3130 Rockefeller Avenue, Everett WA 98201 l www.Snocope.org
Hours: Monday-Thursday 8:30 am-5:00 pm, Friday 8:30 am-6:00 pm l Tel: 425-388-3481 l Fax: 425-339-9482
SnoCope News & Information l June/Summer 2015
Upcoming Events
Good Reasons For Refinancing A Mortgage
Financial Wellness
If you have been considering refinancing your home, 2015 is
making a strong showing towards the lowest rates seen since May
2013. The most obvious reason to refinance is to get a lower mortgage rate, however, a lower rate is not the only reason to consider
refinancing. If you have an adjustable rate mortgage, you might not
get a lower rate, but you can get a stable rate.
Seminars Are Back!
SnoCope seminars are open to
everyone. Please RSVP with
Beth Jarvis as a light lunch
will be provided for all attendees. Phone: 425-388-3481 x123
or Email: [email protected].
July 17, 2015 - Are You A
First Time Homebuyer? Are
You Buying or Refinancing
Your Dream Home?
If you have a lot of equity in your home, you could use that equity
to buy a second home or investment property. You won’t need
a financing contingency and you will be in a better position to
negotiate.
August 5, 2015 - The Psychology of Spending
Perhaps you would like to consolidate your debts. Not only could you lower your monthly payments, but
you would also save a lot of money in interest and fees. Also, with interest rates near historic lows, you
may find that a 15-year mortgage is not much more expensive than the 30-year mortgage payment you’ve
been making.
Location: Snohomish County
Government Main Campus,
Public Meeting Room 1, Admin
East; Address: 3000 Rockefeller Ave., Everett, WA 98201;
Time: 12:00 p.m. - 1:00 p.m.
There are many things to consider before refinancing your mortgage. Always weigh the pros and cons of
your particular situation before making the final decision and act according to your own best interest.
If you would like to learn more about your refinancing options at SnoCope Credit Union, please contact
the loan department at 425-388-3481 Ext. 1.
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New Phone System
Late July 2015, SnoCope will
be implementing a new phone
system! What this means to
our members: better customer service and greater convenience. For details keep your
eye on SnoCope’s website.
E-mail: [email protected]
Lost/Stolen ATM/Debit Cards
Business Hours: 425-388-3481
After Hours: 800-554-8969
Lost/Stolen Credit Cards
Business Hours: 800-991-4964
After Hours Fraudline:
800-808-7239
Sprig Mobile Account Access:
866-698-8896 / www.getsprig.com
CO-OP Shared Branching
www.co-opsharedbranch.org
24-Hour Call Center: 866.692.8669
PIN Unlocks CO-OP Shared Branch
7-Eleven Cash Machines:
800-711-3981
What Are the Benefits of Conventional Loans?
When you’re shopping for a home, it’s just as important to find a mortgage that suits your needs as it is to
find a suitable residence. Because lending does not have a one-size-fits-all solution, you’ll have to shop
around to discover the best option for your budget and credit rating. While some homebuyers opt for an
FHA-insured loan, many borrowers find that conventional loans offer advantages over federally backed
mortgages.
If you have enough cash on hand to make a large down payment, you’re likely to save on mortgage insurance with a conventional loan. Conventional lenders typically don’t require homeowners to carry mortgage
insurance if they hold at least 20 percent equity in their homes. However, if you don’t have 20% down to
purchase a home, conventional lenders may allow as little as 3.0% down with mortgage insurance. As a
credit union member, the mortgage insurance premiums are less than if you were to obtain your loan from
a bank. By contrast, all FHA-backed loans require homeowners to pay an up front mortgage insurance rate
of 1.75 percent of the base loan amount. The premium is added to your loan amount and financed into your
loan. FHA also requires monthly mortgage insurance. The monthly payment to FHA is actually an annual
fee paid monthly and ranges from 0.45% to 1.05% of the base loan amount depending on the loan term and
loan to value (LTV). This amount is added to your principal, interest, taxes and homeowners
insurance payment.
The main advantage of a conventional loan is that the borrower can avoid paying the up front mortgage
insurance and possibly the monthly mortgage insurance of an FHA loan. FHA-insured loans allow consumers with lower credit scores, a smaller down payment and higher debt-to-income ratios to qualify for a
mortgage. But the costs of borrowing through this program are typically higher than the costs of financing
a home purchase with a conventional mortgage.
Mortgage Terms
How long is it going to take you to repay the loan? That depends on the term of your mortgage. A term is
the number of years that you agree to pay back the amount you borrow. The term also affects the cost of
your mortgage payments. Shorter repayment periods mean higher monthly payments but less interest you
pay over the life of the loan, while longer terms will give you lower payments but will cost more over the
long run. The traditional mortgage term is 30 years, but they can range from 10 to 40 years. If you would
like to learn more about your refinancing options at SnoCope Credit Union, please contact us at 425-3883481 Ext. 1.
2015 Holiday
Calendar & Early
Closures
NEW YEAR’S DAY
Thursday January 01, 2015
MARTIN LUTHER KING
JR. DAY
Monday, January 19, 2015
PRESIDENT’S DAY
Monday, February 16, 2015
MEMORIAL DAY
Monday, May 25, 2015
INDEPENDENCE DAY
Friday, July 3, 2015
LABOR DAY
Monday, September 7, 2015
COLUMBUS DAY
Monday, October 12, 2015
VETERAN’S DAY
Wednesday, November 11, 2015
THANKSGIVING DAY
Thursday, November 26, 2015
DAY AFTER
THANKSGIVING
Friday, November 27, 2015
Early Closure at 3:00 PM
CHRISTMAS EVE
Thursday, December 24, 2015
Early Closure at 3:00 PM
CHRISTMAS DAY
HOLIDAY
Friday, December 25, 2015
This Summer’s
AquaSox Games
July 23, 2015 &
August 26, 2015
Join The Fun As We Draw
Names For Two SnoCope
“Squirrel Away Some Cash”
T-Shirts & Give Away Our
Famous Itty Bitty Green Piggy
Banks For Kids!
NMLS ID #673299
Your savings federally insured to $250,000
NCUA
by the National Credit Union Administration,
A U.S. Government Agency.
EQUAL HOUSING
OPPORTUNITY
Paying for College the Smart Way
As more Americans pursue their dream of higher education, many
students are looking for ways to fund the gap between financial aid and
college expenses. That’s why SnoCope Credit Union has partnered with
Sallie Mae® to offer you the Smart Option Student Loan®, so that students and families can choose from three repayment options designed to
help you pay off your loan faster and save money compared to a conventional private loan. With competitive interest rates, flexible repayment
options, and a choice of variable or fixed interest rates, the Smart Option
Student Loan is a responsible choice.
Features and benefits of the Smart Option Student Loan include:
• We offer a choice of competitive fixed and variable interest
rates providing even more choice and flexibility
• No origination fees and no prepayment penalty
• Multiple in-school repayment options available
• Borrower benefits available – like rewards and interest rate reductions
• Rates that reward creditworthy borrowers
• Applying with a creditworthy cosigner may help you qualify and/or receive a lower rate
• 24/7 online account management
Investing in higher education continues to be one of the best decisions you can make-- and we want to
help make it happen. Together, we can do this.
Find resources for navigating the college application process, learn more about the Smart Option Student
Loan, and apply online at http://www.snocope.org. Look for the rotating banner with the college grad.
SnoCope Credit Union is not the creditor for these loans and is compensated for the referral of Smart Option Student Loan customers. This information is for borrowers attending degree-granting institutions only.
Credit criteria and eligibility requirements apply. MKT9555 0614
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Debit Card News - Immediate Card Activation Available As Of June 9, 2015!
Effective June 9, 2015 SnoCope announces greater convenience, enhanced security and immediate
activation for our Visa Debit Card users. Members can now activate their new SnoCope Visa Debit Card
and select their PIN with one easy phone call.
Your PIN number will no longer arrive separately. Upon receiving your card, you will be instructed to immediately activate your card and to set or re-set your PIN.
Members will no longer come into the branch to set or re-set their PIN. Members can now enjoy the
convenience of immediate self activation and immediate self PIN setting - all in one step.
Home Improvement Loans
Just In Time For Summer Projects
July 1 - September 30, 2015
New Kitchen?
New Paint?
New Windows?
Tree Work?
Let The Good Times Roll
Between July 1 - September 30, 2015
Refinance Or Purchase
A New Or Used Toy
ATVs & Jet Skis & Dirt Bikes
Fixed rate 6.99% APR*
Maximum loan amount $10,000
● Maximum repayment term 60 months
● No collateral required
● Lump sum payment
Boats & RVs
Motorcycles
●
●
*APR = Annual Percentage Rate. Must be a homeowner. Approval and
rate are subject to credit rating, credit score, term and membership eligibility.
Term based on loan amount. Certain restrictions may apply. Not all applicants
will qualify. Consult your tax advisor regarding tax implications. A SnoCope
Home Improvement Loan is not secured by real property. Qualified borrowers
receive a one-time lump sum, fixed rate unsecured personal loan. This
loan is intended for improvements, renovations or repairs such as a new
roof, new windows, energy efficient projects etc. One lump sum is
disbursed upon account opening. Offer valid July 1 - September 30, 2015.
●
●
Rates as low as 4.49% APR*
Maximum term 48 months
*APR = Annual Percentage Rate. Approval and rate are subject to credit rating,
credit score, loan to value, term and membership eligibility. Your actual rate may vary
and will be based on your credit score and term of loan. 4.49% APR based on a maximum
term of 48 months. Certain restrictions may apply. Maximum LTV based on
collateral type and member qualification. All terms and conditions are
subject to change without notice. Loan to be refinanced must be held at another
financial institution. Offer valid July 1 through September 30, 2015.