One of the biggest advantages to home ownership is the equity you build in your home. The faster you pay your mortgage and build this equity, the better financial shape you’ll be in. Equity can be a powerful tool to manage your finances. If you need cash to remodel your kitchen or bath, a home equity line of credit (HELOC) might be your best bet.

A home equity line of credit is a form of revolving credit in which your home serves as collateral. Unlike almost any other consumer loan types, 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).

A HELOC is much like a credit card or any other type of open-ended credit. With a home equity line, you will be approved for a specific amount of credit that represents the maximum amount you can borrow. You pay a variable interest rate and have a minimum payment due each month based on the amount of the credit line you used.

You can borrow money as needed, up to the credit limit your lender assigns, using a special checkbook or credit card, or by making a transfer into your checking account. Since a HELOC is a variable rate loan, your monthly payments will change based on your outstanding balance and fluctuations in the prime rate.

When you sell your home, you will be required to pay off your home equity line in full. If you are likely to sell your house in the near future, consider

whether it makes sense to pay the up-front costs of setting up an equity credit line.

Similar to a home equity line of credit, a home equity loan is backed by your home as collateral. Because they are considered more secure by lenders than unsecured debt such as credit cards, home equity loans offer more attractive interest rates than unsecured loans.

A home equity is best utilized for a specific expense such as paying college expenses which you will be able to pay off over a shorter time period than your primary mortgage. If you’re carrying a great amount of high-interest, unsecured debt, transferring it to a home equity loan can help you pay it off sooner, as well as provide tax advantages.

So, go ahead and use the equity you have worked so hard to build. Just remember, once you have used your home as collateral and you can’t keep up with the payments, you may lose your home.

Call us today or visit our website to apply and start using the equity you already have!

Go Ahead: Tap Into Your Home's Equity

April 2017

Visit our new website at

CommunityResourceFCU.com

Great Escape Every Day Tickets

$41.00

Great Escape SeasonTickets

$66.00 includes parking

Water Safari Tickets

$28.50 Online code EFWS309

The Snowball and Avalanche Strategies of Paying Off DebtWhen you have a number of different debts, attempting to pay them off can seem overwhelming. It’s easy to lose track of whether you are making any progress on paying it down: as one account decreases, another balloons out of control. In such a situation, it’s common to feel like you’re tossing money down a bottomless well. However, if you stay organized, energized and focused, you can work your way to freedom from debt. Here are some well-known strategies you can employ to keep yourself on track.

Your Debt Budget

The first step to ridding yourself of debt is to make sure you aren’t living beyond your means and adding to the problem. Before you can pay off any balances, you need to make sure your monthly budget covers your bills, basic living expenses and minimum debt payments. The amount of your income left over every month is your “debt budget.”

Next, cut any unnecessary luxuries out of your lifestyle. Don’t worry, you don’t have to give up luxuries forever, just until your debt is paid off. The goal is to maximize your debt budget by minimizing the number of bills you have to pay.

The Snowball Strategy

The snowball strategy focuses on psychology and motivation to help you pay off your debts. You pay your monthly minimums, then, beginning with your smallest debt, you focus your debt budget on one account at a time. Since you’re starting with the smallest debt, it won’t be long until you have your first taste of victory by eliminating an account balance. This clear success will give you enough confidence to stay motivated about tackling the next debt. In turn, you’ll have even more confidence and focus to wipe away the next account — kind of like a snowball that starts small and slowly grows into a snow-boulder.

The Avalanche StrategyWhile the snowball strategy can be successful in keeping you motivated, it doesn’t make the most financial sense. In many cases, accounts with high interest

rates will grow and compound while you’re focused on paying the smaller debts. If this is true for you, the snowball method will cost you thousands of dollars more and require much more time than if you had focused on a mathematically-optimal payment strategy.

In the avalanche strategy, you arrange your debts from the highest interest rate to the lowest, regardless of balance and concentrate all your extra funds towards paying down the highest interest debt first. By doing so, you’ll be free of debt much faster than if you had started with the smallest account first, similar to the way that snow accumulates much faster in an avalanche than when rolling a snowball. One caveat: if your debt with the highest rate also has the largest balance, it could be a long time until your first clear “success.”

Which Strategy is Best for You?

If you’re worried that your lifestyle could creep up on you if you don’t experience some early emotional rewards, the snowball method is probably the way to go. However, if your largest debts are on high-rate credit cards, you should probably prepare your inner debt-paying-monk for a disciplined avalanche approach.

For some people, the two methods will be essentially the same: the highest rate debt will also be the smallest. In this case, you’re lucky enough to get the best of both worlds. Your debt will be gone in no time!

Give us 10 minutes of your time to see if we can help you pay off your debt. You’ll be glad you did! Call 518-783-2211 to schedule your appointment.

Member Rewards

1. Get preapproved with CRFCU

We’re a not-for-profit financial cooperative. This means we offer lower rates and will make sure you get an auto loan that fits your monthly budget. You’ll walk into the dealership knowing exactly how much money you can spend, what your monthly payments will be, and what your interest rate will be.

2. Know how much you should pay

Consult online pricing guidelines, such as Edmunds or Kelley Blue Book, to get a good idea of what a fair price is for the car you’re looking at. Research the sell prices at dealerships and trusted online retailers.

3. Time your visit strategically

The end of the month is a great time to shop. That’s when dealerships will be trying to hit their sales quotas. Also, on a weekday when fewer people are

shopping for cars. If no one’s been in, the sales staff is going to be hungry to make a deal. And the end of the year, when the dealer is trying to unload the previous year’s models to make way for the newer models is also a great time for a deal on a new car.

4. Stick to the price

Negotiate up from the dealer’s cost on the car, rather than down from the sticker price. And stick to the sale price of the car. Don’t get lured into discussing add-ons, extended warranties, or monthly payments. Once you’ve got a firm sales price, you can worry about those other things.

5. Don’t be afraid to walk away

Even if you love the car, you’re not going to be happy if you buy it at a price that you can’t afford. It will only end up adding stress to your life and you’ll grow to resent it.

Get pre-qualified online at CommunityResourceFCU.com.

5 Ways To The Best Auto Loan

What kind of saver is your child? One who saves happily, or with a scowl? To find out, stop by the Credit Union during National Credit Union Youth Month.

Every saver is unique, but most people who save regularly developed the habit early in life. Learning to delay gratification in order to save for long-term goals is a crucial life skill that we are committed to helping our youngest members develop.

That’s why we create programs and services designed specifically for young people. One of those is our Youth Month programming. Every member under the age of 18 who makes a deposit during the month of April will be entered into a drawing to win $100!

By helping your child give a hoot about saving now, you’ll help them soar when they’re older.

Car insurance at your credit union?

At a nice price? YES!That’s the TruStage Auto & Home Insurance Program. You could save an average of $519.52* with the TruStage Auto & Home Insurance Program. Switching your coverage is easier than you probably think.

Call 1-855-483-2149 for a free no-obligation quote today!

*based on National average from TruStage

Got Good Grades?

Bring us your report card with all A’s and

we’ll put $40 into your Youth Savings Account.

Valid until June 30, 2017. You may claim this reward only once duing the school year. Available to youth members ages 13 - 18.

Rates as low as

New and Used Autos 1.74% APR*

Boats, RVs, ATVs3.74% APR*

Home Equity 2.99% APR *

Personal Loan 8.95% APR*

6 Month Certificate 0.40% APY**

12 Month Certificate 0.50% APY**

60 Month Certificate 2.00% APY**

Lucky Savers Certificate 2.02% APY***

*APR= Annual Percentage Rate. **APY = Annual Percentage Yield. All loan rates are for credit score of 730+ and include a .50%

discount for using automatic payments from a CRFCU checking account with direct

deposit. Rates, terms and conditions are subject to change and may vary based on creditworthiness and collateral conditions. Other rates and terms available. Visit www.

communityresource.coop for a full list of rates, terms and conditions.

CLOSEDWe will be closed the following days

Monday, May 29Memorial Day

Tuesday, July 4 Independence Day

Regular hours will resume the next business day. During

holidays you can always use ATMs, your CU@Home online banking or

our CRFCU Mobile banking app.

For most college students, the fun and freedom of a spring break adventure is a rite of passage. Just thinking about Daytona and Fort Lauderdale, Fla., Mazatlán and Cancún, Mexico, and Breckenridge, Colo., to name a few “hot spots,” can make a college student giddy with anticipation. But wait, not so fast. How are you going to go on that dream vacation on a limited budget? First, put the heady excitement aside until you get to the pool or the slopes. Next, take time to engage in vacation planning homework. The following tips will get you started on pursuing that perfect spring break getaway.

Money saving strategies

First and foremost, shop around. Don’t be wooed by the first spring break travel package, website, or brochure offer you find. 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 rent a block of rooms. Use common sense. You’ve probably heard this scenario before: A student is telling others about a fabulous, low-cost spring break vacation. The cost, including airfare, airport transfers, and hotel, is an inexpensive group travel package based on four students booking the trip and sharing a room.

So what’s stopping you from signing up? Maybe nothing, but maybe plenty. Scrutinize the details, and

you won’t be fooled into paying hidden costs like extra fees for maid service. Always ask for references before buying a travel package.

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. You’ll also save money if you travel by car and stay with friends along the way.

Rental property

Consider renting a house or condo instead of staying at a hotel. Check out sites like airbnb, HomeAway, and VRBO. Read reviews before booking.

Practically free vacations

Take 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.

Camping in “undesignated”

camping spots (remote and usually free), can save you a bunch of money as well. But, keep in mind remote camping entails its own risk and responsibilities. For example, the camping ethic is to leave no traces. Ask about costs, he says. The only cost involved generally is the food you bring along. Contact the ranger station at national forests and state parks for maps about finding undesignated camping spots.

Don’t want to travel but looking for some local fun? The credit union offers discounts to local theme parks, Regal Cinemas, Proctors and more.

Visit the Member Services page of our website to learn about all the discounts available to Community Resource FCU members.

Spring Break On A Budget

Download this app for exclusive Credit Union

Member Savings!