FoxFacts Newsletter July 2022 Is a home equity line of credit right for you? Your home keeps you safe, sheltered, and happy – but it can do so much more if you open a home equity line of credit (HELOC) here at Fox. But what you can do with that HELOC depends on how much equity you have in your home. So, how do you figure that out? Simply take 90% of your home value, subtract the outstanding amount of your home loan, and that’s your potential line of credit. If your home is worth $100,000 and you have $50,000 left on your loan, then: $100,000 x 90% $ 90,000
Your home’s value x 90% 90% of your home’s value
$90,000 - 50,000 $40,000
90% of your home’s value - $ Amount left of your loan Potential line of credit
Thank you Green Bay for voting us the best The “Best of…” votes around the communities are in, and we’re proud to announce that we were voted the Best Credit Union in Green Bay!
Call our friendly Fox team at 920-993-9000 or visit foxcu.org/home-equity-line-of-credit for more. And if you’re a homeowner who needs money quickly but you don’t have much equity in your home, check out the unsecured It’s About Time Homeowners’ Loan at foxcu.org/abouttimeloan. Home Equity Line of Credit is a variable rate loan. Annual Percentage Rate (APR) may change after account opening, based on Wall Street Journal Prime Rate plus a margin stated in your original home equity line of credit terms agreement with a floor rate of 2.50% APR. Maximum APR is 18%. No charges accrue until funds are advanced. Available draw period for advances is during the first 15 years. Minimum disbursement $500; minimum line of credit $5,000; minimum payment of interest-only or $100.00, whichever is greater. Appraisal may be required if fair market value does not support loan request. Member is responsible for appraisal if required. Closing cost ranging from $214.50 to $796.50 . Must be primary residence and property insurance is required. Loan rates vary based on creditworthiness, qualifications, and collateral. Additional fees may apply. Loans are subject to final credit approval. Membership required. Consult a tax advisor regarding deductibility of interest and fees. Rates, terms, and conditions are subject to change at any time.
Auto-buying expert: What NOT to do when auto shopping These newsletter articles usually inform you about the best ways to shop for a new vehicle. This time, however, we’ll be talking about what not to do. First, a story. I recently had one of my dealer connections reach out to me to see if we could help a non-member. When I ran their credit, I discovered they had filled out applications with three different dealers – which all sent them to multiple financial institutions. That means there were already eight inquiries for them, and it was still only morning. This is a terrible idea and doesn’t help your credit score at all. Instead, if you’re unsure if you’ll qualify for an auto loan, stop in at one of our many Fox branches and have a conversation with one of our many qualified auto lenders. If, for whatever reason, you do not qualify for a loan, we can at least try to get you going in the right direction toward rebuilding your credit score with a credit builder loan. Find the Fox location nearest to you at foxcu.org/locations, or give me a call to get started today. Mike Pastorelli, Fox’s Auto Buying Specialist 920-993-3508 mpastorelli@foxcu.org
Fox pending credit card transactions can now be seen within your Mobile and Online Banking Pending credit card transactions, including amounts, will be displayed in real-time. You’ll see what has been authorized, but not yet posted to assist you in managing your expenses. This feature will not reflect the pending transaction amount in your credit card balance. Digital Banking is free, please note your mobile carrier may have web access charges. .
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We were also voted a finalist for Best Financial Planner and Best Mortgage Lending Company in Green Bay, and a finalist for Best Credit Union and Best Financial Planner in Appleton. Thank you to all who voted!
Pay off your loan faster with bi-weekly payments Are your monthly loan payments not paying off your loan fast enough? Want to speed things up? Switch over to bi-weekly loan payments to reduce the principal balance of your loan faster and reduce the overall lifespan of your loan. How does it work? Simply make 26 half-payments instead of 12 full payments throughout the year and you’ll end up with an extra full payment annually. Just think of all you can do with your loan off the books faster than you expected. Get more details online at foxcu.org/biweekly-payments. Contact us or visit foxcu.org/biweekly-payments to find out how you can begin making bi-weekly payments with your loans at Fox Communities Credit Union (Fox).
Fraud department: Watch out for these charity fraud red flags
Bike to the Beat: Ride or help?
At Fox, we like to be sure our members are educated about fraud possibilities when it comes to your money, so before you decide to donate to a charity or fundraiser, be sure to watch for the following red flags:
Bike to the Beat is August 6! If you haven’t registered yet, you’re going to want to do it soon, as the cost of registration increases August 1. But riding one of the eight routes isn’t the only way to enjoy Bike to the Beat. You can also volunteer at the event, helping with food and drinks, and more.
Don’t let anyone rush you. Scammers love to pressure you to make a quick decision. Real charities will be happy to receive your donation when you’re ready. Avoid donations by cash, gift card, cryptocurrency, or money transfer service. It’s a red flag if they demand to be paid that way or if the payment goes to a person instead of a charity. Your safer bet is to pay by credit card. Double-check the name. Scammers sometimes use names that sound like legitimate charities that you know and trust. Scammers often refuse to send you information about the charity, provide details, or tell you how the money will be used. If you’d like an example of a local charity, check out what the Fox Cares Foundation does at foxcares.org.
Win a Jaguar at the Swing Fore Fox Sake golf outing Do you want to have a fun-filled day out on the golf course while supporting a great cause? Do you want a chance to win a 2022 Jaguar while you’re at it? Then you’re going to want to sign up for the Swing Fore Fox Sake golf outing, taking place Monday, July 25 at Fox Valley Golf Club. Registration and lunch begin at 11am, followed by the 18-hole shotgun start at 12:15pm and dinner beginning at 4:30pm. Learn more, register, and find rules at foxcares.org
Your donation to the Fox Cares Foundation will be doubled now through August 14!
Register or sign up to volunteer at biketothebeat.com.
Make summer fun! There are a lot of fun Fox-sponsored events and festivals planned in our membership area throughout the summer. Make sure you don’t miss out by keeping an eye on our events calendar at foxcu.org/calendar.
Investing in real estate webinar
Now through August 14, we’ll be matching all donations to the Fox Cares Foundation up to $25,000. That means if you donate $10, so do we. If you donate $500, so do we. Our goal is to beat last year’s donations of $14,569...and with our match brought it to a total of $29,138. But why donate? Because it is the mission of the Fox Cares Foundation to end homelessness, fight hunger, and provide access to the arts throughout our communities.
Our free BALANCE webinars continue during July, with a pair of webinars focused on real estate investment. • July 12 at 12:30pm • July 21 at 7:30pm
Learn more about the foundation at foxcares.org. Fox Cares Foundation, Inc. is a Wisconsin nonprofit corporation with 501(c)(3) status effective June 21, 2016. While Fox Communities Credit Union actively supports Fox Cares Foundation, Inc. the entities are neither legal affiliates nor subsidiaries of each other. Fox Cares can make no representation with regard to deductibility of any contribution. Please speak with your tax advisor regarding the tax implications of any charitable contribution to Fox Cares Foundation, Inc.
7th credit union cooperative principle: Concern for community This principle says that through policies developed and accepted by our members, it is our duty to not only focus our effort on caring for the members that make up our organization, but also to support the continued development of the larger community, especially those of modest means. This is why, while you’ll see us sponsoring all sorts of fun events like Bike to the Beat and Mile of Music, you’ll also see us donating money and our time to organizations like Rebuilding Together, Feeding America, and many other local efforts to assist our neighbors in need.
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Investing in real estate can be a great way to boost income. To help investors turn a profit, the webinar will cover the pros and cons of different properties, resources for finding investment opportunities, and financing options. Learn more and register at foxcu.org/balancewebinar-investing-in-real-estate. The presentation is brought to you by BALANCE Financial Fitness and is intended for educational purposes only and does not replace independent professional advice. Statements and opinions are those of the presenter individually and not necessarily the opinion or position of Fox Communities Credit Union (Fox). Fox is not an affiliate of BALANCE Financial Fitness. Consult a licensed professional for financial planning and investment advice. Fox Communities Credit Union deposit products are
Federally Insured by NCUA.