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.
Fast, Responsive Service on Home Loans
Now is a great time to refinance—maybe too great!
With mortgage rates dipping back down again, many homeowners are looking at refinancing their home loan. By lowering their loan rate, they can lower their monthly payments, pay off their loans faster, or even consolidate home loan and other debt into a single lower payment. They also consider getting fast, responsive service on home loans a priority.
Unfortunately, with so many homeowners rushing to take advantage of excellent low rates, some lenders are struggling to keep pace with demand.
Mid Oregon Home Loans Manager Matt Mitchell
According to Matt Mitchell at Mid Oregon Home Loans, this rush is causing problems for homeowners. “I’ve heard several stories recently of local borrowers not hearing back on the status of their loans, or waiting weeks for a response when contacting their lender,” he says. “As a credit union dedicated to the idea of people helping people, that’s not acceptable to us.”
Faster response, better communication
Mid Oregon Home Loans is committed to fast response, clear communications, and straight answers. Although every situation is different, Mitchell says his team at Mid Oregon Home Loans are delivering mortgage closing times within 30 to 45 days in most cases. “Of course, loans that are sold to the secondary market may have longer closing times,” he says. “But regardless, we answer our phones and we return calls. You’ll know the status of your loan request.”
If you’re not receiving a call back from your mortgage loan provider, we’re here to help. Give Mid Oregon Home Loans a call at 541-382-1795, send us an email, or click to learn more.
Help Is On The Way!
Assistance to those affected by Wildfires
Help is on the way for affected members, as we have recently introduced the Fire Assistance Relief Emergency (FARE) Loan. The FARE loan is available to members affected by Oregon’s wildfires.
The FARE loan offers the opportunity for members to borrow an amount up to their monthly gross income, with a limit of $5,000. For the life of the loan, there is a 3% fixed rate and a 48-month maximum term. Borrowers have 90 days before the first payment is due. To apply for a FARE loan, visit this link, or contact one of Mid Oregon’s seven locations in Bend, Redmond, Madras, Prineville, La Pine, and Sisters.
Extreme Fire Damage
By the end of last week, 36 active wildfires had burned nearly one million acres throughout the state of Oregon., according to the Oregon Office of Emergency Management (OEM) Fires and Hotspots Dashboard. Last week, Oregon Gov. Kate Brown said more than 40,000 Oregonians had evacuated their communities, and an estimated 500,000 people statewide were under some level of evacuation orders because of wildfires.
“We are saddened by the wildfires’ destruction of communities here in Oregon,” says Kyle Frick, VP of Marketing for Mid Oregon Credit Union. “With FARE, we hope to offer some relief to members affected by the wildfires. That is what a credit union does, people helping people.”
Partnering with American Red Cross
Mid Oregon has also partnered with the American Red Cross of Central and Eastern Oregon on a webpage where community members can make financial donations to support those in need from the wildfires. So far, our members and staff have contributed almost $10,000 through this resource, and the donations keep rolling in. We are so proud of this outpouring of care from the Mid Oregon member community.
Last week, this message from the Red Cross highlighted the extreme need for resources to support those hit hard by these wildfires:
“We have opened six shelters across the state, but the majority of our clients are staying in non-congregate hotel sheltering due to COVID-19 – a significant expense. Last night our shelter population doubled from the night before to 938 in hotels and 103 in congregate sheltering. These numbers are projected to increase as the need demands this week.
“The Red Cross is also providing meals, snacks, health & mental health, spiritual care to many hundreds more. Damage assessment, client casework, and additional financial assistance to families will begin in the days ahead. At this time, this disaster response is projected to cost around $1,000,000, and we must meet these needs!”
Please consider making a donation on this Red Cross webpage.
Car Buying Tips That Pay Off
Be Happy With Your Car Deal
If you’re ready for a new car, make sure you’ll be happy with the deal you get at the dealership. We want you to enjoy your new vehicle more, so here are some car buying tips that pay off.
Start by deciding, before you even shop, how much you’re prepared to spend. This is great protection against the lure of the showroom—and you’ll still be thrilled with your new car.
Manageable Payments
One guideline is to shoot for a car payment no more than 20% of your disposable income. So after you deduct all your debts and living expenses, calculate one-fifth of the balance. The best scenario is for this amount to cover your car payments as well as insurance and gas.
Now think about how long you intend to make those payments. No surprise here—the longer you pay it back, the more you’ll pay overall. Stretching the loan out reduces each monthly payment, and that can be appealing. But you will pay more in total interest.
Use the Vehicle Affordability Calculator at MidOregon.com to play with various loan terms. Then be honest with yourself about the impact on your bottom line and your other financial goals. A Mid Oregon Credit Union loan officer can help you walk through this step and explain your loan options.
And get pre-approved for a loan with Mid Oregon. This means you will go to the dealership and effectively bargain for your new car with cash—an ideal way to keep within your budget and give you the most options for financing.
Good Timing for Car Shopping
Now, does it matter when you go shopping? Here are a few timing tips:
- Shop early in the week. Weekends are a busy time on most car lots. So say you show up on Monday—a seller could be motivated to bargain, knowing that business likely will be slack for a few days.
- Shop at the end of the month. Dealers who sell enough cars earn monthly bonuses. Show up toward the end of the month, and you may find yourself getting a better deal.
- Shop for a model at the end of its design cycle. Check websites that feature vehicle news, such as Kelley Blue Book (kbb.com) and Edmunds.com, for reporting about the “all new” models coming into showrooms soon. The last of the previous inventory is still new—but it may go at a lower price.
Mid Oregon has an additional resource for you, CUDL AutoSMART. There, you can search for information by model, type of vehicle, dealer or local inventory.
Your Mid Oregon Credit Union loan officer has more insider car-buying insights for you. Stop in, email or call (541) 382-1795 today.