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.
Are You Spending Too Much on Groceries?
How many times have you checked out at the grocery and were surprised by the total? It’s easy to let our grocery bill get too big if we’re not careful. We are probably spending too much on groceries. Yes, food prices have gone up for certain items lately, and we’re making more meals at home now than eating at restaurants, but there are ways to keep that expense under control.
How Much Should You Spend?
• Figure out how much you can reasonably spend on food. Financial advisors suggest spending no more than 10% of your income after taxes on food. That includes the supermarket as well as restaurants. If you want actual figures worked out for you, check out the USDA’s website for food plans based on averages for four levels: thrifty, low-cost, moderate, and liberal plans.
• Make a shopping list. There are many grocery shopping apps available. Find one that fits your needs. These help you create digital shopping lists, including some that offer digital coupons. If you prefer going old school, make your list with a pen and paper and post the list on a board in your kitchen. As you run low on items, put them on your list. Then, when it’s time to shop, stick to that list and try to avoid impulse buying.
Rewards Programs
• Use reward programs. If you use a major retailer, the store will likely have a store reward program. Make sure you sign up for it to get store discounts and coupons. The store may even have its own shopping app.
• Consider ordering online. Not only does it save you a trip inside a store during the pandemic, it also keeps a running total of your expenses before you check out. If you go over your shopping limit, you simply take certain items off your list to bring down your total. Ordering online can also lessen impulse buying.
Minimize Waste
• Buy only what you need. Avoid buying anything simply because you have a coupon or because the store offers a bulk discount. If you can’t eat 2 bags of salad greens in a week, a “buy one get one 50% off” offer will simply fill your garbage can with wasted food.
Keeping your food expenses under control is easy with a little planning. The digital tools available makes it even easier not to spend too much on groceries. The hardest part will be controlling your impulse to reach for a sweet treat before checking out, and for that, you’re on your own.
Mid Oregon Announces Funds Match
Responding to increasing needs for students and families with added cash contribution, Mid Oregon Credit Union announces funds match of $1,000 for annual school supply drive.
School may not look the same this fall, but one thing is certain: The needs of students and families will be greater than ever. That’s why we are announcing a change to our annual August Supplies 4 Schools branch supply drive to benefit local schools.
Matching Cash Donations For School Supplies
This year, we continue the tradition of collecting donated school supplies in all seven branch locations, but will add to its support by matching the first $1,000 in cash donations received from members and the community.
“We understand that members are spending less time shopping right now, but they still want to help where they can,” says Kyle Frick, VP of Marketing for Mid Oregon Credit Union. “And we know that many local families are going to need a boost to help them get their kids ready for the school year. We’re hoping our members and the community will rise to the challenge and max out our matching donation so we can help as many families as possible.”
Students Not Able To Share Tools
With many schools employing remote learning, and minimizing contact between students in the classroom, important tools like scientific calculators and may be in short supply. More students will need to have supplies at home that are frequently shared between multiple users in a classroom setting.
“Despite the uncertainty parents are facing about the upcoming school year, they can be assured that their children will have the school supplies they require to be successful at home or in the classroom, says Julie Lyche, Executive Director of Family Access Network (FAN). “Since the needs of our students may be different this year, financial donations will allow FAN to purchase supplies as soon as those needs arise.”
Contributions Stay in Community Where Donated
The Supplies 4 Schools fundraiser and supply drive is underway during the month of August at all seven locations within Mid Oregon Credit Union’s service area. All donations of cash and supplies stay in the community where they are collected. Mid Oregon partners with Family Access Network and other local agencies to distribute the supplies to students in Deschutes, Crook, and Jefferson Counties who may lack the basic necessities to be successful at school. To find a list of most-needed supplies, visit Mid Oregon’s Community Involvement page.
Family Access Network offers assistance, possibility and hope to Central Oregon families in need by connecting them with crucial resources that will help children flourish in school and in life. FAN is unique to Central Oregon, located in all public schools in Deschutes County and in Prineville. Working through a dedicated FAN advocate, a child or parent is connected to essential services such as food, shelter, heating, health care, clothing and more. To donate or learn more, visit http://familyaccessnetwork.org/.
COVID-19 Home Market Impacts
At Mid Oregon Credit Union, we have seen some impacts on our mortgage lending because of Coronavirus. Some are positive for home buyers, and some have created challenges. Here are a few Central Oregon COVID-19 home market impacts.
Making Home Purchasing Easier
The lending process has become much more online friendly. It is now even possible to notarize documents online. Oregon enacted HB4212a this past June, adopting remote online notarization in the state until June 30, 2021.
Other enhancements include people touring houses virtually, and even buying a house without ever being on the property. At the very least buyers are ruling out properties virtually, and then visiting only their final choice before making an offer.
Low Inventory
Inventory has been impacted because many would-be sellers are not putting their houses on the market. The thought of searching for a new property in these uncertain times has people concerned. At the same time, people that can telecommute are trying to move out of the bigger cities. This is adding to the problem of an already low inventory.
The low inventory is expected to keep the values high and the forecast is an increase of 6% according to The Kiplinger Letter (Volume 97, Number 27, July 2020). The letter also comments that while rates are at historic lows, underwriting qualifications have tightened. The tightening of underwriting and the 70% increase in applications have made it tougher to gain loan approval.
Compare More Than Interest Rate
All interest rates are not created equal. Three of the home loan offers that we reviewed recently showed the lowest rate, but when we checked fees the offers included a two percent loan charge. It is important to review carefully the offers and compare the loan estimates. If you have an offer or a loan estimate, Mid Oregon Credit Union will be happy to review the estimate with you.
Closing Times An Important Variable
Several of our members have asked that we review offers and asked about timelines to close the loan. Many lenders have longer loan processing times because of the large increase in applications.
Mid Oregon has been closing home purchases in under thirty days, and refinances in forty-five days. The secondary market loans (FHA, USDA, VA, FNMA) are taking closer to sixty days. We expect to be able to continue this responsiveness.
Mid Oregon Credit Union is ready to assist your with your home loan. To learn more or get started, please visit our website or send us an email. We look forward to helping make your home purchase or refinance a reality.