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).