program.
Save on car repairs with an extended warranty
Even with a standard 3-year/36,000 mile “bumper-to-bumper” factory warranty, what will happen when your new car’s warranty runs out? Mechanical breakdown protection, available through SECU, can protect your new car up to 100,000 miles or up to seven years from date of purchase, whichever comes first. Here are some benefits of the IWS Vehicle Service extended warranty program:
SECU Credit Union of Md., Inc. 971 Corporate Boulevard Linthicum, MD 21090-2337
Board of Directors
John D. Kenney, Chairman; Donald Tynes, Sr., Vice Chairman; Mark A. Reger, Treasurer; Janet Q. Bacon, Secretary Directors: Dr. John W. Dorsey, Ellen C. Gardner, Timothy G. La Valle, John G. Luber, Gayle M. Seward; Directors Emeritus: Major Melvin W. Fisher, M. Lorraine Hebrank and Henry A. Heinmuller, Jr.
Credit wellness and ID theft workshop at RICA
SECU Financial Counselor Charlie Peace presented a workshop on ID theft prevention and credit wellness to employees at the John L. Gildner Regional Institute for Children and Adolescents (RICA) on July 14. RICA, located in Rockville, serves young people with severe emotional disabilities.
• Low cost, with savings up to 50% of dealer service contracts • Authorized repairs can be made at a licensed facility of your choice in the U.S. • Low deductibles with a “zero deductible” option • New and used vehicle coverage available For program details, see our website, visit a branch or call SECU.
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