Jan09 Siren lores
SirenNews Siren January 2009
c u rre n t eco n omic c l imat e
Home Ownership in Today’s Economy The current headlines regarding the housing market can be overwhelming, and certainly raise questions for those who own or are considering the purchase of a home. Rising foreclosures. Mortgage modifications. Negative equity. Property abandonment. Strict qualification requirements. These topics are prominent in the media, and we understand that members might wonder how this impacts them. While every member has a unique circumstance and perspective, there are several key points that should be considered by all. Cyclical Nature of the Housing Market
What goes up goes down, and what goes down eventually goes back up. This can be tough to remember, especially when the market experiences decline.
and down payment requirements will be extremely stringent as the financial services sector will not want to repeat the “Mortgage Crisis of 2008.” Message to Members
Your Home is More than an Investment
At the end of the day, your home is your home. Be wary of viewing it solely as an investment that can be “walked away from” when the value falls, as doing so will make buying a home in the future difficult. Home Ownership after Foreclosure
The foreclosure alternative has a long, lingering and negative impact on the future ability to get any type of credit – including difficulty in obtaining a mortgage – for a minimum of 7 years. After that time any subsequent interest rate, credit score
If a member owns a home and has the means to make their payment – and a desire to stay in their home – by all means continue to make payments. We understand that there are circumstances that may cause members to fall behind on their monthly payments, and encourage those individuals to contact us to see what options might be available to get them through their financial difficulties. Those members who are in a position to purchase a home are encouraged to contact us, as we’re ready, willing and able to provide you with a mortgage to suit your needs.
P erso n a l F i n a n ce
Free & Confidential Financial Counseling Members have free access to financial counseling with BALANCE Financial Fitness Program. Get assistance with spending and savings plans, improving your credit score or planning for your future. Money Management / Debt Management
Credit Report Review
Through our partnership with BALANCE, work with a financial expert to improve your credit rating and ”take control.“
A specialist will explain the information on your credit report, show you how to correct inaccuracies and help you plan to improve your credit rating. BALANCE can provide a low-cost credit report or help you access one on your own.
Money Management Counseling Develop a strategy to overcome financial problems and meet your goals in a free and confidential counseling session.
call (888) 499-FIRE(3473) or visit www.sffirecu.org For More informaiton
U n d e r s ta n d i n g C r e d i t
FICO Scores: Facts & Fiction Fiction:
Fact: A number of factors are used to make credit decisions, including a FICO score. Lenders also look at the debt-to-income ratio, your employment history and your credit history. Based on their perception of this information, as well as their specific underwriting policies, lenders may extend credit to you even with a low credit score, or decline your request for credit although your score is high.
Fiction:
Credit scoring is unfair to minorities
Fact: Factors like gender, race, nationality and marital status are not included in a credit score. In fact, the Equal Credit Opportunity Act (ECOA) prohibits lenders from considering non-credit related information. Independent research has shown that credit scoring is not unfair to minorities or people with little credit history. Scoring has proven to be an accurate and consistent measure of repayment for any individual with some amount of credit history. In other words, for a given score, non-minority and minority applicants have the same liklihood to pay.
Fiction:
A poor score will haunt me forever
Fact: A score is a “snapshot” of your risk at a particular point in time. Scores change gradually as you change the way you handle credit. Past credit problems impact your score less as time passes. Lenders request a current score when you submit a credit application to get the most recent information available. Taking the time to improve your score can help you qualify for more favorable interest rates.
Fiction:
My score determines whether or not I get credit
My score will drop if I apply for new credit
Fact: If it does, it probably won’t drop much. If you apply for several credit cards within a short period of time, multiple requests for your credit report information (called “inquiries”) will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score.
FREE Quarterly FICO Credit Scores Sign up through Online Banking to receive your FICO Credit Score free each quarter. Monitoring your credit score allows you to estimate your borrowing capabilities as well as help detect possible identity theft.
G r e at T i m e t o Bu y !
Low-Rate Vehicle Financing › › › ›
New or Used – Same Rate Up to 120% Financing (including tax, license and warranty) No Prepayment Penalties Online Buying and Research Tools with AutoSmart®
For more information or to apply contact us at (888) 499-FIRE (3473), come see us at one of our branches or visit us online at www.sffirecu.org. * Annual Percentage Rate. Based on credit worthiness. Rate reflects a 0.25% discount on loans that have authorized an automated electronic payment method. Rate based on 72-month term.
Loan Rates as low as
4.99%
*
Me m b e r S e r vic es Anno u n c ement
New Online Bill Pay Our new Bill Pay will launch on Wednesday, January 7, 2009. New features include: • Simple navigation with easy-to-follow on screen instructions!
• Ability to research payments and view cleared checks!
• Enhanced tools for adding payees and scheduled payments!
• No more $6.00 inactivity fee!
Key information for those currently using Bill Pay: • Bill Pay will not be available from 6:00AM to 4:00PM (Pacific Time) on January 7th – however, there will be no interruption to Online Banking service during this time
• Payments scheduled for January 7th will be processed on that day • Existing “Payees” and “Scheduled Payments” will automatically transfer to the new Bill Pay
Visit our website or call (888) 499-FIRE(3473) for more information ATM ANY W H ERE C H E C K ING A C C O U NT
Stop Paying Unnecessary Fees and Charges Monthly Fee ATM Surcharge Rebates?
SF Fire ATM Anywhere Checking Bank of America MyAccess® Checking
Foreign ATM Fees
Online Check Deposits?
Direct Deposit Requirement?
Minimum Balance Requirement
$0
YES Unlimited, worldwide rebates
$0
YES
NO
$0
$0 with Direct Deposit / $5.95 without
No
$2.00 within the U.S. $5.00 outside the U.S.
No
Yes
$25
YO U R MORTGAGE RE S O U R C E C ENTER
Low-Rate Home Loans Fee Includes O n e F lat F e e
$575
*
› Appraisal › Credit Report › Underwriting › Document Preparation › Appraisal** Review
› Processing › Tax Service › Wire Transfer › Flood Zone Certification › Courier / Fed Ex
3 0 - YE A R F I X ED Conforming Zero Points
5 / 1 A d justabl e Conforming Zero Points
5.250% .250 5.500% 5.500 1
(5.292% Annual Percentage Rate)
1
(5.544% Annual Percentage Rate)
Get Answers to All Your Mortgage Questions by calling (888) 499-FIRE (3473) or visit us online at www.sffirecu.org 1. Rates are effective as of 12/13/2008 and are based on credit worthiness. Conforming loan limits are determined by property location and subject to a maximum 80% loan-to-value ratio. All rates, terms and conditions subject to change without notice. Contact the Real Estate Department for more details. * Flat fee does not include title and escrow fees. ** California Properties. Single family dwelling.
S F
F i r e
C r e d i t
U n i o n
Firefighters Corner 2009 Arthur C. McIntyre Scholarship Program Scholarships of $1,000 each will be awarded to two high school students and two college students. Submissions, including all requirements, must be received at the Credit Union by February 2, 2009. Log on to www.sffirecu.org/about-us to download an application packet, stop by one of our branches to pick one up, or call (888) 499-FIRE(3473). Winners will be announced at the Annual Meeting of the Members on February 16, 2009 (see info below).
P r o g r a m Wra p -U p
SF Fire Fighters Toy Program
I M P O R TA N T I N F O R M AT I O N Main Office 3201 California Street San Francisco, CA 94118-1903 Stonestown Branch 565 Buckingham Way San Francisco, CA 94132-1904 Branch Hours Monday - Friday Saturday
8:30 a.m. - 5:00 p.m. 8:30 a.m. - 3:00 p.m.
Call Center and Live Help Hours Monday - Friday 7:30 a.m. - 6:00 p.m. Saturday 8:30 a.m. - 3:00 p.m. Telephone (415) 674-4800
(888) 499-FIRE (3473)
Credit Union Bake Sale: Thank you to all the members who supported the
Apply for a Loan 24/7 By Phone: (888) 499-FIRE (3473) Online: www.sffirecu.org
Donations From Members: Members had the opportunity to donate at our
Online Services at www.sffirecu.org • Online Banking including free Bill Payer, free check deposits and free Account-toAccount transfers • Current Rates • ATM Locator • Shared Branch Locator
Employee Bake Sale at our California Street Branch on December 2nd. You helped the Credit Union raise over $1,000. branches, over the phone and via Online Banking – with over $5000 collected as of December 19th.
Credit Union Shopping Day: SF Fire Credit Union was proud to sponsor a
$5,000 “Last-Minute Shopping Spree” for the SF Fire Fighters Toy Program on December 16th. We were glad to help out and make sure that Santa’s Helpers at Old Station 30 had what they needed to make this a good Christmas for the children.
Notice to members
Meeting of Members
Supervisory Committee Election
WHEN Monday, February 16th
Your vote counts!
58th Annual
(President’s Day) Complimentary breakfast 9:30AM Doors open at 8:30AM
WHERE Spanish Cultural Center 2850 Alemany Blvd. San Francisco, CA 94112
RSVP by February 9th, 2009: online at www.sffirecu.org OR call (888) 499-FIRE (3473) OR enclosed postcard
Ballots are being mailed to to elect one member of the Supervisory Committee. Running this year are: Janet Brock (incumbent) Duane Tapken
Announcement and installation of the elected parties will take place at our 58th Annual Meeting of Members on February 16th, 2009.
Credit Union Holidays We will be closed on: New Year’s Day – Thursday, January 1, and Martin Luther King, Jr., Day – Monday, January 19. During Holidays, you can always access your accounts with your ATM/Debit Card, online at www.sffirecu.org or by calling Tellerline at: (415) 674-4800 or (888) 499-FIRE (3473). SF Fire Credit Union’s Service Guarantee SF Fire Credit Union upholds a tradition of excellence and strives to provide exceptional service. We guarantee courtesy, accuracy and promptness at all times. If we do not meet these standards in any way, let us know. We will apologize, correct the issue and credit your account $10, no questions asked.
c u rre n t eco n omic c l imat e
Home Ownership in Today’s Economy The current headlines regarding the housing market can be overwhelming, and certainly raise questions for those who own or are considering the purchase of a home. Rising foreclosures. Mortgage modifications. Negative equity. Property abandonment. Strict qualification requirements. These topics are prominent in the media, and we understand that members might wonder how this impacts them. While every member has a unique circumstance and perspective, there are several key points that should be considered by all. Cyclical Nature of the Housing Market
What goes up goes down, and what goes down eventually goes back up. This can be tough to remember, especially when the market experiences decline.
and down payment requirements will be extremely stringent as the financial services sector will not want to repeat the “Mortgage Crisis of 2008.” Message to Members
Your Home is More than an Investment
At the end of the day, your home is your home. Be wary of viewing it solely as an investment that can be “walked away from” when the value falls, as doing so will make buying a home in the future difficult. Home Ownership after Foreclosure
The foreclosure alternative has a long, lingering and negative impact on the future ability to get any type of credit – including difficulty in obtaining a mortgage – for a minimum of 7 years. After that time any subsequent interest rate, credit score
If a member owns a home and has the means to make their payment – and a desire to stay in their home – by all means continue to make payments. We understand that there are circumstances that may cause members to fall behind on their monthly payments, and encourage those individuals to contact us to see what options might be available to get them through their financial difficulties. Those members who are in a position to purchase a home are encouraged to contact us, as we’re ready, willing and able to provide you with a mortgage to suit your needs.
P erso n a l F i n a n ce
Free & Confidential Financial Counseling Members have free access to financial counseling with BALANCE Financial Fitness Program. Get assistance with spending and savings plans, improving your credit score or planning for your future. Money Management / Debt Management
Credit Report Review
Through our partnership with BALANCE, work with a financial expert to improve your credit rating and ”take control.“
A specialist will explain the information on your credit report, show you how to correct inaccuracies and help you plan to improve your credit rating. BALANCE can provide a low-cost credit report or help you access one on your own.
Money Management Counseling Develop a strategy to overcome financial problems and meet your goals in a free and confidential counseling session.
call (888) 499-FIRE(3473) or visit www.sffirecu.org For More informaiton
U n d e r s ta n d i n g C r e d i t
FICO Scores: Facts & Fiction Fiction:
Fact: A number of factors are used to make credit decisions, including a FICO score. Lenders also look at the debt-to-income ratio, your employment history and your credit history. Based on their perception of this information, as well as their specific underwriting policies, lenders may extend credit to you even with a low credit score, or decline your request for credit although your score is high.
Fiction:
Credit scoring is unfair to minorities
Fact: Factors like gender, race, nationality and marital status are not included in a credit score. In fact, the Equal Credit Opportunity Act (ECOA) prohibits lenders from considering non-credit related information. Independent research has shown that credit scoring is not unfair to minorities or people with little credit history. Scoring has proven to be an accurate and consistent measure of repayment for any individual with some amount of credit history. In other words, for a given score, non-minority and minority applicants have the same liklihood to pay.
Fiction:
A poor score will haunt me forever
Fact: A score is a “snapshot” of your risk at a particular point in time. Scores change gradually as you change the way you handle credit. Past credit problems impact your score less as time passes. Lenders request a current score when you submit a credit application to get the most recent information available. Taking the time to improve your score can help you qualify for more favorable interest rates.
Fiction:
My score determines whether or not I get credit
My score will drop if I apply for new credit
Fact: If it does, it probably won’t drop much. If you apply for several credit cards within a short period of time, multiple requests for your credit report information (called “inquiries”) will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score.
FREE Quarterly FICO Credit Scores Sign up through Online Banking to receive your FICO Credit Score free each quarter. Monitoring your credit score allows you to estimate your borrowing capabilities as well as help detect possible identity theft.
G r e at T i m e t o Bu y !
Low-Rate Vehicle Financing › › › ›
New or Used – Same Rate Up to 120% Financing (including tax, license and warranty) No Prepayment Penalties Online Buying and Research Tools with AutoSmart®
For more information or to apply contact us at (888) 499-FIRE (3473), come see us at one of our branches or visit us online at www.sffirecu.org. * Annual Percentage Rate. Based on credit worthiness. Rate reflects a 0.25% discount on loans that have authorized an automated electronic payment method. Rate based on 72-month term.
Loan Rates as low as
4.99%
*
Me m b e r S e r vic es Anno u n c ement
New Online Bill Pay Our new Bill Pay will launch on Wednesday, January 7, 2009. New features include: • Simple navigation with easy-to-follow on screen instructions!
• Ability to research payments and view cleared checks!
• Enhanced tools for adding payees and scheduled payments!
• No more $6.00 inactivity fee!
Key information for those currently using Bill Pay: • Bill Pay will not be available from 6:00AM to 4:00PM (Pacific Time) on January 7th – however, there will be no interruption to Online Banking service during this time
• Payments scheduled for January 7th will be processed on that day • Existing “Payees” and “Scheduled Payments” will automatically transfer to the new Bill Pay
Visit our website or call (888) 499-FIRE(3473) for more information ATM ANY W H ERE C H E C K ING A C C O U NT
Stop Paying Unnecessary Fees and Charges Monthly Fee ATM Surcharge Rebates?
SF Fire ATM Anywhere Checking Bank of America MyAccess® Checking
Foreign ATM Fees
Online Check Deposits?
Direct Deposit Requirement?
Minimum Balance Requirement
$0
YES Unlimited, worldwide rebates
$0
YES
NO
$0
$0 with Direct Deposit / $5.95 without
No
$2.00 within the U.S. $5.00 outside the U.S.
No
Yes
$25
YO U R MORTGAGE RE S O U R C E C ENTER
Low-Rate Home Loans Fee Includes O n e F lat F e e
$575
*
› Appraisal › Credit Report › Underwriting › Document Preparation › Appraisal** Review
› Processing › Tax Service › Wire Transfer › Flood Zone Certification › Courier / Fed Ex
3 0 - YE A R F I X ED Conforming Zero Points
5 / 1 A d justabl e Conforming Zero Points
5.250% .250 5.500% 5.500 1
(5.292% Annual Percentage Rate)
1
(5.544% Annual Percentage Rate)
Get Answers to All Your Mortgage Questions by calling (888) 499-FIRE (3473) or visit us online at www.sffirecu.org 1. Rates are effective as of 12/13/2008 and are based on credit worthiness. Conforming loan limits are determined by property location and subject to a maximum 80% loan-to-value ratio. All rates, terms and conditions subject to change without notice. Contact the Real Estate Department for more details. * Flat fee does not include title and escrow fees. ** California Properties. Single family dwelling.
S F
F i r e
C r e d i t
U n i o n
Firefighters Corner 2009 Arthur C. McIntyre Scholarship Program Scholarships of $1,000 each will be awarded to two high school students and two college students. Submissions, including all requirements, must be received at the Credit Union by February 2, 2009. Log on to www.sffirecu.org/about-us to download an application packet, stop by one of our branches to pick one up, or call (888) 499-FIRE(3473). Winners will be announced at the Annual Meeting of the Members on February 16, 2009 (see info below).
P r o g r a m Wra p -U p
SF Fire Fighters Toy Program
I M P O R TA N T I N F O R M AT I O N Main Office 3201 California Street San Francisco, CA 94118-1903 Stonestown Branch 565 Buckingham Way San Francisco, CA 94132-1904 Branch Hours Monday - Friday Saturday
8:30 a.m. - 5:00 p.m. 8:30 a.m. - 3:00 p.m.
Call Center and Live Help Hours Monday - Friday 7:30 a.m. - 6:00 p.m. Saturday 8:30 a.m. - 3:00 p.m. Telephone (415) 674-4800
(888) 499-FIRE (3473)
Credit Union Bake Sale: Thank you to all the members who supported the
Apply for a Loan 24/7 By Phone: (888) 499-FIRE (3473) Online: www.sffirecu.org
Donations From Members: Members had the opportunity to donate at our
Online Services at www.sffirecu.org • Online Banking including free Bill Payer, free check deposits and free Account-toAccount transfers • Current Rates • ATM Locator • Shared Branch Locator
Employee Bake Sale at our California Street Branch on December 2nd. You helped the Credit Union raise over $1,000. branches, over the phone and via Online Banking – with over $5000 collected as of December 19th.
Credit Union Shopping Day: SF Fire Credit Union was proud to sponsor a
$5,000 “Last-Minute Shopping Spree” for the SF Fire Fighters Toy Program on December 16th. We were glad to help out and make sure that Santa’s Helpers at Old Station 30 had what they needed to make this a good Christmas for the children.
Notice to members
Meeting of Members
Supervisory Committee Election
WHEN Monday, February 16th
Your vote counts!
58th Annual
(President’s Day) Complimentary breakfast 9:30AM Doors open at 8:30AM
WHERE Spanish Cultural Center 2850 Alemany Blvd. San Francisco, CA 94112
RSVP by February 9th, 2009: online at www.sffirecu.org OR call (888) 499-FIRE (3473) OR enclosed postcard
Ballots are being mailed to to elect one member of the Supervisory Committee. Running this year are: Janet Brock (incumbent) Duane Tapken
Announcement and installation of the elected parties will take place at our 58th Annual Meeting of Members on February 16th, 2009.
Credit Union Holidays We will be closed on: New Year’s Day – Thursday, January 1, and Martin Luther King, Jr., Day – Monday, January 19. During Holidays, you can always access your accounts with your ATM/Debit Card, online at www.sffirecu.org or by calling Tellerline at: (415) 674-4800 or (888) 499-FIRE (3473). SF Fire Credit Union’s Service Guarantee SF Fire Credit Union upholds a tradition of excellence and strives to provide exceptional service. We guarantee courtesy, accuracy and promptness at all times. If we do not meet these standards in any way, let us know. We will apologize, correct the issue and credit your account $10, no questions asked.
