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.
What do New Home Buyers Need to Know?
Buying your first home is exciting, a chance to make it all yours. Like any change this can be a little stressful or confusing. What do New Home Buyers Need to Know? The following steps will help reduce your stress, making you prepared for your first loan application.
Know your credit report
Go to annualcreditreport.com and get your credit report from all three of the reporting agencies. You get one free report a year. Your credit score can make a huge difference in how much you qualify to borrow and the interest rate you’ll pay. If you find errors on your report, correct them. Contact the Mortgage Department at Mid Oregon Credit Union if you would like suggestions on improving your credit position.
The difference between a high credit score and a low credit score is the interest rate you will get. For a $250,000 loan the rate difference could be as much as 1.55% higher, increasing the total interest paid by $62,772 over the life of the loan. Higher rates also impact the payment amount of the loan. To look at some scenarios and see the difference, review our loan calculator online.
Know what other documents will be useful
Having documents ready will speed up the process.
• W-2 forms – Past two years.
• Income Tax – Depending on your situation two years tax returns may be required.
• Paystubs – Two most recent. Phone numbers and addresses for your current employer.
• Other Monthly Income – This includes any additional ongoing income you may want included in your income calculations.
• ID – Current state or federal issued identification.
• Financial account statements – Last two months.; do not use print screen, make sure to print the actual statements. Include deposit accounts, 401K, investments and checking accounts.
• Gifts – If any money for your down payment was given to you, identify how much and where it came from. Have a document ready showing that it’s a gift and not a loan.
When you call to make an appointment, ask what papers you should bring. At Mid Oregon Credit Union you can complete your application online at https://mattmitchell.zipforhome.com/
Know what you can afford
The elements that come into play are your income, its stability, how much you have for a down payment, and how much debt you have.
• Your total monthly housing commitment—mortgage principal and interest, property taxes, and homeowner’s insurance—should be no more than 28% of your gross monthly income (income before taxes and other deductions). So, if your gross monthly income is $3,000, the monthly house payment should be $840 or less.
• Your total debt — meaning house payments plus student loans, car loans, and credit cards, etc. — should be no more than 45% of your gross monthly income. That means if your gross monthly income is $3,000, all monthly debt payments should not go over $1,350. Some loan options will allow this ratio to increase to as much as 50%. Going higher than 45% will require deposit accounts with reserves for possible emergencies.
Also consider how much of your monthly cash flow you want to put into house payments, so you don’t end up “house poor.” Find a house payment you can handle and still have money for savings, education, vacations, entertainment, childcare, and other priorities.
Mid Oregon Celebrates Milestone
35,000 Member Milestone!
Mid Oregon Credit Union, the only financial institution headquartered in Central Oregon, recently crossed the 35,000-member mark. As we move into the new year, Mid Oregon celebrates milestone of membership growth.
We have experienced record membership growth during the past several years as part of an emphasis on increasing access to a wide variety of affordable, high quality financial services to individuals, families and businesses in Central Oregon. Including those accounts which represent more than one person, such as minor accounts and those with two spouses as joint owners, more than 50,000 Central Oregonians would have accounts with Mid Oregon.
More Than Just An Expanding Population Base
“We understand that our growth is due partly to the expanding population in this region, but we’re also doing more than ever to meet the needs of existing residents who prefer a local option to manage their financial business,” says CEO Bill Anderson. “Since we’re focused on serving Central Oregon, our members know they can count on us, and our efforts to give back by investing in the local communities.”
Mid Oregon reached its 25,000-member mark in 2015, and welcomed its 30,000th member in May of 2018. The rate of member growth has far outpaced the national averages for high-performing credit unions of similar size. “Consumers want a combination of easy, global access and personal hometown service when it comes to their financial lives,” says VP Marketing Kyle Frick. “We continue to exceed that expectation through continual improvements in online digital services, data security enhancements, and convenient branch locations.”
Services Fitting the Needs of Central Oregonians
In addition to serving members with our core services of auto and credit card loans, checking accounts, and deposit options, Mid Oregon has recently expanded our capabilities to provide real estate lending (including investment properties), as well as commercial loans and accounts for businesses.
Learn more about our Real Estate lending, including mortgages and home equity loans
Learn more about our Commercial Services, including services for smaller, single-owner organizations and larger commercial businesses.
High Desert Museum 2020 Free Days!
Free Family Saturdays in January and February
Mid Oregon Credit Union welcomes the community to enjoy free admission to the High Desert Museum on January 25 and February 29, 2020. The credit union’s annual “Free Family Saturday” event gives local residents the opportunity to explore art, wildlife and living history right in Central Oregon’s backyard. Located five minutes south from Bend on Highway 97, the High Desert Museum is open from 10 a.m. to 4 p.m., with Rimrock Café open from 11 a.m. to 3 p.m. and Silver Sage Trading open from 11 a.m. to 4 p.m.
See the January 25 Free Day Event on Facebook– Register your interest in going!
See the February Free Day Event on Facebook– Register your interest in going!
High Desert Museum Exhibits
“Mid Oregon Credit Union’s generous support of two Free Family Saturdays each year welcomes all members of the community to experience the Museum,” says High Desert Museum Executive Director Dana Whitelaw, Ph.D. “The well-known Spirit of the West and By Hand Through Memory exhibitions are available to explore, as well as a few limited-engagement exhibitions, such as Fueling the Future/Energizando el Futuro and Nature’s Resilience. In addition, a new exhibition, Infinite Moment: Burning Man on the Horizon, will be featured during the February 29 Free Saturday.”
Visitors can also learn about the role river otters play in the ecosystems of the High Desert in the Otter Encounter, an expert-led talk at the Autzen Otter Exhibit that will take place on the hour from 11 a.m. to 2 p.m.
Entire Central Oregon Community Welcome
“Free Family Saturdays is one of our signature community events every year,” says Kyle Frick, Mid Oregon Credit Union’s VP of Marketing. “Our team is always eager to open the doors and welcome the entire 
community to the Museum to explore. No matter the weather, Free Family Saturdays brings all ages to spend the day together enjoying this treasured Central Oregon destination.”
The Museum offers a 10 percent discount on all memberships purchased on Free Family Saturdays at the Museum, giving families the opportunity to save on future visits. For more information about exhibits, wildlife encounters, living history, and events, visit the Museum’s website at www.highdesertmuseum.org.
About the High Desert Museum
The High Desert Museum opened in 1982 and brings regional wildlife, culture, art and natural resources together to promote an understanding of the natural and cultural heritage of North America’s High Desert country. The Museum uses indoor and outdoor exhibits, wildlife in natural habitats, and living history demonstrations to help people discover and appreciate the High Desert. The Museum is a 501(c)3 nonprofit organization accredited by the American Alliance of Museums, is a Smithsonian Affiliate and is the winner of the 2019 Western Museums Association’s Charles Redd Award for Exhibition Excellence. Visit www.highdesertmuseum.org