Should I Refinance My Home Mortgage?

By Jeanne S. Kearly, Mortgage Supervisor

Did you know that Mortgage rates are still very low? Now would be a great time conduct a "Mortgage Check-Up” because you could possibly save money by refinancing. It is important to periodically review your mortgage to determine if it still fits your current financial situation. Remember to contact the credit union if you have any questions about your options even if you didn’t get your Mortgage from us.

5 Factors to Consider about Refinancing
1. Are interest rates lower than what I currently have?
2. Is my payment changing due to an adjustable rate mortgage?
3. Is my home value appreciating?
4. Am I having trouble making my payments?
5. Do I have a second mortgage?

5 Reasons to Refinance your Mortgage
1. Lower your monthly payment
2. Switch from an Adjustable Rate Mortgage (ARM) to a Fixed Rate loan
3. Free up tax deductible cash for debt consolidation, home improvements, college expenses, etc.
4. Eliminate your Private Mortgage Insurance payment
5. Build Equity by shortening your term and save thousands in finance charges

Keep in mind that each person’s mortgage needs are unique and we can help you select the best option. We have several mortgage programs available to fit any need. Do not hesitate to call our Mortgage Department to answer any questions that you may have about your existing mortgage or to discuss refinancing.

5 Ways to Save for Back-to-School Shopping

1. Find bargains online

   Before you waste time and gas, get online to find competitive prices and store coupons from websites like fatwallet.com. During this time of the year, many shopping sites offer free shipping as well.

2. Take inventory

   See what your children already have from last year that could still be used this year and see what still fits before buying new clothes. Shop for clothes that do not easily go out-of-style so that they can be worn by younger siblings in the following years.

3. Make a list

   Creating a shopping list in advance will help you to not forget items or feel compelled to buy more than what's needed. Websites like target.com provide an online shopping to-do list.

4. Don't ignore thrift or discount stores

   There's nothing wrong with saving money on brand name staples like jeans from retailers like Wal-Mart and TJ Maxx. Thrift stores are another place to get great bargains (and you don't have to pay $$$ for brand new clothes to look vintage).

5. Set a reasonable budget

   Try to stick to an achievable budget. Be careful not to rack up too much on credit cards. Use credit cards that offer something back like our Visa Platinum with ScoreCard, and keep track of your spending with convenient and instantaneous tools like online banking. Keep in mind overlooked expenses like year book photos, science projects and extra-curricular activities.

5 Most Frequently Asked Questions About the New Website

1. What have you done?

After almost 6 years of the old website, we've upgraded teamonecu.org to bring you the information you're looking for right on the homepage. Navigation has been improved to reduce the number of "clicks" to get around our website.

2. Why doesn't everything look or work right in old web browsers?

Old web browsers were not built to comply with new web standards. The pace of modern technology makes even a year seem ancient at times. And to give you an idea of how outdated the previous versions of the most widely used web browser, Internet Explorer, has become:

• Internet Explorer version 5.0 was released in 1998. Pentium II 266 mhz was considered a fast CPU speed. Today, 3,800 mhz is considered pretty fast for home PCs.
• Version 6.0 was released in 2001 and only 30% of home users had high-speed internet. As of today, it is over 90%.*
• The latest version, 7.0, has already been released for 2 years. Microsoft has announced version 8.0 to be released this year.

The contents of the new teamonecu.org will be accessible on any browser, but the design and functionality will work in browsers that support modern web standards such as the latest version of Firefox and Internet Explorer.

3. Why have you done this and why now?

We have strived to design teamonecu.org to meet the current web standards and be prepared for new web technologies and enhancements that will make our online services more secure and convenient for our users.

And most importantly, outdated browsers are simply not safe to use. The longer an outdated browser is used, the more time it has had for hackers to exploit security vulnerabilities that have already been fixed in the new versions of the browser.

As a financial institution that provides personal account access online, we are audited by security experts and follow government mandated rules and regulations, as well as recommendations by security consultants, to keep our members' personal profile safe online.

4. How can I tell what web browser and version I'm using?

Please visit our web browser detection page on our website.

5. Where can I download the latest upgrade?

For the best teamonecu.org experience and security, we recommend the latest version of the Firefox browser at http://www.firefox.com/.

The latest version of Internet Explorer can be downloaded at http://www.microsoft.com/ie/.

Other alternatives include the Safari browser (http://www.apple.com/safari/) and the Opera browser (http://www.opera.com/).

Please note that while Team One will be glad to assist you with issues regarding teamonecu.org and CU@Home, we can not provide technical support with issues or installation of software/hardware on your PC.

* Source: WebSiteOptimization

Credit Card Compromise in the News Again

You may have heard or read over the past couple of days news about a very large debit and credit card compromise involving millions of cardholders. The news is referencing a compromise that happened last year, and on Tuesday, eleven people who were involved were indicted. Read the full article from cnn.com.

The news references the TJX Compromise from 2007. Some of our members were affected by the TJX compromise last year and we quickly took the appropriate actions to shutdown those cards to safeguard our members.

Today we have no reason to believe that any of our members' credit cards have been compromised.

Exciting new benefit option for Members coming soon!

We will soon be offering a new program option called Benefits Plus Checking. From groceries to prescriptions to vacations, this valuable program offers real savings on many products and services that we all use everyday. Benefits Plus Checking will provide Member discounts on travel including airfare, hotels and cruises, local and chain restaurants and retailers, credit monitoring service, and much, much more. Stay tuned for more information to come.

International Credit Card Fraud

Due to the high amount of credit card fraud present in certain areas of the world, we will be blocking the usage of certain card types and transaction types in an attempt to protect our Members and the Credit Union.

All Team One Check Card transactions are being blocked in Eastern Europe, Ukraine, Czech Republic, Turkey, Nigeria, Spain and Russia. Team One credit card transactions over $1,000 are being blocked in the above countries plus Taiwan, Australia, Hong Kong and China.