APPLY TODAY

to lock in rates as low as 3.625% (3.67% APR)

for 30 Years with ONLY $750 in closing costs!

Offer available until June 1, 2013

* APR is Annual Percentage Rate.  The 3.625%, 30-year mortgage rate is the advertised rate and can vary based on your creditworthiness.  Your rate can be higher depending on credit performance and Ohio Catholic’s lending policies. $25,000 minimum loan amount required and $200,000 maximum loan amount available.  Maximum loan term is 360 months.  Maximum loan to value is 80%.  No prepayment penalty. This offer is available on owner occupied homes.  Ohio Catholic FCU must be in the first lien position. Mortgages currently financed through Ohio Catholic cannot be refinanced with this offer.  Property insurance required.  Flood insurance may be required in some areas.  Ohio Catholic may discontinue or change program without notice. No other discounts or special offers can be combined with this offer. Loan must close within 30 days of approval.  Standard loan terms and conditions apply. If you respond to this offer but do not meet the criteria for the loan at the time of your application or if you do not provide the required collateral, we may not be able to extend credit to you.  Rate will increase by .50% if escrow is waived or if there is any cash out on the loan.  Payment example: $150,000 for 30 years at a rate of 3.625% (3.67% APR with $750 closing costs) would result in a monthly Principle and Interest (without escrow) payment of $687.50. 

According to a survey by the Ohio Credit Union League, more than half of Ohioans (55%) plan to take a summer vacation. Of the 1,200 respondents, 11.9% indicated they will take a longer vacation than they did in 2012, and 12.3% plan to travel a greater distance. While vacations are a great way to re-energize, they can be a drain on your savings account.

People take vacations to get away from every day stresses. However, without planning ahead or creating a budget, your vacation may generate debt that can take months or years to pay off, creating more headaches.

To ensure your dream trip does not become a nightmare, Ohio Catholic suggests taking the following five steps:

·         Bring your own food and snacks. Whether traveling for a week-long or simple day trip, bring your own food and snacks. Food and beverage prices are typically higher in “touristy” areas, so save your money by bringing bottled water and sodas, and packing snacks and lunches.

·         Have a budget when on-site. Many people budget for the travel and hotel costs of their vacations, but forget to consider meals and activities when on-site. Think carefully about what activities your family might want to experience – water skiing or zip lining – and what meals you’ll want to enjoy out, and budget appropriately before you leave.

·         Look for local excitement. Summer is the season for local festivals and activities throughout Ohio, and most are free. See what’s happening in your local area by visiting www.DiscoverOhio.com. A plethora of kid-friendly and kid-free events await.

·         Leave unnecessary financial instruments at home. Before going on vacation, look through your wallet and purse and remove any financial instruments that you won’t need, and leave them at home. Why bring your checkbook or other less-used payment methods on vacation and risk them being lost or stolen? Only bring the forms of payment that you plan on using, plus one back up.

·         Make use of gas perk programs. Traveling by car is pretty much inevitable, whether enjoying an out-of-town getaway or stay-cation this summer. Many retailers, such as grocery stores and gas stations, offer gas discounts that can amount to significant savings, especially if you plan ahead and amass the rewards over the months leading up to your vacation.

The Financial Five is a monthly consumer column from Ohio’s credit unions that provides important financial tips to consumers.

Ohio Catholic Federal Credit Union has been serving the Cleveland Catholic Diocese since 1954 and has grown to become the largest faith-based credit union in Ohio.  It is with great pride that we announce the National Credit Union Association has approved the expansion of our charter to include ALL Catholic Dioceses in the State of Ohio!

This feat could not have been accomplished without the dedication of you, our valued member, to the credit union.  Our members are the reason why we are here and have achieved much success through the years.  We appreciate your loyalty to the credit union and to the Catholic community.

As we grow, we will continue to serve our faithful members in the Cleveland Diocese and look forward to building new relationships with the other Catholic Diocese in Ohio.

According to a survey by the Ohio Credit Union League, nearly one third of Ohioans (32.9%) believe their savings could not cover one month of essential expenses. From this, it is easy to assume that a significant portion of the population is only one or two paychecks away from financial disaster. The same survey indicates that a majority of Ohioans (57%) are saving, but not enough to thwart a significant loss in income.

Living paycheck to paycheck is not ideal, but it is a reality for many consumers.  We need to better show how establishing a saving regimen, no matter how large or small, is an essentially step in circumventing serious financial troubles

*To establish an emergency fund, Ohio Catholic FCU suggests taking the following five steps:

·         Identify your essential monthly expenses. Before you can save, you need to know how much to save. Look at your monthly expenses, and categorize them as essential (rent, mortgage, car, food, utilities, credit card minimums, etc.) and non-essential (entertainment, eating out, clothes, cell phone, etc.). Then add up the essentials to determine your monthly income needs.

·         Multiply your essential expenses amount by six. Why six? Most credit union leaders think a true emergency fund should have at least six months of essential expenses saved up. While this number may be daunting, it is the best way to avoid difficult financial circumstances such as bankruptcy, loan default, and eviction when you have a loss in income.

·         Create a savings plan. Let’s say you have $1,000 a month in essential expenses, which means you need at least $6,000 to account for six months. Start by identifying how you can realistically amass this amount, and within what time frame – - whether six months, one year, or three years. The goal is to generate a savings habit within your income and budgetary means.

·         Don’t get frustrated. The slowly accumulating funds in your savings account can be frustrating. If you find yourself losing interest, try incorporating a visual around the house. For instance, keep a jar close by and fill it with loose change and any money that you save by eating in or avoiding your daily coffee.

·         Ask for help!! The more you ask, the better informed you are. Sit down with a Member Service Representative at Ohio Catholic FCU and allow us to help identify ways you can save. We have products and services that can help you reach your goal faster.

*Tips to help consumers build an emergency fund from the Ohio Credit Union League

Too often consumers finance a loan without understanding the actual financial impact.  Length of the loan and the interest rate are only part of the equation. Your credit history, fees, and down payment influence what you will pay each month, and ultimately the costs associated with the entire life of the loan.”

Before buying a home or a car, Ohio Catholic suggests taking the following five steps:

• Check your credit history. Your credit union can provide you with a copy of your credit report. If not, you can get a report each year for free at www.AnnualCreditReport.com. Check your report for inaccuracies, and look for areas to improve. If you have existing balances, consider paying them down to lessen your debt-to-income ratio.
• Shop around for the best financing deal. Consider the entire financing package when shopping for a loan. Calculate the cost of the loan through its entire term and include up-front charges, taxes, and fees. You may find a low-interest loan without fees costs less than a zero-percent-interest loan with fees.
• Put money down. If possible, take the time to save up for a down payment. The more money you put down, the less you have to finance, saving you thousands of dollars in interest charges. This can also allow you to pay for any loan costs up front, rather than rolling them into your monthly payment.
• Adjust your monthly budget. Adding a new loan payment can put a dent in your monthly budget. Bills that you typically paid in the middle of the month might need to be moved, possibly subjecting you to late fees. Try budgeting an estimated mortgage or car payment a couple of months in advance to avoid the shock.
• Ask questions. The more you ask, the better informed you are. Sit down with a Member Service Representative at Ohio Catholic and ask: How much house/car can I afford? What fees/charges are avoidable? What interest rate can I expect to pay? How much should I put down? In the end, how much will the loan cost me?  Contact us for a FREE financial review.

*Tips to help you prepare for a major purchase from the Ohio Credit Union League

Dennis has partnered with the credit union to offer our valued members more products that will help you achieve your financial goals.  To set up a free consultation with Dennis at any of our branch locations, please call or visit any of the six Ohio Catholic offices.  **Please make sure to state if you are an already existing Ohio Catholic member or would like to join.**

To learn more about Dennis and his services, please visit his website HERE

Recently, most US Bank branches have been added to the network, as well as some ATMs at Wal-Mart, Sam’s Club, and other credit unions.  For a complete list of participating financial institutions, please click on the MoneyPass and Alliance One links below and enter your zip code into the ATM locator to find a surcharge free ATM near you.

Ohio Catholic’s brand new Member Value Program (MVP) is a tiered reward program where members can earn valuable points each month by having various products and services with us.  Point levels are evaluated on a monthly basis and can translate into significant savings and rewards.  This program will be begin on October 1, 2012 with points being evaluated for the previous month.

CLASSIC Members = 0 – 99 points
GOLD Members = 100 – 199 points
PLATINUM Members = 200+ points

VALUE Scoring – Add up how many points you have!