Chaffey FCU Fall 2024 Newsletter

Hello, Chaffey Members!

I am trying to think of a way to describe the past three months, and settling on a single word is proving difficult. On the one hand, summer was a time for vacation, birthday celebrations, and the return of the school year. On the other hand, there have been many local and national events that have caused fear and trepidation. There is a lot of uncertainty in our homes and on the news with changing interest rates and the upcoming election. In our local communities, blazing heat, wildfires and a swarm of earthquakes have set many on edge.

At Chaffey FCU, we work to provide our members and our community with the flame of financial literacy; each flame will light another without diminishing its own brightness. During times of uncertainty, we hope to be a beacon of light that our members can look to for hope, which then allows our members to shine bright in their own way. Nearly 200 Chaffey FCU members have saved money on credit card interest this year by consolidating their debt through the credit union. Those who used a Home Equity Line of Credit to consolidate their debt were also able to fund home improvement projects without a sky-high interest rate from the retail stores.

If you would like to help support the credit union in our financial literacy efforts, consider applying to be an associate board member. Associate board members get to attend our monthly board meetings and our annual planning session, provide input to the strategic direction of the credit union, and find out more about what goes into running a financial institution.

Another point where many individuals are hesitant right now is whether or not to make a big purchase, like a car or a house. Read on in our newsletter to see some common questions addressed by Chaffey FCU’s Real Estate Loan Manager, Virginia Harrison, or check out our recent blog post on how the Fed’s interest rate change in September might affect you. If you have missed some of our other blog posts, check out some of our other topics, such as how to talk to your kids about money or buying a car. New posts are added about once per month!

Here’s one thing we can all be certain of right now: the end of 2024 will be upon us before we know it! As you prepare for holiday gatherings and other festivities, please reach out to the team here at Chaffey FCU if we can help support you in any way. If you find yourself in need of some comfort food, check out this recipe for a cranberry apple pie – this is one of my favorite holiday desserts!

From the team at Chaffey FCU, thank you for allowing us the opportunity to serve you, and as always, thank you for your membership.

Diane Kotlewski

Chief Executive Officer

Cheers for International Credit Union Day

Thursday, October 17th, 2024

International Credit Union Day celebrates the people and purpose behind the credit union movement. The day highlights the education, opportunities, and financial achievements made possible from the hard work of local credit unions. The history of credit unions and our movement has brought us to where we are today. Thank you for trusting us to serve you. Because of valued Members like yourself, Chaffey FCU is able to give back to members through savings, to our community through donations, and to local students through events and resources.

This year, join the celebration with free gifts and branch experiences.

Celebrate Credit Unions with a free gift!

Pick up a free mug and goodie bag when you visit any Chaffey branch on International Credit Union Day! (While supplies last.)

Learn more about Chaffey’s mission and share your questions directly with our executive team when you visit any Chaffey branch. Enjoy complimentary drinks and sweets when you stop by.

International Credit Union Day

Preparing for a New School Year

Supplies donations, summer workshops, and teacher events - oh my!

Our financial education mission didn’t pause just because it was summer break! Chaffey is excited to have had the opportunity to connect with a number of students and organizations over the summer. Our summer adventures led us to hosting brand new student workshops, gathering supplies for young students, and welcoming staff back to school with some much-needed caffeine.

Thank you to our community partners and local schools for allowing us to continue our mission of encouraging healthy lifestyles for kids and families.

The Home Lending Questions We Get All the Time

Virginia Harrison, CFCU Real Estate Loan Manager

The question I get all the time is “Is it the right time to buy a home?” My answer is “It depends”.

Since buying a home is the biggest investment you’ll make in your lifetime, the decision should come after careful evaluation of the pros and cons. We know the benefits of buying a home: build equity and personal wealth; develop long lasting bonds in the community; and unlike rent, the payment is a fixed amount. But thorough analysis of the cons is also a must…and there are many.

Repairs and maintenance of the property is now your responsibility. A rule of thumb is to have a reserve amount of 2% of the market value for repairs annually. If you do not already have a savings balance (in addition to your down payment!) to cover that amount, does your budget allow to put extra money aside every month to build that savings? It is important to note that the 2% is a “rule of thumb,” not a requirement, so your loan approval is not dependent on that. That being said, if you do have the savings built up, you have the peace of mind knowing that your repairs can go through, and you do not have to wait for a loan approval or pay a high interest rate on a credit card.

Recently we have seen homeowners’ insurance increase by 30% to 40% in part because of the devastating fires in our state. Some homeowners have even been cancelled by their insurance carrier. Similar to the car-buying process, you should research insurance costs before you sign on the dotted line for your home purchase. Be sure to research various carriers, including the insurance options on Chaffey FCU’s website, and make sure that your monthly budget can support the insurance cost. Insurance is usually included with your mortgage payment amount, but unlike the loan portion of the payment, your insurance premium can vary from year to year.

Property taxes can be a headache for a first-time homeowner. Remember taxes are assessed at approximately 1.25% of the purchase price. However, the tax assessor may take a billing cycle to reassess the property. This means that you may have underpaid the first year of property taxes and you will need to catch up all at once or perhaps get a separate bill for supplemental tax. You are almost guaranteed to see a supplemental tax bill if you purchase a new construction home. Just like with your insurance premium, your tax amount can vary from year to year depending on local legislation changes. Any of these changes will affect your monthly payment to your lender, since your property taxes are generally also included in your monthly payment.

With rates finally coming down a bit, more buyers will enter the market and being well informed is key. We want you to feel empowered when you start the home-buying process, and encourage you to take the above points into consideration. You’ve worked hard to buy your home…don’t let taxes, insurance or repairs become a hindrance to your home ownership goal. Contact our real estate department for more information.

Need help deciding if it’s a good time for you to buy?

Submit an inquiry form! Our Mortgage Team is happy to discuss your home goals and questions before you apply.

Halloween Candy Planner

Teach your youngest family members key budgeting and lifestyle habits with the Halloween Candy Planner by My First Nest Egg!

Growing up, there was nothing sweeter than a successful night of trick-or-treating, especially when you got to enjoy your favorite treats long after the nigh ended. Now, help your kids practice key skills, like budgeting, savings, investing, and giving - all with candy as currency.

Download your Candy Planner

Safe Holiday Spending with p2p services

Pumpkin flavored goodies and holiday lights are back in-stock everywhere you look now! The rise of the seasons festivities also means the beginning of holiday spending for many of us. To guide you on your holiday spending journey this year, we’ve gathered some reminders on safely using Peer-to-Peer (P2P) financial services.

P2P services are commonly used to split the bill or help family and friends during an outing - while many people safely use these services every day, we’re here to help you pay it safe.

Common P2P payment services. Even if you are new to these services, names like Venmo, PayPal, or Zelle probably ring a bell. Learn how these platforms differ when selecting one to manage your funds.
Keep your funds insured. Some P2P services, such as Venmo or PayPal, allow you to store funds directly on the platform - while these services may offer protections, they are not NCUA insured like the funds stored in your Chaffey FCU account.
Popular scams to watch out for. P2P services allow users to send money to others remotely with a few clicks. Scammers have taken note of this - be mindful of overpayment, charity, and fake friend scams over these platforms.

READ ON …

Did you Qualify for a Tax Deadline Extension?

If you qualified for a tax deadline extension this year, the deadline is almost here!

Be sure to complete your return before the October 15, 2024 deadline! Chaffey FCU has partnered with FileYourTaxes.com to help you pass the tax finish line without the stress.

No hidden fees, interview-style filing option, and more - all from a leading tax filing service and designed to help you experience a stress-free tax season.