19 May

Building a New Home? Be Prepared

by marketing in Anchor Lines/Spring 2013

Building your dream home is exciting! However, there are many unknowns, some of which are beyond your control. How long will construction take? Will the builder complete everything according to the plan? What will the final cost be? Securing financing for your construction project is a critical step in the process — and it’s something you can control.

New Construction Loans

Getting financing for new home construction is slightly different than getting a mortgage for an existing home. Here’s what you need to know:

A construction loan is typically set up as a variable-rate loan during the construction period.
Interest-only payments are made during the construction period, which can range up to six months.
A draw schedule for the loan is agreed on by the borrower, the contractor and the lender. This ensures funds will be available during each phase of construction.
If the borrower owns the land, the lot may be considered equity for the construction loan.
A certificate of occupancy is issued when the home has been inspected and meets certain building codes. At this stage the home is considered livable, which means financing can be obtained with a mortgage loan.

Construction-to-Permanent Financing

When the principal balance comes due at the end of the construction phase, a new mortgage pays off the existing construction loan. If you have construction-to-permanent financing in place, the construction loan converts to permanent financing after the construction period. You enjoy the convenience of one loan, one application and one closing
date. In addition, you have the flexibility to choose a mortgage program that fits your long-term needs. Doing so makes it possible to lock in a low, fixed rate for your permanent financing.

At Navigator, our mortgage experts can help you explore financing options carefully so you can begin the construction phase with confidence.

19 May

Use Financial Calculators at https://navigatorcu.org

by marketing in Anchor Lines/Spring 2013

When making financial decisions, you can cross your fingers and hope for the best, or you can use our financial calculators at https://navigatorcu.org to make a well-informed financial decision. Simply plug in the information you know, and let the calculator do the work to show you the big picture. We have calculators to help with almost any financial decision such as:

Retirement savings. Determine how much you need to save for a comfortable nest egg to sustain you during retirement. Use retirement calculators to compare retirement savings plans or find out how much you may receive in Social Security.
Debt elimination. Figure out how long it will take to pay off your credit card or loan. Credit calculators will also help you determine if consolidating your debt would be beneficial to you.
Savings planning. Calculate how much you need to save — and how long — for your goals, from long-term goals such as homeownership to shorter term goals like a family vacation. Have you ever wondered how long it will take to become a millionaire? Our savings calculators will tell you this — and so much more!
Mortgage payments. Determine what your mortgage payments would be based on purchase price and interest rates. Look to our home calculators to determine how much home you can afford.
Car affordability. Use factors such as interest rates, trade-in value and down payment to discover how much you can afford to spend on a car. Auto calculators can help you determine financing options that work best within your budget.

Check out these calculators and more at www.navigatorcu.org. Meet with a Navigator Certified Financial Counselor to help you fine tune your finances and turn those numbers into real savings and a bright future. Call 228-475-7300 to make an appointment today.

19 May

A Penny Saved Is a Penny Earned How to Cut Costs on Everyday Expenses

by marketing in Anchor Lines/Spring 2013

From groceries to gas, the basics are getting more and more expensive. That’s why it is important to save money where you can, now more than ever. The following are some quick tips on how to cut everyday expenses.

Start couponing. Don’t underestimate the cost-saving benefits of couponing. Though the savings provided may only be a few cents, it can add up to be a lot in the long run. Take a few minutes before you run to the store and check out the local coupons available both in newspapers and online. Better yet, make time for couponing on a weekly basis and watch your savings grow.

Buy used. For everything from clothes to kitchen utensils, thrift stores are definitely worth a look. While it may take a little more time to find exactly what you’re looking for, you’ll save money and have the comfort of knowing you’re helping our environment at the same time.

Buy in bulk. Buying in bulk from warehouse stores can help you save money on everyday food items. If you’re worried that the bulk amounts will be too much for you, try splitting the goods (and the bill) with family or friends for an even lower price.

Look for discount days. Certain places, like grocery stores or movie theaters, may have certain days of the week or month when prices are discounted. For example, grocery stores may offer double coupon rewards to seniors who go grocery shopping on specific days and times. Look in your local newspaper and online to see if any stores near you have such days.

Maintain to save. Keep your car in tiptop shape to help cut your gas expenses. Paying special attention to your engine and making sure your tires are properly inflated can help you get more miles out of a tank.

Make the most of low rates. Mortgage rates are at historic lows, so if you are considering refinancing, the time has never been better. With a lower interest rate your monthly payments could decrease, so contact a mortgage representative at Navigator today.

Use online bill pay. Sign up for online bill pay at Navigator. Opting in to online bill pay will not only save you money on postage, it can ensure that your bills are paid on time and could prevent you from incurring late fees.

Think Small to Save Big

Saving money starts with small everyday actions. Though cutting coupons or buying in bulk may not seem to save you a lot of money, remember that a penny saved is a penny earned. And when you save a lot of pennies, you can start saving big.

16 May

Averting a College Debt Crisis

by marketing in Anchor Lines/Fall 2012

Move over credit cards – college debt is now the No. 1 source of consumer debt in America. Student loans now account for more than $1 trillion in outstanding debt for U.S. consumers, surpassing what’s owed on credit cards, according to a recent survey from the National Association of Consumer Bankruptcy Attorneys. And with tuition costs continuing to rise, some experts predict the growing debt burden could soon spark an economic crisis.

The College Conundrum

There is no simple solution, as higher education remains a boon to most graduates’ future prospects. Statistics show that those with a college degree enjoy lower unemployment rates, a better chance of having health insurance and job satisfaction, and higher lifetime earnings (nearly $20,000 per year higher according to the U.S. Census Bureau). So how can degree-seekers balance the cost and benefits? Very carefully.

First, be sure to pursue all forms of financial aid. In addition to completing the Free Application for Federal Student Aid (FAFSA®) every year, search for college scholarships on your own. You may find scholarship opportunities through family members’ employers, organizations based on your area of study and groups that you belong to.

When it comes to borrowing, consider limiting the total loan amount to no more than twice what you can expect to earn in your field as an entry-level worker. Subsidized federal loans often offer the lowest interest rates and most flexible terms, including covering the interest payments while you’re in school. Take the maximum amount offered in subsidized loans before turning to unsubsidized federal loans.

Let Us Help

You can also apply for funding from Navigator to help cover the remaining balance of a college education. Our loan officers will work with you to understand your goals and situation, then create a strategy that makes the most sense for you and your family. To learn more about how we can help you keep college debt under control, call our Lending Call Center at 228-474-3401.

16 May

Check Us Out on Facebook, Twitter and Pinterest

by marketing in Anchor Lines/Fall 2012

Do you “like” us on Facebook? Follow us on Pinterest or Twitter? We love interacting with Credit Union members and we’re proud of our status as a not-for-profit organization that stands up for you and your best interests. If you’re proud of your status as a Credit Union member, we hope you’ll show your support and “like” us and “follow” us, too.

Find Us on Facebook, Twitter and Pinterest

Navigator’s social media pages exist to help members stay connected with the latest opportunities and happenings at the credit union.

Join more than 3,000 others who stay connected with us on Facebook. “Like” us and you’ll get Credit Union news, photos and events right in your newsfeed. Our Twitter and Pinterest profiles have recently launched – so be among the first to follow us on Twitter @NavigatorCU and check out our boards on Pinterest.
Read financial news and tips designed to help you stay on top of your finances – and pass them on!
Stay in the loop about special events that interest you. Your support is what drives the success of Credit-Union-sponsored charitable events and opportunities, as well as educational seminars and Credit Union gatherings.
Participate in contests and promotions posted for our Facebook and Twitter communities.
Check in for the latest updates from your mobile phone or computer. Find out if our offices are closed due to a holiday or bad weather, for example.

Join the Conversation

If you find value in your membership at Navigator, let us know! We encourage you to write your questions or comments on our wall or feed so we can respond. To protect your privacy, please refrain from posting any personal or account information online. If you have questions about your specific accounts, please contact us directly at marketing@navigatorcu.org.

16 May

Mobile Banking Is Here

by marketing in Anchor Lines/Fall 2012

Navigator now offers Mobile Banking for members who want to complete transactions on the go right from their cell phones. To utilize Mobile Banking, download the Navigator Credit Union App from the App Store on your mobile device. You can also visit https://navigatorcu.org from your phone’s Internet browser and select “Mobile Banking” to download the Mobile App to your phone.

With Mobile Banking, the convenience of Online Banking is right in your pocket. Access your accounts anywhere – on the bus, at the beach, in the mall. Want to check your account balance before swiping your debit card? There’s no need to pull out your laptop or look for a Wi-Fi hotspot. Just grab your mobile device to log on with a secure user name and password. Account information is encrypted and stored on a server, not on your phone.

Mobile Banking features give you the ability to:

View account balances.
Check transaction history.
Transfer funds.
Make loan payments.
Find branch and ATM locations.

And It’s Free!

Mobile Banking is free for Online Banking members. Don’t have a smartphone? You can enjoy the simplicity of Mobile Banking via text messaging from another cellular device by enrolling from a PC at https://mobile.navigatorcu.org. Click on “SMS Settings” follow the instructions online. To learn more about Mobile Banking go to www.navigatorcu.org.

14 May

Don’t Get Caught in the Cycle of Payday Loans

by marketing in Anchor Lines/Fall 2012

The lure of payday loans from storefront or Internet lenders can be tempting if you’re in a cash crunch. These modern-day loan sharks may promise fast access to easy money.

Payday loans in one hour or less!

Apply now and get cash in 10 minutes!

$500 cash wired to your account instantly!

No credit check
needed!

Unfortunately, these short-term loans can trap borrowers in an expensive cycle of debt that drags out for many weeks or months. Payday loans are intended to be paid off in two weeks, but the average borrower ends up being in debt for 212 days and paying more interest and fees than the original loan amount.*

How it works: When you apply for a payday loan, you write a check to the lender for the amount of the loan plus a fee. The lender holds this check and gives you cash or wires funds to your account. At the end of the loan term (typically two weeks, to coincide with payday) the lender will cash your check or withdraw the funds electronically. If you can’t repay, you’ll pay another fee to renew the loan.

High costs: Many borrowers get stuck paying fees on top of fees for the original amount borrowed, and that’s where payday loans can get outrageously expensive. The rates and fees lenders can legally charge varies by state, but the average annual percentage rate (APR) for a two-week payday loan is 391% to 521%.*

Know Your Options

Payday loans aren’t the only option for borrowing money in a pinch. Navigator offers quick service and fast approvals for personal loans and low-rate credit cards. We also offer overdraft protection for your checking account, and can help you make a sound financial decision rather than getting stuck in a cycle of endless debt. You can trust our reputation as a financially sound lender in the community and know that we’re watching out for your best interests.

Call 228-475-7300 or email us at marketing@navigatorcu.org to learn more about borrowing money or consolidating debt.

* Source: Center for Responsible Lending, www.responsiblelending.org.

01 Nov

Click Carefully! Protect Yourself Online

by marketing in Real Money/Fall 2012

Teenagers are great multitaskers. You might be on Facebook, looking at a friend’s latest update, texting another friend, listening to music on iTunes and reading a website dedicated to your favorite celebrity, all at the same time. There’s one more thing you should be thinking about when using the Web – your safety.

It’s easy to get caught up reading a funny post, then click on a link and next thing you know, you’ve infected your computer with a virus. Here are some safety tips to keep in mind while surfing the Web:

Think before clicking links. If you see a link from a friend on Facebook or Twitter, think twice before clicking on it. Sometimes hackers hijack accounts and post links, hoping people will click on them. When you do, your computer downloads a virus.
Don’t give out personal information. Don’t post your address, school or other personal information on social media sites. Also, if you get an email asking you for account information, such as your bank or credit union account or Social Security number, do not respond. These are from scammers who want to steal your information.
Create strong passwords. A good password can help keep your accounts and personal information safe. Don’t use the same password for all your different accounts. Create unique passwords that include special characters (@, !, #, etc.), numbers and letters.

01 Nov

Be a Smart Shopper

by marketing in Real Money/Fall 2012

Jeans, T-shirts and other clothing may cost more this fall. But don’t despair if you need some new threads. Try these tips to make your clothing
budget go further.

Know what you need. Assess your wardrobe before you go shopping. Plan to replace essentials that no longer fit or are worn out.

Update your look with accessories instead of more clothes. Statement jewelry, a colorful scarf or simply adding a belt or a vest can take a basic shirt and jeans up a notch. Plus they save closet space!

Think about complete outfits when you buy. To get the most mileage from your clothes, buy items that are versatile.

Hit sales racks, discount department stores or outlet malls. Popular styles at lower prices – enough said!

Consider a clothing and accessories swap with friends or relatives. Trading clothes, bags and jewelry can be a fun and free way to give new life to items your best friend or stylish cousin no
longer wears.

SHOP VINTAGE

Shop second-hand stores. Consignment shops are ideal places to find gently used (and sometimes never worn) designer brands at a much lower cost than new.

01 Nov

Are You a Spender or a Saver?

by marketing in Navvi News/Fall 2012

Do you like to spend your money fast, or save it for a rainy day? Answer these questions to find out if you’re a spender or a saver.

1. When you get money for your birthday, you:
a. head to the store.
b. save it in your piggy bank.
c. buy one thing you want and save the rest.

2. You see a toy you really want at the toy store for $50. You see a similar toy for $30 in a different store ad. You:
a. buy the original toy. It’s more money, so it must be better.
b. decide not to buy either toy and save your money for something else.
c. look at a few other stores to compare prices.

3. You are walking along the street and see something green. You pick it up and it’s $20! You:
a. walk into the nearest store and buy all you can.
b. put it in your piggy bank until you can go to your credit union.
c. stick it in your wallet until you see something you really want..

HOW’D YOU DO?

If you chose mostly A answers, you’re a spender. You like to spend your money and rarely save it for later.

If you chose mostly B answers, you’re a saver. You like to save your money for a rainy day or something special.

If you chose mostly C answers, you’re a thinker. You may enjoy spending some money, but you think about things first.

Do you want to change your spending habits? Maybe you’d like to put some more coins in your piggy bank. Try saving half of your money and spending half, rather than spending it all. Deposit it in your Navvi-Gator Super Saver’s Club account to keep it safe and sound.