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Archive for October, 2013

The Difference Between a Mortgage and a Home Equity

Friday, October 18th, 2013

We get lots of questions about Home Loans and our resident expert, Mary Beth Geglia will be sharing the answers to some of the most common ones with us on the blog.

What is the difference between a mortgage and a home equity loan?

Mortgages:

  • Are used to purchase a home or investment property only
  • Can be extended for 30 years
  • Closing costs are paid by the borrower
  • Requires a solid credit score to be approved

Home Equities:

  • Can be used for any purchases
  • Has a term of up to 15 years
  • Closing costs are paid by the institution for the borrower (in return they have to keep  the loan with us for a minimum of 3 years and one day)
  • Have more flexibility to get people with less than perfect credit approved
  • Require a lien to be put on your home as collateral

Fixed Rate Home Equity loans would be suggested as a loan to replace an existing loan that currently has a higher interest rate such as paying off credit cards, paying off college loans, repairs to the home or to purchase a rental or vacation property.

If you have other questions about Home Loans leave us a comment and we’ll be sure to answer them!

 

 

International Credit Union Day

Thursday, October 17th, 2013

2013 international credit union dayInternational Credit Union Day has been celebrated the third Thursday of in October since 1948. The day is designed to encourage Members and staff to reflect upon the credit union movement’s history and to promote its achievements. The ultimate goal is to raise awareness about the great work that credit unions are doing around the world and give members the opportunity to get more involved.

This year the theme is “Credit Unions Unite for Good”. In this spirit of cooperation, our local credit unions have recently partnered together to help purchase one of five incubators needed by our local Children’s Miracle Network Hospital. So in lieu of a one day celebration this year, we are spreading the good news and asking our Members to come together to do the same. Signage will be displayed throughout the month encouraging Members to visit http://faxtonstlukes.com/ways-give and make a donation to the cause.

Don’t let your child become a bully

Friday, October 4th, 2013

We thought that this piece over at sheknows.com was full of resources for parents who need to talk to their children about the problem of bullying in schools. An excerpt:

Kids can’t fight bullying without support

Bullying and cyberbullying are hot topics now more than ever. Some argue that bullying is a buzzword and that the term is overused. As long as bullying continues to be a source of injury, emotional distress and even suicide among tweens and teens, it’s crucial to keep talking about it. Kids need to feel empowered to fight bullying, report bullying and avoid becoming bullies. Bullies aren’t cartoon characters. They’re not villains. They’re children and teens. You might be the parent of a bully. How do you stop bullying where it starts?

Check out the full article here.

Stand With Us to Stop Bullying

Friday, October 4th, 2013

If you’re a student and you’re concerned about bullying, here are some things you can do to avoid a bad situation:

  • Before you assume, learn the facts
  • Before you judge, understand why
  • Before you hurt someone, understand what it’s going to feel like for them
  • Before you speak, stop and think about what you’re about to say
  • In a stressful or already heated situation, calm down before you act; take a deep breath and count to 10
  • Don’t say anything in anger that you’ll regret. Your mood will change, but your words can’t be taken back

If you’re a parent and not sure what to say, here are some great conversation examples (click to download this PDF).

We have more information and resources here.

October 3, 2013 is Carol R. Kloster Day

Thursday, October 3rd, 2013

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Today is Carol Kloster’s 30th anniversary at First Source Federal Credit Union!!! Please join me in offering Carol congratulations on this great milestone.

We presented Carol with the following this morning:

BOARD RESOLUTION

Resolved:
Whereas Carol R. Kloster became an employee of First Source Federal Credit Union, formerly Utica Teachers Federal Credit Union, on October 3, 1983;

And whereas, Carol has been a dedicated and faithful employee for 30 years;

And whereas in honor of Carol R. Kloster’s 30th Anniversary, the Board of Directors hereby designates October 3, 2013 as Carol R. Kloster Day at First Source Federal Credit Union.

Signed this 28th day of September, 2013 in New Hartford, New York.

Need to pay for repairs or renovations to your home?

Wednesday, October 2nd, 2013

Are you looking to insulate, build an addition, renovate or even buy a new home? Or maybe you want to refinance, but you’re not sure how to get it all done? We’ll take the time to understand everything you want to do, and find the perfect loan for what you need, from energy loans to home equity options, mortgages, and more.








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