The Bottom Line
Small business is important to Central Oregon, and to Mid Oregon. Find tips and resources for business, and information about Mid Oregon’s commercial services and business members.
Meet Lauren Olson, at Cascade Insurance Center
Recently Lauren Olson became the “go-to” person at Cascade Insurance Center for Mid Oregon members. For several years, locally-owned Cascade Insurance Center has been our Strategic Partner in serving much of our members’ insurance needs.
Cascade Insurance Center
From Cascade’s Bend Office at 1201 NW Wall St., Suite 100, they help Central Oregonians protect themselves with Auto, Homeowners, Business, Workers Compensation and Life Insurance. Being a broker, Cascade offers its customers the choice of several insurance carriers to find the best value, including Pacificsource, Safeco, Travelers, moda Health, AFLAC, and more.
Mid Oregon is happy to be working with Lauren, who, like John Gould who preceded her as our Cascade representative, has strong Central Oregon roots. Lauren is a 2000 graduate of Mt View High School in Bend and Point Loma Nazarene University in San Diego with a bachelors degree in International Development and Business. She returns to Bend after 12 years and brings her husband Bo and children Adilyn and Harrison with her.
Meet Lauren, Home and Auto Expert
We thought you would like to get to know Lauren better, so we asked her some questions about herself and her approach to working with us and our members.
Do you have pets? One crazy Australian Shepard!
Any kids? A three year old boy and a one year old girl. Yes, my hands are full!
Favorite restaurant? Drake, it holds special meaning to me
What insurance advice do you have for our members? Bundle! The more policies you have with one insurance company, the more discounts they will give you. And get an agent, we are helpers that cost nothing and can find you the best rate and policy. There is no reason not to use one.
What is your favorite part of being a Mid Oregon Credit Union Strategic Partner? Seeing how Mid Oregon Credit Union staff care about their members and the satisfaction they get from helping them. They are truly committed to the members’ well-being and I am proud to be part of an organization with those values.
We think Lauren is a great fit and exemplifies Mid Oregon’s motto of “Good Friends, Great Service”. We hope you agree!
To reach Lauren to learn more about how Cascade Insurance Center can help you improve your financial well being, call Lauren at (541) 382-7772, email to Lauren or visit cascadeinsure.com.
Teens- Save for More
Save for More Than New Shoes
You’ve already decided that you’re not going to repeat last summer’s spending fiasco. Remember that sick feeling you had when September rolled around and you had nothing to show for your hard work…except a new pair of shoes and a few apps. So teens- save for more: what’s a good way to start growing the cash you earn?
For starters, it’s smart to open a checking and savings account at Mid Oregon Credit Union. If you are under 18 years old, you would need an adult joint account owner, but it would still be your account.
Save for Now..and Later!
Next, create a savings plan. For example, set aside 50% of your earning for a long-term investment like college or a car. Set aside 30% to 40% for a big-ticket item you’ve had your eye on, like a tablet or a video game console, and finally keep 10% to 20% for immediate expenses like movies and eating out.
We also recommend that you start with the practice of giving from your income. The amount or percent is up to you, but contributing financially to worthwhile causes you support is a great way to “practice what you preach”. People helping people is a cornerstone of the credit union movement, and you can be part of that as well.
The Power of Compound Interest
Another long-term savings option is to open a Roth IRA (individual retirement account). “What?” you say, “I’m too young to think about retirement!” But hold up. By investing while you’re young and letting the earnings compound (earning interest on the interest), you’ll be amazed at how it grows.
Mid Oregon Credit Union has a convenient “Savings Calculator” on our website, which will help you to determine the future value of a periodic investment in your savings or deposit account. Click here to access the calculator.
For example, depositing $100 each month in a share (savings) account earning 5% dividends (the credit union term for ‘interest’), will have a future value of over $150,000 if continued for a period of 40 years!
With goals and planning, you’ll have something big to show for your efforts this fall—and far into the future.
We can help you with all of your financial goals. Stop by one of our seven Central Oregon branches, or Mid Oregon today at (541) 382-1795.
Home Equity Loans: Low-Cost, Tax-Advantaged Credit
Home Equity Loans: Low-Cost, Tax-Advantaged Credit
If credit card payments are eating up your disposable income each month, or if you need cash to remodel your kitchen–or to buy a new car– home equity loans or home equity line of credit (HELOC) might be your best bet.
Tax Advantages
There’s also a tax advantage. Unlike almost any other consumer loan type, the interest on a home equity loan or HELOC of $100,000 or less is likely to be tax-deductible ($50,000 if married filing separately).
Home equity loans and HELOCs are two distinct products. With a home equity loan, you borrow a lump sum of money repayable over a fixed term, usually 5 to 15 years, giving you the security of a locked-in rate and a consistent monthly payment.
Home Equity Loans for One-Time Expenses
People tend to use home equity loans for large, one-time expenses like a major home-improvement project. You also might use one to start a business, make a big-ticket purchase, or consolidate high-interest credit card debt. This type of loan makes sense if you don’t foresee future borrowing needs.
On the other hand, a HELOC is much like a credit card or any other type of open-ended credit. You can borrow money as needed, up to the credit limit your lender assigns. If your lender offers online banking, you can transfer funds from your HELOC to your regular checking or savings account. A HELOC is usually a variable-rate loan, so your monthly payments will change based on your outstanding balance and fluctuations in the prime rate.
HELOCs Offer Flexibility
A line of credit offers flexibility and ready access to funds, making it ideal for unexpected expenses like large medical bills. A HELOC also can help finance a child’s college education, especially for higher-income families who don’t qualify for financial aid.
Since home equity loans and lines of credit use your home as collateral, if you don’t make your payments, you could lose your home. But if you don’t take on excessive debt and you do make timely payments, you can’t beat the low interest rates and tax-deductible interest of a home equity loan or HELOC.
A Mid Oregon Credit Union loan officer can explain which type of home equity loan may work for you. Call us at (541) 382-1795, email us, or visit one of our convenient Central Oregon branches (Now including Sisters!) for more details.