A publication for members of Towpath Credit Union
May 2014
SEE WHAT
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Our closed-end, fixed-rate Home Equity Loan is perfect for all your
spring and summer projects. A kitchen update, bill consolidation, extra
bathroom or even that backyard pool you’ve always wanted! With
rates as low as 3.50% APR*, now is the perfect time to get started.
See the next page for all the details.
Check Out Our NEW
RESPONSIVE WEBSITE!
Beginning May 5 you can access
any of our great services from your
desk top, laptop, tablet, even your
smart phone and the site will adjust
to the device you are using. You
can sign into Extreme Green, check
the latest rates, read a newsletter
and even apply for a loan!
Logon to www.towpathcu.com
today and see all we have to offer!
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WHY BE BUSY AND BROKE?
A wallet full of credit cards means a mailbox full of
monthly bills. Different due dates and interest rates can
keep you busy making payments and keep you broke
from paying high interest rates.
Here’s a better way. Add up all your credit card
balances and, if you qualify, we’ll lend you the money to
pay them off. You’ll get a better rate, pay off your debt
sooner, and you’ll only have one payment to make every
month.
Don’t waste your time and money. Consolidate your
credit card loans at the credit union today.
HOME EQUITY LOAN TERMS AND
CONDITIONS
*To get the Towpath Credit Union Home Equity Loan you must apply
between April 1, 2014 and June 30, 2014. The fixed rate Home
Equity Loan is opened with a minimum disbursement of $10,000 or
more in new money at closing, with a Loan to Value (LTV) of 80% or
less, and with a FICO score of 680 and greater. All APR Rates will
vary based on credit score and Loan to Value (LTV) and range from
3.50% APR to 13.75% APR.
*All APRs (Annual Percentage Rate)assume that your total mortgage
loans, including your Towpath Credit Union Home Equity Loan do not
exceed 80% of the value of your 1 – 4 family owner-occupied primary residential property in Ohio. Borrower agrees to pay closing costs
of approx. $250. Property insurance is required and flood insurance
may be required. An appraisal fee will be assessed on credit requests
of $50,000 or more. Rates and terms are subject to change and may
be withdrawn without notice. This offer is subject to credit approval.
A monthly payment for a $10,000.00 loan with a rate of 3.50% APR
for 120 months would be approx. $98.89 per month.
HOLIDAY CLOSING
All branches of Towpath Credit Union
will be closed on Monday, May 25 in
observance of Memorial Day.
DECIDE IF AUTO LEASING
IS FOR YOU
The average person drives about 12,000 miles
per year. How many miles do you drive? This is
just one question to answer before committing to
an auto lease contract.
Often, consumers focus on one thing when considering a lease: the monthly payment. From a
financial perspective, leasing might cut monthly
car payments in half—but you always have a car
payment. Buying is better if you can pay off the
loan as quickly as possible.
According to Jared Kalfus, vice president of data
licensing for Black Book, which provides used
and new vehicle value services, in Lawrenceville,
Ga., there are five components lessees should be
aware of when negotiating a contract:
•Capitalized cost: the actual cost of
the vehicle
•Residual value: the forecasted value of the
vehicle at the end of the lease term
•Length of term: common leases may run from
24 to 48 months
•Mileage allowance: the total amount of miles allowed on the car each year
• Money factor: the interest rate of the lease
“Each of these play a role in determining the
monthly payment of your lease,” Kalfus says.
A lower mileage allowance will mean a lower
monthly payment, but you’ll need to keep those
end-of-contract penalties in mind if you drive over
your annual mileage allowance.
You may find that buying actually is
a better option for your situation than
leasing. Towpath has low-rate financing options
and our professional loan staff can help with this
decision. Stop by or call today at 330.664.4700.
Website:towpathcu.com
Email:[email protected]
Phone:330.664.4700 • 866.634.4700
AN IMPORTANT REMINDER
Towpath Credit Union will never ask you for your account information through an email or text message. If you
have any questions please do not hesitate to contact the credit union.