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.
Tell-A-Friend, Earn A Reward
Plus, be entered to win a Yeti® Tundra 45 cooler, valued at $299!
We love rewarding our members when they spread the word about our great checking accounts—that’s why we introduced our Tell-A-Friend program. When your friend opens a Mid Oregon checking account, you’ll both get a reward! We’ll buy back their old debit cards and checks for up to $10, and enter them to win a prize! (Prize through February 23, a 50″ Magnavox 1080p HDTV). Tell-A-Friend, earn a reward.
What do you get when you refer someone? A $10 gift card! And there is no limit, so you can keep referring. As long as the person you refer provides us with your name and email address, your award will be automatic.
Ways To Refer
There are three easy ways to refer your friends:
- First, you can obtain a Mid Oregon Tell-A-Friend referral coupon, complete your information on the back and give it to your friend. We will capture your information when they present the coupon as they open their checking account. Tell-a-Friend Referral Coupon- Best Resolution.
- Second, you can email your friend automatically using our online referral page, https://refer.midoregon.com/. Just visit the page, complete your information, and enter your friend’s name, email address, and a brief personal message before you send. When your friend opens their checking account, our new account representative will see you sent them an email, and complete the process.
- And now you can also share through your own email or social media with a sharable link. Visit the same webpage at https://refer.midoregon.com/. Instead of clicking “Email A Friend”, click “Get Shareable Link”. That will produce your personalized URL you can copy and paste into any number of places. When the friend opens their new checking account, you will be credited with the referral.
Win a Yeti 45 Qt. Cooler!
And now through March 20, 2020, you’ll also be entered into a free drawing for a Yeti® Tundra 45 cooler, valued at $299.
This premium cooler is infused with legendary YETI toughness — a durable rotomolded construction and up to two inches of PermaFrost™ Insulation. It’s 25 3/4″ wide, 15 2/8″ high and 16 1/8″ deep. With an empty weight of 23 lbs., plenty of your favorite drinks, and keep them cold for a long, long time.
Just visit refer.midoregon.com to start referring. There’s no limit—you can refer as many friends as you like (and earn as many gift cards as you want). You don’t even need to have a Mid Oregon checking account to Tell-A-Friend and be entered to win. Although why would you miss out on all the savings and convenience by having your checking account anywhere else?
Yeti Drawing Rules: No purchase necessary to enter or win a prize. Must be 18 years of age or older. Entries accepted through March 20, 2020. No cash equivalent, substitution or transfer of prize permitted. One entry per person. Other restrictions apply. See a Mid Oregon associate for details.
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.