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.
Your Central Oregon Home Loan Provider
ALL MORTGAGE LOANS ARE NOT CREATED EQUAL
Mid Oregon Credit Union understands that not every mortgage is the same. Nor is any individual’s financial situation. As your Central Oregon home loan provider, we are committed to helping you find the loan that is right for you.
As the only financial institution headquartered in Central Oregon, we are uniquely positioned to offer flexible options with an array of loan products tailored to fit your individual circumstances. We offer traditional lending options and have had proven success financing niche loan products. ADUs and bare land purchases are examples of the niche loans we have successfully funded.
There are several loan choices with competitive rates that we offer, including:
- ADUs, Remodeling and Construction
- Financing for Bare Land
- Bridge Loans and Reverse Mortgages
- FHA, VA, USDA Loans
- Manufactured Homes
- Multi-Family and Investment Properties
- Home Equity Lines of Credit
- Conventional Home Loans
Being local, we know the Central Oregon community and can provide a comprehensive review of your loan situation. This helps us identify the option that will best suit your needs, your lifestyle, and your budget.
Have a challenging financial circumstance? Come talk to us. Mid Oregon specializes in helping people who may not meet traditional lending standards. Our lending options with local, flexible underwriting can help where other lenders cannot.
Additionally, we take pride in providing fast and professional customer service. Just take a look online at the 150 five-star Google reviews our team has earned.
“Jenny, Dan, & Sloan at Mid Oregon Credit Union made the re-fi process on our home so quick and easy. The application was simple and straight forward. They communicated regularly and were very pleasant to work with. I highly recommend them for all your financing needs.”
Sherrill A.
No matter if your goal is building additional living space to care for elderly family members, financing new property, or just exploring options—our goal is to find a loan solution that works for you.
TAKE THE NEXT STEPS
From start to finish, we will guide you through your entire mortgage process and ensure a simple, hassle-free experience. Get started by visiting one of our seven branches, online at midoregon.com , or call our Contact Center at 541-382-1795. We look forward to hearing from you.
Want to know more? Read additional Mid Oregon blog articles about home loans and lines of credit.
Access to Credit Is Critical
A recent poll emphasized that access to credit is a critical component of financial wellbeing and resilience. In borrowing, 86% of credit union members say that their institution makes it easy for them to get loans. Access to credit is part 1 of our 6-part series on the results from a recent national poll.
2022 National Voters Poll Results
A 2022 National Voters Poll conducted by CUNA* (Credit Union National Association) was shared in a recent white paper. The poll showed that credit union characteristics unambiguously translate to greater financial resilience. They also translated to higher levels of financial well-being for credit union members.
Credit union members fare better across the board on the four key components of financial health:. Those components are spending, saving, borrowing, and planning, according to the Financial Health Network.
Access to Credit Is Critical
In the area of borrowing, having access to credit is critical to financial well-being and resilience. Affordable credit can help consumers make key purchases. Affordable automobile loans, for example, help ensure access to reliable transportation to work. They also reduce the likelihood of income disruptions. Similarly, affordable home loans give many the opportunity to work toward financial security and to build intergenerational wealth.
My Financial Institution “Makes it Easy to Get Loans”
In the survey, credit union members are two times more likely than nonmembers (by a 44% to 22% margin) to have strong feelings on this issue — responding “very positively” to the idea that their financial institution makes it easy to get loans. Credit union members who live in rural areas are nearly three times more likely than nonmembers in rural areas (by a 52% to 18% margin) to have strong feelings on this issue — responding “very positively” to the idea that their financial institution makes it easy to get loans.
Access to Credit at Mid Oregon
Mid Oregon has a lending focus built on providing accessible credit to members. In fact, we feel that it isn’t “can we do the loan”, but “how can we do the loan”. Our responsibility is to make good financing decisions for both the individual and for our collective membership. However, Mid Oregon loan officers will look for how best to make the situation work for the borrower.
Many of our loans are started online from our secure applications. Still, we receive many raving Google reviews about our branch loan officers and our lending results for members. Here are a few recent comments from 5-star reviews:
“Chandler at Mid Oregon was amazing! She got my auto loan refinanced within 4 hours and was beyond helpful and happy! Her and all of her team are just amazing at what they do, and I’d be lost without my mid oregon people!”
“I went to Mid Oregon to inquire on a RV loan. From beginning to end the loan process was smooth and fast. Natalie and Amanda did an amazing job communicating with me and the sellers. Next loan I get will be with Mid Oregon no doubt!!”
“Our experience with Dina, was very professional and efficient and we would recommend to anyone to seek out her expertise and energy for their next real estate transaction.“
Mid Oregon has financing for almost any want or need. Please take a moment to see how we can help. Start with our secure loan application, through email, by calling (541) 382-1795 or by visiting one of our seven conveniently located Central Oregon branches.
- Read additional articles about credit.
- View recorded webinar on “Managing Your Credit” from May 12, 2022.
Poll Information
*The online panel survey, conducted by FrederickPolls during January 2022. The survey is based on a nationally representative sample of 2,500 voters (with a margin of error equal to + 2%). Questions center on financial behaviors and outcomes, trustworthiness, and connections to the local community.
A Big Ratio
By Chris O’Shea*
The Ins and Outs of Credit Utilization Ratio
One of the biggest factors impacting your credit score is the credit utilization ratio. This is your total credit used divided by the total credit available to you. Your best strategy when dealing with this ratio is to keep it below 30 percent. If it goes above that number, you could be in trouble.
Ratio of Revolving Credit
Your credit utilization ratio is made up of revolving credit — so any lines of credit and credit cards. It does not include loans, like a mortgage or student loan debt. If you have three credit cards with a total of $32,000 credit available, and you have a $5,000 balance on one of the cards, your ratio is 20.83 percent. That’s pretty good. A low ratio indicates to lenders and credit bureaus that you are handling your credit wisely, and not overspending. It’s essential that you keep this percentage low. Here’s what TransUnion, VantageScore 3.0 considers when coming up with that magical three-digit number:
- Payment history (40%)
- Amounts owed (23%)*
- Length of credit history (21%)
- Credit mix (11%)
- New credit (5%)
“Amounts Owed” is where your ratio comes into play. Keep your credit utilization ratio below 30 percent and your credit score will be higher.
Credit Utilization Ratio Danger Zone
If your ratio goes above 30 or even 50 percent, your credit score could go down by double digit points. When your score goes down by that much, you’ll find it harder to secure loans, you’ll get higher interest rate offers on credit cards and much more.
Keep your credit utilization ratio in mind to maintain healthy finances. Try to make sure you can pay off your credit cards in full each month. If you have a heavy spending month that you know you will blow your ratio, consider paying your bill mid-month to bring it down. Keep cards open that you don’t use (if they don’t have an annual fee) anymore. You can even ask for a credit limit increase on your cards. Keep your ratio low and your finances will be easier to handle.
*This guest article is from the “Your Money Blog” in Mid Oregon’s Digital Banking Credit Savvy resource. It is made possible by SavvyMoney. “The Ins and Outs of Credit Utilization Ratio” by Chris O’Shea was published in May 2022.
Additional Information
See additional articles by Chris O’Shea in the Mid Oregon View.