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.
Prepare Finances Before Buying Your First Home
Thinking about buying your first house? Prepare Your Finances Before Buying Your First Home. To make the preapproval process seamless, gather these financial documents:
Before Buying Your First Home Check Your Credit
- Your credit report – Obtain a copy as early as possible and scour it for accuracy. If time permits, pull your credit report three months before you seek pre-approval so you have time to correct any issues or mistakes. Each major credit bureau must provide one free credit report annually to consumers requesting a copy. To obtain a report visit annualcreditreport.com. Usually, it works well to order one report every four months from a different credit bureau. But when your plan is to buy a house, check all three at once. Save up your “free” reports in the year until you’re ready to start looking for a house. Your goal is to identify discrepancies between the reports as well as to monitor your credit standing.
Necessary Paperwork
- W-2 forms – Make copies from the past two years.
- Paystubs – Copy your two most recent ones, before buying your first home.
- Financial account statements – Collect statements (including retirement accounts) from the past few months.
- Lines of credit – If you have opened any in the past six months, you’ll need copies of those statements as well, since they might not show up on your credit report.
- Information on vehicles you own – Include make, model, and resale value.
Your Loan Information
- Credit card account information – Include numbers and types of cards, balances and minimum payments.
- Auto-loan account information – Include account numbers and statements.
- Other loan account information – Think student loans and personal loans.
Money For Down Payment
- Gifts– If you’re fortunate enough to have any money for your down payment gifted to you, identify how much and where it will come from. Before buying your first home be prepared to document that it’s a gift and not a loan.
Ready to Go?
Once you have all your documents and personal financial information assembled, you’re ready to get preapproved at Mid Oregon Credit Union. Stop in to one of our 7 Central Oregon branches or apply online today.
To find out if we have any free home-buying workshops coming up, check our Financial Workshops page on MidOregon.com.
After Three Years Free Days Return!
Free Days Return to the High Desert Museum in February
For the first time since winter 2020, Free Family Saturdays return to the High Desert Museum. On Saturday, February 11 and 25, visitors will get free admission to the Museum. Free Family Saturdays are made possible by Mid Oregon Credit Union. Both the museum and Mid Oregon are excited that, after three years free days return!
“After three years, we are excited to throw open our doors for Free Family Saturdays,” said Museum Executive Director Dana Whitelaw, Ph.D. “They have always been highly popular and it’s an amazing day for witnessing the Museum’s educational mission in action.”
Along with free admission, visitors can enjoy a special Daily Schedule filled with numerous interpretive talks.
Museum Has Special Exhibits
Visitors on Free Family Saturdays will be able to experience the Museum’s new exhibition, Creations of Spirit. Native artists commissioned for this original exhibition created artwork to be used in Native communities before arriving at the Museum. It includes acclaimed artists Joe Feddersen (Colville), Kelli Palmer (Wasco, Warm Springs) and H’Klumaiyat Roberta Joy Kirk (Wasco, Warm Springs, Diné). Creations of Spirit is a one-of-a-kind, celebratory experience featuring the stories of living works of art. highdesertmuseum.org/creations-of-spirit
Other temporary exhibitions include the original effort, Under the Snow. The exhibit, offered in English and Spanish, reveals the hidden world beneath the snow, called the subnivium. In this environment, animals create a matrix of tunnels to survive the winter’s frigid temperatures and hide from the predators that lurk above. The exhibit is filled with animations of animals and immerses the visitor in the winter landscape. Learn more at highdesertmuseum.org/under-the-snow.
America’s Only Touring Black Rodeo
And In the Arena: Photographs from America’s Only Touring Black Rodeo, will be open through June 25. Through the lens of San Francisco Bay area photographer Gabriela Hasbun, the exhibit documents the exhilarating atmosphere of the Bill Pickett Invitational Rodeo—the only touring Black rodeo in the country—and the show-stopping style and skill of the Black cowboys and cowgirls who compete in it year after year. Learn more at highdesertmuseum.org/in-the-arena.
Winter hours are daily from 10:00 am – 4:00 pm. Learn more about all the Museum’s permanent and temporary exhibits at highdesertmuseum.org/exhibitions.
About the High Desert Museum
The HIGH DESERT MUSEUM opened in Bend, Oregon in 1982. It brings together wildlife, cultures, art, history and the natural world to convey the wonder of North America’s High Desert. The Museum is a 501(c)3 nonprofit organization accredited by the American Alliance of Museums, is a Smithsonian Affiliate, was the 2019 recipient of the Western Museums Association’s Charles Redd Award for Exhibition Excellence and was a 2021 recipient of the National Medal for Museum and Library Service. To learn more, visit highdesertmuseum.org and follow us on Facebook, Instagram and Twitter.
After 3 years free days return to the High Desert Museum, but for many years Mid Oregon has sponsored these Free Family Saturdays. Read about past High Desert Museum Free Family Saturdays.
Define Your Retirement Before You Set the Date
As you approach retirement, do you plan to work longer than your full retirement age? Before you decide on the date of your retirement, take some time to define the look of your retirement. Think about the intangible benefits you get from work, such as routine, camaraderie, a sense of fulfillment, and being needed. Define your retirement. What will it take to stay engaged and energized once that’s gone?
Mistakes Often Made
Having this picture in mind makes it easier to decide on your retirement date. As you do, avoid five mistakes rookie retirees often make:
1. Working longer than you need to—If you’re financially ready to retire, you might think that an extra year will pad your earnings and give you more security. As you do your calculations remember that one more year of work is also one year closer to the inevitable deterioration of your mind and body. You may find you will define your retirement differently.
2. Retiring debt without doing the math—In a perfect world, you’ll retire debt-free. This is a sensible goal, but take care. When you retire and have less earned income, interest rates may be higher than they are today. Will you be able to qualify for a new loan if you should need one?
Don’t Be Too Stingy
3. Being too frugal—Make sure you haven’t set yourself up to have more money than time left to enjoy it. If traveling is important to you, will you have the eyes, ears, mind, and knees to enjoy the trips? Likewise, before you undertake expensive home improvements, make sure they’re going to benefit you, not just some future owner.
4. Thinking you need to leave a lot to the kids—Your descendants will appreciate any money you leave them, but, if you live to your mid-to-late 80s, your children will be at least middle-aged and your grandchildren could be adults. Consider the value of giving them money now when they probably really need it and when you’ll be able to watch them enjoy it.
Strategizing Your Social Security
5. Putting off Social Security benefits to age 70—Conventional wisdom says this is usually the best choice but think through the ramifications. If you think carefully as you define your retirement, you may make different decisions.
First, you must live to age 80 or so for the larger Social Security benefit to make up for all the postponed payments. Estimate how long you will live by visiting the Social Security Administration’s Life Expectancy Calculator. Check out a few other online calculators to get an accurate picture.
Second, waiting to take Social Security means no monthly checks for the duration. Are you prepared for this change—after earning a regular paycheck for about 40 years? A Social Security check provides regular, predictable payments that help smooth your transition into retirement.
Third, unless you have other, sufficient income, living off savings instead of Social Security means having less money to leave your heirs, for your own emergencies, or to invest if the opportunity arises.
Resources from Mid Oregon Credit Union
As you plan your retirement date, talk to us at Mid Oregon Credit Union. We can help you plan a financially successful retirement.
Join us for our in-person workshop on Social Security & Your Retirement, Tuesday, January 24, 6:30 p.m. Get details and register here.
Call us at (541) 382-1795, email at info@midoregon.com or visit one of our 7 Central Oregon Branches. Learn more from midoregon.com.