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O K L A H O M A E M P L O Y E E S C R E D I T U N I O N N E W S
L E T T E R
WINTER 2011
Oklahoma OklahomaEmployees EmployeesCredit CreditUnion Union
P.O.Box24027OklahomaCity,Oklahoma73124
8
YOURSHARELETSGETFISCALIts time to shave a few pounds off your
loan pay-ments and OECUs Fiscal Trainers are here to help!
Does your auto payment have too much ab? Want to bulk up your
credit card savings? Is your mortgage rate out of shape?
Rates are historically low. Now is the perfect timeto shape up
your payments. Let our Fiscal Trainershelp get you on the right
track.
PresortedStandardU.S.Postage
PAIDOklahomaCity,OKPermitNo.1541
THETIMEISNOWWith rates hitting unprecedented lows, the real
estate market has become a real buy-
ers market and a great time to renance. Jim VanWinkle, VP of
Lending for OECU an-
swers some frequently asked questions about refinancing.
Can I qualify?
Many people have heard that
qualifying is very difficult due toeconomic conditions or
bankslosing money. This is just a
myth, or an excuse, offered byfinancial institutions that can
nolonger offer loans on the sameterms they did in years past.The
credit union uses the same
qualifying parameters that wealways have: The borrower musthave
the ability to pay back theloan, show that they usually dopay back
loans, and live in (or
be purchasing) a house that is ingood shape.
What interest rate decrease
should I see before I
renance?The old rules dont really applyanymore. Since most costs
of
refinancing are fixed, and theamount of interest saved is
variable you shouldnt aim forone number. Bottom line, thelarger
the mortgage, the less the
rate change to make it worthyour while to refinance. Talk to
areal estate loan officer to get thenumber you are looking for.
How long does it take to
renance?
It takes about five weeks tocomplete the process.
Do I need a new appraisal?
Possibly. It depends on the loan
type you are doing. However, thecost is included in the
closingcosts quoted up front and can be
rolled into the loan.
DATESTOREMEMBERMartin LutherKing Jr. DayMonday, Jan. 17Stiles
drive-thru andphone center open9am - 1pm. All otherbranches
closed.
Presidents DayMonday, Feb. 21Stiles drive-thru andphone center
open9am - 1pm. All otherbranches closed.
Annual MeetingSaturday, Mar. 261 p.m. to 3 p.m.Jim Thorpe
Museum
(NE 41st & Lincoln)
21
17
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MARKMYWORD
EMPLOYEESPOTLIGHT
2
When we tell you that we are justa phone call away; we mean
it.We do more loans over the phonethan through any other
channel.Meet Stephen Schreiber, Loan Of-
ficer at our Virtual Branch.
At OECU we promise to Identifyyour needs and suggest a
solutionthat will improve your financial
life. For Stephen, this isnt just a
promise, its a guarantee.
Often I get a call from a memberthat would like to get a loan to
pay
off their high interest credit card. Iam happy to help them, but
I alsotake a look at other solutions. A lotof the time, we can
refinance their
auto loan to a lower rate, freeingup extra money to pay off
theircredit card. I tell them they mightnot want another credit
card, buthow about a better credit card?
Sometimes transferring the bal-ance to OECUs MasterCard at
alower rate, is a better option. Myjob isnt just finding a
solution, itsfinding the best solution. explains
Stephen.
Stephen is just one of our FiscalTrainers ready to bulk up
yoursavings and slim down your flabby
rates.
If you have a question forStephen, or any of our Fis-cal
Trainers, give them a call at
405.606.6328.
Give us a call!
Stephen SchreiberLoan Officer
SOCIALMEDIASECURITY
The start of a new year is a great
time to stop and review yourfinances and to set new goals
forthis year and beyond. A well writtenand revised plan is always
morelikely to bring you success.
Start by making a list of youroutstanding debts, monthly
pay-ments and their interest rates.Next, determine a plan to
reduce
your debt over the year. Considerrefinancing the highest
interest
rates to save money.
Another popular strategy is to
make additional payments on thelowest balance. Once it is paidin
full, add that payment amountto the payment for the next
lowestbalance, then repeat. Whatever
your technique, the main thingis to have a plan and review
itregularly.
When setting your personal goalswhether it is to reduce or
consoli-date debt, build more savings orbuy a home please remember
we
are here to assist.
We are in challenging times.Some of us more than others.Please
contact OECU if we can
help in any way.
I want to wish everyone a greatyear and say thank you for being
avalued part of OECU!
Mark KellyOECU President
Guiding our members to greater fnancial success.
Rates are as low as 7.99%APR*
NO Annual FeesNO BalanceTransfer FeesNO Inactivity Fees
*Annual Percentage Rate. Normal lending policies apply.
405.606.OECU OECU.ORG
Use cau-tion whenyou clicklinks thatyou receive
in messagesfrom yourfriends onyour social
Web site. Treat links in messageson these sites as you would
links ine-mail messages.
Dont trust that a message is reallyfrom who it says its from.
Hackerscan break into accounts and sendmessages that look like
theyre fromyour friends, but arent. If you sus-pect that a message
is fraudulent,use an alternate method to contactyour friend to find
out.
To avoid giving away e-mail ad-dresses of your friends, do not
allow
social networking services to scanyour e-mail address book. The
sitemight use this information to sende-mail messages to everyone
inyour contact list.
Type the address of your socialnetworking site directly into
yourbrowser or use your personal book-marks. If you click a link to
your sitethrough e-mail or another Web site,you might be entering
your accountname and password into a fake sitewhere your personal
informationcould be stolen.
Be selective about who you acceptas a friend on a social
network.Identity thieves might create fakeprofiles in order to get
informationfrom you.
Choose your social network careful-
ly. Evaluate the site that you plan tuse and make sure you
understanthe privacy policy. You will be providing personal
information to thisWeb site, so use the same criteria
that you would to select a site wheyou enter your credit
card.
Assume what you write on a socianetworking site is permanent.
Evenif you can delete your account,anyone on the Internet can
easilyprint the information or save it to acomputer.
As the popularity of social networking sites grows, so do the
risks of using them. Hackers, spammers, vwriters, identity thieves
and other criminals follow the traffic. Here are some tips from
Microsoft that cahelp protect you.
Connect with OECU:
twiter.com/OECUfacebook.com/OkEmployeesC
