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.
Tap Your Home’s Equity
If you need cash to remodel your kitchen or bath, a home equity loan or home equity line of credit (HELOC) might be your best bet. Generally, financing involving your home is a lower cost form of borrowing than other options such as credit cards or personal loans. With the higher home prices in Central Oregon this year, your home’s equity might provide the resources that can be used for a variety of your needs.
Home Equity Loans
These loans let you borrow money using the equity in your home as collateral. Unlike almost any other consumer loan type, the interest on a home equity loan or HELOC of $100,000 or less is likely to be tax-deductible ($50,000 if married filing separately).
With a home equity loan, you borrow a lump sum of money repayable over a fixed term, usually 5 to 15 years, giving you the security of a locked-in rate and a consistent monthly payment.
Home Equity Line of Credit
A HELOC (Home equity line of credit) is much like a credit card or any other type of open-ended credit. You can borrow money as needed, up to the credit limit your lender assigns, by making a transfer into your checking account. A HELOC is usually a variable-rate loan, so your monthly payments will change based on your outstanding balance and fluctuations in the prime rate.
Getting Started
Before doing any kind of borrowing, you should understand about your options and the consequences of your decision. We recommend you read a great informational piece from The Federal Reserve Board, What You Should Know About Home Equity Lines of Credit before you apply.
Talk to the home loan specialists at Mid Oregon Credit Union today for more details about our home equity loan products. Contact us today online at midoregon.com, through email to info@midoregon.com, on the phone to (541) 382-1795 or stop in at one of our seven convenient Central Oregon branches.
For more information about Mid Oregon Home Equity Loans, visit https://www.midoregon.com/loans/home-equity.shtml.
The Best Time to Buy Your Favorite Products
Stores and manufacturers like to offer deep discounts on certain popular products at specific times of the year. If you love a good sale (and who doesn’t?), time your purchases so you can take full advantage of these traditions. Generally there is a best time to buy your favorite products. The following list shows the best month to find the best prices on popular items:
January – Sales revolve around New Year’s resolutions about getting in shape, or people looking for items to keep their home’s interior cozy during the cold winter.
⇒ Fitness products, TVs, electronics, bedding and linens
February – Comfy interiors continue to be high priorities on everyone’s To-Do list. People in the Northern states also need to deal with ice and snow.
⇒ Mattresses, humidifiers, interior paint, snow blowers, winter apparel and sporting equipment
March – Many are planning kitchen renovations. It’s also time to introduce new models for digital cameras.
⇒ Countertops, space heaters, digital cameras
April – Spring cleaning is on everyone’s mind, for the interiors and exteriors of their homes.
⇒ Vacuum cleaners, lawn mowers, tractors, air purifiers
May – Time to begin sprucing up the exterior of homes and after a hard-day’s work, enjoy a good barbeque!
⇒ Roofing, siding, and decking materials, gas grills
June – Summer begins, and many people can now really work on the exterior of their homes.
⇒ Pressure washers, cordless drills, string trimmers, smartwatches
July – Hot and humid, so you’ll find appliances to keep yourself dry, cool, and clean.
⇒ Dehumidifiers, laundry machines, dish washers, refrigerators
August – It’s Back-to-School season, so you’ll find the best prices for pricier school supplies.
⇒ Laptops, headphones, printers
September – You’ll find items to help to clean up your house, inside and out.
⇒ Leaf blowers, washers, dryers
October – Time to check or replace smoke detectors and get ready for winter.
⇒ Smoke detectors, snow blowers, interior paint
November – A favorite month for Shopaholics because the biggest discounts are offered, starting with Veteran’s Day and ending with Black Friday and Cyber Monday.
⇒ Blenders, coffee makers, fitness trackers, TVs, refrigerators
December – The biggest gift-giving season heralds multiple sales on nearly everything through the entire month. It’s also when car dealerships try to meet their end-of-year sales quotas.
⇒ Headphones, wireless speakers, fitness trackers, cordless drills, smartwatches, automobiles
Do You Need to Take a Breath?
Here in Central Oregon, the summers are not nearly as long as we would like. How many of us try to cram 6 months worth of activity and recreation into three months? At Mid Oregon Credit Union, we know that with increased activity often comes additional spending. Throw in preparing for the new school year- K through 12 or college- and all the other fall kick-off activities and expenses, and the end of summer finances can be a challenge. Do you need to take a breath?
Fortunately, Mid Oregon members who have loans have a way to give themselves some breathing room. Skip-A-Payment is designed to give some relief during those tight-budget months.
Budget Relief Without Additional Borrowing
If your budget is a little tight this back-to school season, get take the pressure off with Skip-A-Payment. Skip your Mid Oregon loan payment for just $25. Get the cash you need without taking out additional loans or cash advances.
Qualified members can skip their loan payment(s) for just $25 per loan skipped. Part of your fee will support local community efforts. Some restrictions apply, so please contact us for complete details. Skip-a-Payment does not include real estate secured loans.
Skip-A-Payment Details
Skip Payment Guidelines:
• You must have made at least six (6) consecutive payments.
• Your loan(s) must be in good standing (and not under a modification agreement).
• Interest will continue to accrue on all skipped payments; your loan term may be extended.
• If you normally make your payments by payroll deduction, the deduction will still be deducted from your paycheck, but it will be deposited back to your regular share account.
• This offer does not include real estate secured loans.
Note: More than two skips on a loan protected by optional Guaranteed Asset Protection (GAP) may result in a reduced GAP claim payout.
To participate in Skip-a-Payment, complete the form available on our website, and return to Mid Oregon in one of the following ways.
• Mail to Mid Oregon Credit Union, PO Box 6749, Bend OR 97708
• Drop it off at the Mid Oregon branch location nearest you
• Or just call us at (541) 382-1795 or (800) 452-3313—we’ll take it from there!
For Loans Not With Mid Oregon
If you have a loan at another lender, and could refinance your loan with Mid Oregon Credit Union and save. Mid Oregon is one of the most popular lenders in Central Oregon, and we commonly refinance auto and RV loans, saving members hundreds or thousands of dollars in interest.
You can look into refinancing your loan from another lender by emailing our loan team, visiting a branch, calling us at (541) 382-1795, or going right to our online loan application. Maybe we can help you save!