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.
Spring Break on a Budget
For most college students, the fun and freedom of a spring break adventure is a rite of passage. But what if you have a limited budget? Can you still go on vacation? The following tips will help you go on a fun spring break getaway, even if you haven’t got a lot of money to spend. You’ll be happier later if you do your Spring Break on a budget!
9 Ways To Do Spring Break On A Budget
• Money saving strategies – First and foremost, shop around. No matter where you’re headed, ask for student discounts at rental car agencies, hotels, sightseeing attractions and air/hotel packages. If a hotel doesn’t offer a student discount, ask for a group discount – often honored if you and some friends rent a block of rooms.
• Read the deals carefully – Review the details so you won’t be fooled into paying hidden costs, like fees for maid service.
Getting There And Back
• Travel by car – Sure, it takes longer to get from point A to point B by car, but you may be able to save a bundle if you drive to a destination closer to home.
• Save on transportation at your destination – Bring your bike along if your car or van has the space. When you reach your destination, use public transportation (ask for student discounts), or ride your bike to save money.
• Don’t rush into a deal – If you have to “act now” to get in on a good deal, resist the pressure. It’s true, availability of airfare and lodging constantly changes, but reputable companies don’t pressure you to make fast decisions.
What About Lodging
• Rental property – By going on your trip with friends, you can split the cost of your lodging. Check out Airbnb or Vrbo for rentals within your budget. You’ll also save on meals by preparing them yourself in your rental’s kitchen.
• Check reviews – Find online reviews about the travel company you’re considering. If specific hotels are part of your travel package, get local phone numbers, not “800” numbers, and addresses. Call the hotel and ask questions about the tour package director.
• Get trip details in writing – If you work with a travel agent, ask the agent to provide a document with details of the trip, including all costs, before you buy. Then read the fine print carefully. Never sign a contract with blank spaces; additional information could be added after you sign.
• Get receipts – It’s important to get a receipt from your travel agency or rental provider, so if you pay by cash, ask for receipts. A safer way to pay for a spring break vacation is by credit card – if you’ll be able to pay off the bill in full when it comes. Talk to someone at Mid Oregon Credit Union about the credit cards we offer.
We want our college student members- all of our members- to have a better financial life. If you are traveling do your Spring break on a budget!
Automobile Fraud: Steer Clear
When a used car deal seems almost too good to be true, it probably is. Since this is a major investment, it’s important to do your research to verify the car is safe and the dealer is trustworthy. If you’re considering buying a used car, steer clear of automobile fraud by being aware:
Vehicle Equipment
• Air bag fraud: Will your air bag protect you in a crash? Dishonest auto shops bypass the high cost of repairing deployed air bags by installing salvaged or stolen air bags, or by filling the airbag compartment with trash. Determining whether a car has a dummy air bag system is nearly impossible—and unsafe—on your own. Only a certified mechanic using computer diagnostics can ensure your air bag system is installed and in working order.
• VIN cloning: ID theft for vehicles According to the National Crime Bureau, 773,139 vehicles were stolen in 2018. A thief masks a car’s identity by replacing its vehicle identification number (VIN) with that of a similar vehicle. Buyers become victims of automobile fraud by purchasing the stolen vehicles. When the police catch up to them, the cars are impounded, leaving perplexed victims with loan payments and no car.
Hiding The Past
• Not disclosing damage from accident or flood: In most states, used car dealers must disclose whether a car has been damage, but private sellers aren’t required and may not even be aware of damage done by prior owners. Due to the many flooding disasters in the U.S. in the recent past, millions of cars have been damaged. Used cars are transported from all over the country, so even if you don’t live in an area hit by flooding, your local used car lot may be selling cars from flood zones.
• Odometer rollback automobile fraud: The lower the mileage of a vehicle, the more it’s worth—and for unscrupulous sellers, it’s tempting to tamper with the odometer. Rollback fraud hurts victims because they end up paying more for vehicles than they’re worth, and they may have to pay for costly repairs to keep the car running.
Educate Yourself
An informed buyer is an empowered buyer. To protect yourself from automobile fraud when shopping for a used vehicle, consider these tips:
• Take the vehicle to a reputable mechanic for a thorough inspection, including a check of the air bag system.
• Don’t purchase a vehicle without a vehicle history report. Most major dealerships will provide one for free on the detail page of the vehicle you’re interested in. If you’re buying from a private dealer, you can purchase a report yourself from CARFAX or AutoCheck using the vehicle’s VIN.
• Obtain a title report from your state’s Department of Motor Vehicles to find out the car’s ownership pattern.
Taking the time to conduct a thorough investigation could mean the difference between a smart purchase and one that could cost you unnecessary frustration or even your life. Steer clear of automobile fraud!
We Can Help, Too!
Mid Oregon Credit Union can help with all your auto financing needs. Visit our website for more details. Reach out to us by stopping by one of our seven Central Oregon branches, emailing us or calling us today at (541) 382-1795.
When Should You Refinance Your Mortgage?
Mortgage rates are still low. Did you think you missed your home refinance opportunity? You might be one of many Americans who could still benefit from refinancing your home. So, when should you refinance your mortgage?
No Cost Review
There are many different reasons to refinance your mortgage. At Mid Oregon Credit Union, we offer a no cost review of your situation to see if a refinance makes sense. Because there are costs with doing a loan (Typically 2.5-3.5% of the balance) it is important to calculate the savings advantage.
Reasons to Refinance
Here are some of the reasons to consider a refinance:
- Saving 1% on your interest rate. The break-even point in the cost of fees and the savings in interest rate must be calculated, but generally 1% is a good benchmark.
- Removing Private Mortgage Insurance (PMI). This is an insurance that you pay monthly because the amount of your loan was over 80% of the value of the house. This charge can be seen on your mortgage statement. If your value has increased moving your loan to under 80%, then a refinance can make sense. The break even point needs to be calculated to show when you would start saving with a refinance.
- Moving from a variable to a fixed rate loan. If you plan to stay in the property long term, then it may make sense to refinance while rates are low. The refinance can provide a long-term stable payment.
- Refinancing to shorten the term. Shorter term loans have a lower interest rate. The difference between a thirty- and fifteen-year mortgage can be a drastic savings of the total amount of payments. It is important to make sure that the larger payment is comfortable, because it would be expensive to refinance again just to lengthen the term.
- Home Improvements. Refinancing for home improvements may make sense. It is also important to review the total cost compared to doing a shorter-term home equity loan.
- Debt Consolidation. Saving interest rate makes sense in some cases; remember that the debt is being stretched over a longer term and this has a cost. The positive thing about debt consolidation is the immediate savings in monthly payments. Debt consolidation loans should also be compared with home equity options to find the best savings.
Money Can Be Saved
About 3 million borrowers could save at least $200 a month by refinancing. Asking yourself the question of “when should you refinance your mortgage”, and reviewing the reasons, do you have an answer? Could that be you? By refinancing and locking in a better rate on your loan, you could reduce your monthly payment and save thousands of dollars in interest on the life of your mortgage.
We can help you decide. If you are interested in scheduling a no cost review to determine if a refinance benefit you, then please email us at realestateloans@midoregon.com or call (800) 452-3313. For more information about our home loans and our home loan team, visit www.midoregon.com/loans/homes.shtml