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.
Youth Month 2019-The Future Is Yours
The Future Is Yours: Picture it. Save for it. Share it- Youth Month 2019
Dreaming of our ideal future delights and inspires us. Children, with their fertile imaginations, are particularly good at dreaming. But to make dreams come true, you need to have clear goals and, very likely, save some money to make them happen. Mid Oregon credit union can help you on both counts.
This April, we’re celebrating Youth Month, and the theme is “The Future is Yours: Picture it. Save for it. Share it.” We’re encouraging all members, particularly our youngest, to write down their dreams, create vision boards, and encourage each other. These activities will help lay the groundwork for their future success.
Writing Down Goals Helps Achieve Them!
Putting your dreams and goals down on paper where you can see them every day actually helps you achieve them! Studies were conducted at Dominican University on the science of goal setting. The results revealed that writing down your goals on a regular basis makes you 42% more likely to achieve them than if you don’t record them. They determined that using your imagination (right/creative brain) and writing those plans down (left/logical brain) engages your whole brain, including your subconscious. This makes it easier for you to find and seize opportunities that will help you achieve your goals, as well as keep you motivated.
Help Young Members Start the Habit
Young members who begin a habit of envisioning and recording their goals are more likely to achieve future goals as adults. We hope this year’s Youth Month theme will give our younger members the encouragement they need to start this habit.
At Mid Oregon Credit Union, we enjoy talking to our youth about their dreams and goals. We have the tools- savings and checking accounts– to help them realize those dreams. Check our options online, or bring them by one of our 7 Central Oregon branches, and see for yourselves.
Purchase a Home in Today’s Market
Workshop Helps You Purchase a Home in Today’s Market
Are you ready to purchase a home in today’s market? Are you worried about missing out on low rates? How qualified are you? Get the facts at Mid Oregon’s free workshop, Buying A Home in Today’s Economy. It is scheduled for Tuesday, April 9, 2019 at 6:00 p.m. at Mid Oregon’s East Bend Conference Room.
While shopping for a home is exciting, the home-buying process requires careful planning and preparation. Thinking of buying a home within the next year? This workshop will help you be prepared before you start shopping for that perfect house.
Learn the Key Factors
Presenter Kevin Tucker, Mortgage Advisor with Arbor Mortgage, will walk you through the key factors that go into every home mortgage. He’ll help you understand the process of qualifying for a home loan. You’ll learn how to manage credit issues. Find out about the types of loans that are currently available. You also might not know about some zero-down options. Lastly, you’ll have an opportunity to ask questions and discuss loan options with a professional mortgage advisor before you start shopping.
Location Details
Mid Oregon’s East Bend Conference Room is located at 1386 NE Cushing Drive in Bend. Call 541-382-1795, or email info@midoregon.com to reserve your seat. A light dinner will be available.
Kevin Tucker is a Senior Loan Advisor (NMLS 881486) with Arbor Mortgage Group. (NMLS-91027), 209 NE Greenwood Ave., Suite 100, Bend, OR 97701; 541-323-0422.
Devise a Down-Payment Plan
Questions About Buying a Home
If you’re thinking about buying a house in the next year or two, you may wonder what you’re getting into. Among those questions might be: How big a down payment do I need? Where will I get the money?
Here are a few ideas about how to build your down payment:
Save More Cash
• Build your savings. Save a certain sum every payday through payroll deduction or other automatic savings plan at your credit union.
• Get a second job for a year or two.
Help From Family
• Ask for family help. Anyone can give up to $12,000 per year to another person, without federal gift tax consequences for the giver or an income tax burden for the receiver.
• Borrow from family. Be sure you have a written, enforceable note. Follow the Internal Revenue Service requirements on the minimum interest rates the lender must charge.
• Share equity. Your parents could contribute all or part of the down payment, in return for a share in ownership of your home.
Borrowing From Your Future
• Tap your IRA. A first-time home buyer can use up to $10,000 of IRA funds for a down payment, with no early-withdrawal penalties. But you may owe taxes.
• Borrow from your 401(k). Check with your employer to find out the rules for your plan. A note of caution: If you use money from your 401(k), you’re losing the benefit of compounding on the money you’ve borrowed. This can mean thousands of dollars—or more—over the years that you’re repaying the loan.
Local Assistance Programs
• Look into first-time buyer assistance programs. State and local programs exist in many areas. These can be hard to find; be prepared to do some digging. In Central Oregon, NeighborImpact may have some programs to fit you.
Even if you’re a year or more away from buying, sit down with a Mid Oregon Credit Union lender now to come up with a down-payment plan. Stop by, email or call today at (541) 382-1795.