Document 113489

USN-2056-A_Aug07_Eagle.qxd
7/26/07
1:03 PM
Page 1
Free Member Seminars
Sandwiches and soft drinks will be served.
Presented by Ken Fanning, Financial Advisor/Investment
Adviser Representative, Financial Network Investment
Corporation, Member SIPC 2125 Wyoming Blvd., NE,
Albuquerque, NM 87112, 505-263-2291
[email protected]
As you approach retirement, you face several important
financial considerations:
Investments offered through Financial Network are not deposits, not insured by
NCUA or any other Government or regulating agency. Returns in such
investments may fluctuate and may lose value.
Retirement Income Planning
Tuesday, August 14, 2007, 6:00 pm
2609 Texas NE
•
Are you prepared to cover up to 60% of your income
needs with your existing plan?
•
Do you know how to generate a reliable income
stream to last throughout your retirement — which for
many of us could be 30 years or more?
•
Do you know how to manage your portfolio to
withstand the effects of inflation and rising
health care costs?
The Millionaire Mindset
A Publication for the Members of U.S. New Mexico Federal Credit Union
AUGUST 2007
Go Back to School with U.S.
Tuesday, August 21, 6:00 pm
2609 Texas NE
In short, are you sure your money will last throughout
your retirement? If you cannot confidently answer “yes,”
you may risk outliving your income.
Protecting and managing assets can be difficult in
today’s investment environment. The Millionaire Mindset
is an educational workshop that provides information on
the growth of wealth and protection and preservation of
its value for generations to come. Topics include:
investment appropriateness, income tax efficiency, the
most tax advantageous distribution of wealth during life,
and the legacy you will leave.
Please join us for this free seminar to learn about
Retirement Income Planning.
Sponsored by Jerome Pfeffer, Investment Solutions Group,
Linsco/Private Ledger. Member NASD/SIPC.
Back to School Signature Loan
• Up to $3,000
Registration is required prior to attending a seminar. To register, visit our website, usnmfcu.org, and
click Member Education, or call 342-8910.
• Up to 36 Months
• Offer good from 7/15/07 through 9/15/07
Call 342-8888, ext. 52
Golden Eagles Host KNME Executive
The Golden Eagles Association will hold its regular meeting at 10:00 am on Tuesday, August 28, at 2609
Texas NE. Following a short business meeting with coffee and refreshments, the guest speaker will be
Michael Kamins, Executive Producer of KNME, “PBS.” He will speak about the program “Colores” and
other programs such as “The Lawrence Welk Show,” English comedies and mysteries. Join the Golden
Eagles to hear about your favorite PBS programs.
For more information on the Golden Eagles, a social club for
members age 50 and better, call 344-0143.
website: www.usnmfcu.org e-mail: [email protected]
VEHICLE LOANS
A.P.R.
New Vehicles
Terms
(2006-2007 model years)
5.75%
5 yrs
(2000–2005 model years)
5.75%
5 yrs
Used Vehicles
Extended terms available.
Rates may vary based on qualification.
Investment Rates
SHARE CERTIFICATE
AND IRA CERTIFICATE RATES
3 Months
6 Months
12 Months
18 Months
24 Months
36 Months
48 Months
60 Months
APY*
3.10 %
3.85 %
5.12 %**
4.35 %
4.50 %
4.40 %
4.50 %
5.20 %
Share Certificates require a minimum deposit of $1,000 and
are subject to a substantial penalty for early withdrawal.
INSURED INVESTMENT PLUS
$100 - $2,499
$2,500 - $9,999
$10,000 - $19,999
$20,000 - $49,999
$50,000 - $99,999
$100,000 & Up
Introducing U.S. New Mexico’s
Student Visa Card
505-342-8888
Toll-Free Number: 1-888-342-USNM
A credit card designed for full-time students
Branch Phone Numbers:
Osuna – 342-8862
Tennessee – 342-8701
Gold – 342-8501
Irving – 342-8601
Santa Ana – 342-8550
• No minimum income or co-signer required
• Choose from four card designs
• No annual fee
• 24/7 customer support and online account service
• Online Account Management
Department Extensions
APY*
1.50 %
1.90 %
2.10 %
2.50 %
2.80 %
3.00 %
Fees & other conditions may reduce earnings.
*Annual Percentage Yield
Rates current as of 8/1/07
*Annual Percentage Yield
**Minimum IRA Certificate Term
Rates current as of 8/1/07
*Rate may vary based on qualification. Relationship Pricing
discount does not apply.
For a complete listing of loan and deposit rates, visit our website, or
call 342-8888, ext. 23.
Operator ..........................................0
CU by Phone......................................1
Automated Services ............................2
Teller Transactions ..............................3
Member Services ................................4
Loan Services ....................................5
To Repeat These Options ......................6
Visa Check Card Lost/Stolen - 1-800-899-4047
Visa Credit Card Lost/Stolen - 1-800-325-3678
For Branch and Drive-up hours, visit our
website or call 342-8888, ext. 2.
The information in this EAGLE LETTER is as current
as possible. However, the Credit Union reserves
the right to change or delete any rates or services.
4
• Security Protection with Falcon Fraud Services
Call 342-8888, ext. 52
Auto Loan Rates as Low as
5
.75 %
ANNUAL PERCENTAGE RATE
Call 342-8888, ext. 52
Borrow From the Credit Union
Right at the Dealership
Now you can have the best of both worlds —
borrow from the credit union when you choose
your vehicle at the dealer. Our lending program for
new cars and trucks — right at the dealership —
offers genuine benefits for financing:
• Superior service to customers and dealers
• Quick turnaround time on applications
• A variety of financing options
• Great credit union rates
Make sure to let the dealership know you are a
member of U.S. New Mexico.
We will be closed Monday, September 3, in observance of Labor Day.
1
USN-2056-A_Aug07_Eagle.qxd
7/26/07
1:03 PM
Page 2
‘Exotic’ Means ‘Riskier’ When Talking Mortgages
The word exotic may seem better suited to
describing a faraway locale for a “Survivor” episode
than a mortgage. But if lenders were to call these
“riskier mortgages” instead, they might not attract as
many consumers. In truth, riskier is precisely what
exotic mortgages are.
Their appeal to borrowers is that they offer lower
monthly mortgage payments, even if only for a
while. Payments go up later, perhaps doubling or
more. Still, with today‘s high home prices in some
markets, some borrowers see an exotic mortgage as
their only route to home ownership — or as a way
to buy more house than they otherwise could afford.
Other consumers refinance out of their traditional
mortgage, lured by the low monthly payments.
They, too, will get hit by spiraling payments. And
they can‘t escape from the mortgage without
paying thousands of dollars in penalty fees.
Whether first-time home buyers or refinancing
homeowners, these consumers end up in the same
dire situation. They no longer can afford their
mortgage payments. And they face losing their
homes and ruining their credit standings.
Exotic mortgages include two major types:
• Interest-only mortgage (IO) — Your monthly
mortgage payment includes interest only,
no principal, for a set period, usually three to
10 years. But the principal doesn‘t just vanish.
Eventually you have to pay it, and your payments
jump. An IO typically has an adjustable interest
rate, so your payments can jump higher still.
• Payment-option adjustable-rate mortgage (ARM)
— This is an ARM that allows you to choose from
among several payment options month to month.
You could, for instance, pay interest only. Or you
could pay even less than the interest amount. The
interest you don‘t pay gets added to the total
amount you owe. You could end up owing more
than you borrowed in the first place, a condition
known as “negative amortization.” Paymentoption ARMs typically start out with extremely
low interest rates, and then rates can rise.
The common trait in these two loan types is
payment shock. Payments can rise by 30% to
100%, perhaps even more.
These loans are difficult to dissect and understand.
It‘s “buyer beware,” experts say. Your best
safeguard is to work with a lender who will answer
all your questions and fully disclose information
about mortgage options.
Turn to a loan officer at U.S. New Mexico. You can
count on us to look out for your best interests.
Contact us today at 342-8836 or 342-8934.
COLLEGE STUDENTS: That FREE credit card gift may cost you
Every college student has stories about the free
goodies they took home when they applied for
their first credit card. Whether it was a backpack,
free pizza coupons, or even free cell phones, every
student can relate. Here are a few reasons NOT to
give in to the credit card companies:
1. A credit card is NOT free money; you have to
pay it all back, PLUS interest.
2. Small Print: the initial 6.5% interest rate is
tempting, but don’t forget to read the small
print to find out what the rate will increase to
after a few months!
3. Making minimum monthly payments does
nothing for your account because you are
only adding more and more interest to
the same balance!
4. It could take you 40 years to pay off if you
make only the minimum payment every month.
5. If you already owe money on a school loan,
$5000 in credit card debt can make your credit
report look rough. It could even hurt your
approval for future loans.
Treating a credit card as a convenience item that
you pay off every month is the best way for you
to save money. Talk to your parents about a U.S.
New Mexico account and Student credit card with
a low limit. It gives you convenience without the
sneaky tricks of some credit card providers. And,
you can track all of your transactions and pay
your bill online.
Article by Nicole Ford, Virginia Commonwealth
University Student.
Buying a Car for the First Time?
U.S. New Mexico has negotiated a special offer
through the following dealerships:
Garcia Automotive Group (Honda, Infiniti, KIA,
Mazda, Mitsubishi, Saab & Subaru Dealerships)
Quality (Jeep, Chrysler, Pontiac, Buick & GMC
Dealerships)
Karl Malone Superstore
Larry H Miller Hyundai & Used Car Supermarket
Houston Wholesale
•
•
•
•
•
•
No cosigner required
Minimum of $1,500 monthly income
1 year on job
Borrow up to $15,000
Interest rates as low as 14.9%*
Terms of up to 5 years
* Derogatory credit history may result
in disqualification. Rate may vary based
on qualification.
2
A New Benefit of U.S. New Mexico Membership:
BALANCE Financial Fitness Program
U.S. New Mexico Federal Credit Union is dedicated
to helping you realize your financial goals
— reducing your debt, saving for higher
education, buying your first home,
or planning for retirement. We are
excited to announce your newest
benefit of membership: BALANCE
Financial Fitness Program.
Through BALANCE, you have access
to free, unbiased money management
information and assistance. All you have
to do is make a toll-free phone call.
BALANCE counselors can answer many
of your questions immediately — from
how long an item stays on your credit
report to whether it's better to lease or
buy a car. For more complex issues, such as
debt elimination or budget development, an
appointment will be scheduled — giving you the
personal attention you need to meet your objectives.
If bills have gotten out of hand, your counselor
may be able to arrange a Debt Management
Plan. BALANCE negotiates with creditors
to reduce interest and fees so you can
pay your debt quickly and efficiently. As
a member of U.S. New Mexico, the
program‘s monthly administration fee of
$20 is waived.
To use the new program, simply call
888-456-2227. Counselors are available
Monday through Thursday, 5am to 8pm,
Friday, 5am to 5pm, and Saturday, 8am to
5pm (PST) or visit www.balancepro.net for
more information.
We recognize that money concerns have
a serious effect on our quality of life.
Now, through our newest partnership, you
have access to the very best professional guidance
— so you can achieve financial security faster than
you ever thought possible.
brass
We have some exciting news for our young adult
members, ages 18 to 25. You’re about to receive
your first issue of brass magazine starting in early
August. To show our appreciation for your
membership, we are providing complimentary
copies of brass to our young adult members,
as a resource on making, managing, and
multiplying money. So what is brass?
brass is about young adults, money,
and how it affects your life. A quarterly
magazine published in February,
May, August, and November,
brass is made up of content
produced by young writers,
photographers, and graphic
designers — just like you.
brass doesn’t talk at you,
“We see you eye to eye.”
brass’ goal is to provide direct, intelligent and
entertaining content to young adults about the
money side of life. From planning your retirement
to throwing cheap parties, brass looks at your
young adult life and how you handle money.
Like brass, U.S. New Mexico wants to convey to
you the importance of understanding how money
works. For your dreams to come true, you need to
know how money and your life interact. We are
committed to helping you meet your financial
challenges and reaching your dreams.
Thank you for being a member
of U.S. New Mexico. We hope
you enjoy brass. Visit brass online
at usnmfcu.org, then click on the
“Connect to brass” icon.
Lobo Football Tickets!
Lobo Football season tickets are
now on sale! With 43 returning
lettermen, 20 returning starters
and 32 players from the state of
New Mexico, 2007 looks to be
another exciting year at University
Stadium, as the Lobos look for their fifth bowl
game in six years. Head coach Rocky Long
and his team will host six exciting home games
this year against in-state rival New Mexico State,
as well as Sacramento State, BYU, Air Force,
Colorado State and UNLV.
U.S. New Mexico has a limited number of
season tickets available to members at a special
discounted price of $75. $75 is well below the
normal price for these tickets, so they won’t
last long. Call 342-8832 to reserve yours.
Credit Builder Credit Card
No credit history? No problem.
The Credit Builder will help establish and build
your credit.
• Credit limit of $300 - $1,000
• 18% APR – Qualify for a reduced rate after one
year of good payment history
To apply, call 342-8888, ext. 52.
* Existing credit score and/or derogatory credit
history may affect qualification.
3
`