Money Wisdom Winter 2018

MoneyWisdom TIPS, NEWS, AND HAPPENINGS FROM HANSCOM FCU | WINTER 2018

6to Take Now

SECURITY STEPS page 3

BEFORE

GOING SOLAR ASK THESE 4 QUESTIONS page 5

READY FOR HOME EQUITY?

Get FAQ Answers in Our Free Guide page 4

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Winter 2018

Join Us at the Annual Meeting

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he Hanscom FCU Annual Meeting is moving to The Lantana in Randolph, MA, in 2018. The 64th

Annual Meeting takes place Saturday,

Board of Directors Welcomes Two New Members

May 5. Doors open at 5:30 pm, and the business meeting begins at 6:30 pm.

Dinner and entertainment will follow the meeting. Tickets are $12 and must be purchased in advance. Order yours at www.hfcu.org/meeting. Purchase them at a branch or call 800-656-4328.

David Pronchick Joins Board David Pronchick, a Hanscom FCU volunteer since 2002, has joined the Board of Directors.

See you there!

Mr. Pronchick served in the Air Force as a Judge Advocate, retiring as a colonel after 20 years of service.

Following his military service, Mr. Pronchick was a partner at BlueLaw International. Currently he manages the Technology and Contracts Office for the MIT Lincoln Laboratory in Lexington, Massachusetts.

Mr. Pronchick has a Juris Doctorate degree from Pepperdine University and two postdoctoral degrees – a Masters of Law in government contracts from George Washington University and a Masters of Law in taxation from Boston University. He is a resident of Lexington, Massachusetts.

Ray Kahre Joins Board Raymond T. Kahre was appointed to the Hanscom FCU board of directors. Kahre served as board chairman for Touchstone FCU, which merged with Hanscom FCU in 2017.

Mr. Kahre was a member of the Touchstone FCU board for 25 years, rising to chairman in 2000.

He was engineering department manager at AVCO/Textron for 30 years before retiring.

Annual Meeting Saturday, May 5

Mr. Kahre holds a Bachelor of Science in Electrical Engineering from Northeastern University.

He is a resident of Carlisle, Massachusetts.

Statistics

Our Mission

Board of Directors

To provide superior financial

Paul J. Marotta, Chairman

Raymond A. Kahre

Members . .............................................. 79,585

service responsive to our

Mark D. Walsh, Vice Chairman

Hugh W. McNeil

Assets........................................ $1,255,800,000

members’ needs.

John A. Delcore, Secretary

David Pronchick

Loans........................................$1,108,800,000

Ray T. Phillips, Treasurer

Lawrence S. Rzepecki

Deposits.....................................$1,108,500,000

Teresa S. Conrad

Reserves.......................................$128,900,000 September 30, 2017

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Winter 2018

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InTRIBUTE

Security Steps for Protecting Personal Information

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protect your identity:

Check your credit report. As a member of Hanscom FCU, you can request a free copy of your credit report. Visit www.hfcu.org/score to learn more.

Monitor your credit card statement. Look for any unauthorized charges, regardless of how small they are.

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ith increasing news reports about data breaches, take precautions now to

Stay on top of your bank accounts. Set a time each day to review your accounts.

Make it easy by signing up for Online Access. Learn more at www.hfcu.org/access.

Set up Hanscom FCU account alerts. When using Online Access, you will see

Remembering Fred Ryan

W

e are sad to report the passing of director emeritus Frederick C. Ryan. Fred was a volunteer for

over 40 years, beginning when the GSA Federal

Alerts and Security options. Set up alerts to notify you if your security alert preferences

Credit Union merged with Hanscom FCU

are changed, a new user is created, or a new computer browser is identified.

in 1979. Mr. Ryan joined the Board of Directors in 1984.

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Add a fraud alert to your credit file. If you have concerns that your data might have been stolen, a fraud alert will warn credit issuers to use all efforts to verify your identity before opening credit in your name.

File your taxes early. Scammers may try to use your Social Security number to claim a tax refund. Beat them to it by filing your return promptly.

During his time on the Board, Mr. Ryan served on every board committee and was chairman of the Social Responsibility Committee when he retired from the Board in September 2017.

He was known for his quiet, courteous presence and his devotion to the “People Helping People” credit union principle.



Be PROTECTED

Mr. Ryan was a federal government retiree

Union blog. Sign up at www.hfcu.org/blog

He leaves four daughters, one son, and

For more security information, subscribe to the Hanscom Federal Credit

and resided in Wilmington, Massachusetts.

11 grandchildren. His wife, Diane, predeceased him in 2013.

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Wise Home Equity Planning

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or savvy borrowers, using home equity for specific purposes makes sense. Rates are lower than most other types of borrowing, because the line of credit is secured by your home. Many

homeowners also lower their tax bills, since the interest on home

Do I need an appraisal?

The answer is yes ... and no. In order to determine the amount you can borrow, we have to know the value of your property. But most of the time, a full appraisal is not required for a home equity.

equity is often tax deductible.

We often can get an accurate valuation of a home through an The most popular reasons homeowners tap their equity is for home

automated valuation based on public records about your home. Other

improvement projects, debt consolidation, and to cover college tuition.

times, a simple drive by from an appraiser will suffice. As long as the

If you are dealing with any of these scenarios, you’ll want to learn everything you can about home equity borrowing. Here are two of the most common questions we get.

How long does it take to process a home equity line of credit?

When you take out a home equity line of credit, you also go through a closing process similar to when you got your mortgage. Thankfully, it’s typically not as complex. Normal processing time is two to four weeks.

When we receive your application, a loan underwriter reviews your financial profile and compares it to the loan requirements. The underwriter has special training and experience to verify that the line of

public record data on your home is accurate, these types of appraisals are quite accurate.

An accurate, updated appraisal protects you from borrowing too much against the value of the home and risking getting into financial trouble.

It likewise protects the membership of the credit union from loaning too much against the value of the home.

Our home equity experts can help you understand the appraisal process. Plus, you won’t pay an appraisal fee, or any closing costs, with Hanscom FCU’s 3 in 1 Advantage Plan.* * If you terminate your line within the first 24 months after closing, you will be responsible for closing costs.

credit is within reach financially for you and safe for the credit union.

Next, it’s time to take a look at your property. Our goal is to get the most accurate value possible. This is a crucial step, because it can affect your rate and how much you can borrow.

A title agent helps ensure the home does not have existing liens or debts that could affect the property value. Finally, home equity specialists at the credit union prepare the documents for you to sign.

Throughout, we depend on you to supply documents and information. Having this documentation organized and ready at the beginning of the application process can help simplify the process which in turn can lead to a faster turnaround time.



Be PREPARED

Learn more about home equity by downloading our free Equity Edge

eGuide. You’ll get the tools you need to thoughtfully use your

hard-earned home equity. Learn more at https://go.hfcu.org/equity-edge.

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Winter 2018

BeCURIOUS

4 Questions to Ask Before Going Solar

T

hinking about going solar? These four questions will get you started.

do I know if my 1 How property is suitable for solar?

Is it better to own my solar

3 array or lease it?

Buying your solar system is a good choice if you want to maximize your financial benefits, and you have cash or financing options.

You’ll want to assess how efficient solar panels will be on your roof. The higher the efficiency,

When you own your solar panels, you get

the more benefit you’ll receive. Consider these

the direct benefit of tax incentives, solar

three factors:

renewable energy credits, and net metering credits you qualify for. When you lease, you

• Orientation. Roofs facing directly south receive the most sunlight, making them extremely efficient and productive. East- or west-facing roofs don’t receive as much direct sunlight, but still can be a viable option.

• Shading. Even the most beautiful, unobstructed south-facing roof will lose a significant amount of efficiency if trees or other structures cast shadows over your roof’s surface.

• Space. How big is your roof? Are there ventilation pipes, a chimney, or sky lights throughout the open space? You can place solar panels around these obstacles, or consider ground-mounted solar panels.

solar panels affect 2 Will my roof?

are not eligible for tax incentives.

Owning can add value to your home. A 2015 study funded by the Department of Energy shows owning your solar panels can increase the value of your home by about $14,000.

do I choose a solar 4 How panel brand and installer?

Hanscom FCU is helping consumers interested in tapping solar power for their home with a new service, Own My Solar.

Powered by NRGTree, this service provides homeowners with an anonymous online tool

 Be INFORMED For more information

about solar power and to get a free estimate, visit hfcu.ownmysolar.com.

to better understand solar installations.

Start with an instant, free online estimate of how much you can save with solar. With just a few details about your home, OwnMySolar

Paying for Solar with Home Equity

Solar panels have no effect on your roof.

will design a system for you. Review offers

In fact, because they cover the surface, solar

from vetted installers that can manage your

A solar energy system can add value to your

panels can act as protection from the elements

solar installation from start to finish. You can

home while saving energy costs. Using the

and help preserve the longevity of your roof.

schedule installation right from the site.

equity in your home to fund solar panels

If your roof is in good condition before you

helps you manage upfront costs, so you start

install solar, you should not have any issues

OwnMySolar makes it simple to understand

or concerns.

how solar works, and determine your best

enjoying the benefits of solar right away.

option. They do the background work for

Talk with a Hanscom FCU lending expert

Also, residential solar energy systems have

you – installers are screened on over a

about the 3 in 1 Advantage Plan. It’s

no moving parts, so they don’t require much

dozen criteria.

a line of credit with an option to easily

maintenance. For extra confidence, make sure

and economically fix a portion of your

your installer has product and performance

equity. It’s ideal for one-time expenses

warranties that guarantee the integrity and

such as a solar array. Learn more at

output of your solar array for at least 25 years.

www.hfcu.org/equity.

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Budget Smudget!

Create a Spending Plan Instead

I

f you’re not a fan of the word budget, you’re not alone.

For some, it conjures up a life of limits and deprivation.

You work hard to make a living, and you deserve to treat

yourself once in a while, right?

That’s where a spending plan (not a budget!) can help. When you plan ahead, both for needs and wants, you ensure there’s room for everything without building up debt or risking your financial health.

Try these five strategies to spend smarter.

1

Figure your discretionary income. Add up expenses that don’t change: rent or mortgage, car loan, insurance, electricity and groceries (use an average cost). Subtract this amount from your monthly take-home pay. What’s left is your discretionary income – money to use at your discretion.

2

Look to the future. Do you want to take a vacation this year? Buy new furniture? Pay off your student loans?

Having big goals in mind will give you motivation to ...

3  Be SMART

To learn more about smart money management, check out My Money Manager at www.hfcu.org/mmm and download our free budgeting eguide at https://go.hfcu.org/mmp.

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Winter 2018

... pay yourself first. Financial experts recommend “spending” on yourself right away by putting money into your savings account with each paycheck. An automatic savings account like CU Thrive makes saving painless and rewarding. Learn more at www.hfcu.org/thrive.

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List your needs and wants. If your car is due for an oil change and it’s your child’s birthday, those expenses likely need to come ahead of other purchases. Spend wisely each month and try to avoid reaching for a credit card unless you can pay it off in full the following month.

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Monitor your spending. Part of spending wisely is tracking your expenses. Use your ATM & Check Card for purchases, Online Bill Pay for regular bills, and Popmoney to pay individuals. With one log in, you can see all of your transactions.

BeINVOLVED 1 2

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Hanscom FCU in the News 1

Alan M. Hart Memorial Charity Golf Tournament Triples Fundraising to $150,000

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Cushman Award Goes to Jason Traugut Jason Traugut, center, accepts the 2017 Cushman Award from

The Hanscom FCU Charitable Foundation raised $150,000 for the Home

David Sprague, President CEO and Paul Marotta, Chairman of the Board.

Base Program at its annual golf tournament at Red Tail Golf Course.

The Cushman Award goes to the staff member who best embodies

Home Base’s mission is to heal the invisible wounds for veterans, service

the ideals of Hanscom Federal Credit Union. Jason is the e-commerce

members, and their families through world-class clinical care, wellness,

support specialist, helping members and staff alike with online services.

education, and research. Pictured here is the family of Alan M. Hart.

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Tuck the Bear Visits Hanscom FCU Tuck is the mascot for A Bed for Every Child, an initiative to

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Hanscom FCU Welcomes Heroes Home Hanscom FCU helped welcome home service members at the

11th annual Hanscom Heroes Homecoming on Hanscom AFB. Nearly

provide new beds to children who do not have one. Hanscom FCU

50 Airmen who returned from deployment in the past year took part

raised $750 for this organization through donations at branches.

in a parade and medallion ceremony. Hanscom FCU was a sponsor

That’s enough to provide three beds, complete with linens, to a child

and participated in the celebration.

affected by homelessness.

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Contact Us Headquarters: 1610 Eglin Street | Hanscom AFB, MA 01731 800-656-4328

1610 Eglin Street

www.hfcu.org

Hanscom AFB, MA 01731

Download our free app for iPhone®, AndroidTM, and Kindle Fire.

Go green. Log in to Online Access HD to sign up for online statements. Learn more at www.hfcu.org/statements.

Routing Number (for direct deposits and withdrawals): 2113-8048-3 NMLS# 410771 To report a lost or stolen ATM & Check Card or Credit Card call: 800-656-4328 Overseas (24 hr): 412-552-2698 (call collect) This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material.

Websites not belonging to Hanscom FCU are provided for information only.

No endorsement is implied. Images may be from one or more of these sources: ©iStock, ©Fotolia, ©Canva. ©2018 Hanscom Federal Credit Union.

Federally insured

by NCUA.

Headed to College?

Apply for Our Scholarship

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college education can be your ticket to greater job opportunities and higher earnings over your lifetime. However, tuition, fees, and living expenses add up to a substantial investment.

We can help with a Condon Scholarship. Named for long-time board member John F. Condon, the $1,500 scholarship is open to high school seniors who plan to continue their education.

To qualify, you must be a member at the time of application and you must be planning to enroll in an accredited program of higher education. Other considerations include academic performance, extracurricular activities, community service, and financial need.



Be READY

For details and to download an application, visit our website at www.hfcu.org/scholarship.