Life Events

Buying a Car

Buying a car can be a really fun experience, but if you haven’t done your research you could end up spending more than you anticipated or end up with options you really didn’t need. You should also take into consideration the additional cost of owning a car, which is much more than just the purchase price. Some costs to consider are:

• Registration 

• Sales tax 

• Insurance 

• Financing costs 

• Gas 

• Repairs and Maintenance 
  

Additional Options to Consider:

• GAP Insurance protects you against the out-of-pocket expense that arises when the insurance settlement is less than the loan payoff. You may want to consider this if you are putting a minimum down payment. 

• Credit Life will pay off the insured balance of your loan, up to the policy maximum.

• Credit Disability will cover your loans should you become totally and continuously disabled by a covered sickness or accident which persists beyond the policy waiting period. 
  
  

Before you begin shopping, decide which makes and models interest you. Do your research to determine reliability, gas mileage, safety, resale value and warranties. 

Apply for a pre-approved auto loan. Most people shop for a car first and wait until the last minute to get financing. That is the exact opposite of what you should do. Apply for the amount you intend to spend first. You are then in a much better position to make a great deal on a new or used car. You’ll know how much you can afford to spend and you'll know how much your monthly payment will be. You'll be less likely to be talked into extras you don't want. You'll also be able to take advantage of any dealer rebates, saving you even more money. Our auto loan calculator can calculate your estimated monthly payments. 

Research. Before you hit the showroom, do a little research so you have a better idea of what you want and what is available. Car and Driver Magazine and Consumer Reports are two publications with good information on quality and cost. And don't forget the Internet! Edmunds and Kelley Blue Book are two sites that give you cost analysis, performance reviews, and pictures! 

Shop. Now you are ready for the dealership. With your financing and research in hand, you are prepared to shop 'til you drop to get the best deal possible. 

Sharefax Credit Union can assist you in your purchase of a vehicle. To speak with a Loan Officer about financing, call (513) 753-2440 or apply online. View our Current Auto Loan rates. 

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Your First Job

So you’ve just spent the last few years buried in books, stressing over exams and running to make it to class on time. Now what? Its time to make some money! Your first job begins your road to financial independence from your parents. Before you go out and spend your entire first check, you might want to consider a few things… 

You work hard for your money, so make it work for you!

Put some of your paycheck in your Sharefax Credit Union Savings Account. For the price of a movie ticket and popcorn, you can start saving. Starting with a small amount like $10 each pay period will add up to over $200 of savings in one short year. The fast, easy and painless way to save is through payroll deduction. As your savings build, you can start to earn even higher dividends by opening a Share Certificate. Just $500 will get you started with a Sharefax Certificate. Then just sit back and relax while month after month, you earn more and more dividends on your initial investment. 

You may also be interested in learning about Individual Retirement Accounts. An IRA allows you to save money for retirement and has some tax benefits as well. 

Check out our Savings Calculator to estimate how much you need to save toward your major spending goals, such as buying a car or saving for a down-payment on a home. 

Our Calculators can help create a plan. Keep track of your actual expenses for a month or two to see how well you're meeting your goals, making adjustments as necessary. 

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Getting Married

This is a great time to take a look at both of your finances to see where any improvements need to be made. 

• Adding Your Spouse to Your Sharefax Credit Union Account

• If you need to add a joint owner to your account, both you and your spouse can simply stop by the Credit Union to complete an Account Change Form and bring along a state or government issued photo ID and Social Security Card. 

• Request a Name Change on Your Sharefax Credit Union Account
  If you need to request a name change for your account, please stop by the credit union with a copy of your marriage certificate along with a state or government issued photo ID. 
  
  

While you’re at the Credit Union, here are some things to consider: 

• Reordering Checks if you’ve changed your name or have an address change

• Apply for an additional Debit Card

• Apply for a VISA or add your spouse as an Authorized User to your Sharefax VISA 

• Set-up Direct Deposit for your spouse 

• Switch Kit – Switch your spouse’s checking account to Sharefax Credit Union 
  
  
  

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Buying a Home

Purchasing a home can seem confusing if you aren’t armed with the right knowledge and tools to help understand the process. To help, we’ve picked out some of the basic terminology associated with this process below. When you’re ready for financing, give us a call or make an appointment with one of our Loan Officers, who will be happy to walk you through the process.

Pre-approved

Start off by getting pre-approved, which is the lender’s written commitment of how much they will let you borrow. You’ll need to know the approximate value of the property you are looking to purchase and its location. When you're pre-approved you can go shopping for a home with confidence about your buying power.

Loan Application

The Mortgage application will require the details of your personal information to get a clear understanding of your financial position. The lender will then assess this information in addition to your credit history. 

It is important to be prepared for this appointment, because you may need to provide certain documentation such as:

• The complete signed purchase contract 

• Proof of income 

• Statements for all checking, savings and deposit accounts 

• Income tax returns 

• W-2 

• You should check with the Credit Union before your appointment to know what exactly to bring. 
  
  

It’s a good idea to check your credit report at least once a year to make sure it’s accurate. The government entitles you to one free credit report a year, and you should take advantage of this benefit, especially before making a large purchase, such as a home. 

Fixed Rate vs. Adjustable Rate

A fixed rate mortgage will carry the same interest rate throughout the life of the loan. An adjustable rate mortgage (ARM), will give you a lower rate at the outset, but can rise or fall according to the market. 

Appraisal 

A real estate appraisal helps to establish a property's market value. A lender will require an appraisal when you apply for your loan to ensure that property will sell for at least the amount of money it is lending.

Down Payment

A down payment is an amount of money the borrower pays upfront to reduce the amount of the loan. Paying a higher down payment will result in a smaller loan amount and smaller monthly payments. Generally, the down payment is 20% of the home’s value, but zero-down loans are available also. If your down payment is less than 20% of the purchase price, lenders will generally require you to purchase Private Mortgage Insurance (PMI). PMI protects the lender if you default on the loan, and is part of your monthly mortgage loan payment.

Escrow 

An escrow account is a bank account, which is used to hold funds for real estate taxes or insurance premiums. 

Closing Costs

The closing costs are the fees incurred from closing on the real estate property. These fees generally include an origination fee, discount points, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report charge and other costs assessed at settlement. The costs of closing usually are about 3 percent to 6 percent of the mortgage amount. It is important to remember to budget for these costs when determining how much you can afford to spend on a new home. 

Title Transfer

This is generally the last step to the process. Once you have paid your closing costs and the seller has received their funds, the title of the home is then transferred to you. 

Are You Ready to Make Your Purchase? 

If you would like to become pre-approved for a Home Loan you can give us a call at (513) 753-2440. 
Check Our Current Rates 
Calculators 
Need Homeowner’s Insurance? 

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Improving a Home

Home Equity Loans

Home Equity Loans and Lines of Credit can be used for so many purposes, including home improvements or repair expenses. Here are just a few examples of how you can make your home work for you with a Home Equity Loan: 

• Remodel your kitchen or bathroom 

• Replace your roof 

• Upgrade your appliances, like a new washer/dryer or new refrigerator 

• Sharefax Credit Union also offers Home Equity Lines of Credit, which are perfect for those expensive emergencies that always seem to come up at the worst times, like unexpected auto repairs or hospital bills. 
  
  

And a home equity loan may actually save you money in comparison to your everyday signature loan. In many cases, the interest you pay on your home equity loan can be tax deductible (consult a tax expert for advice). 

Call a Loan Representative at (513) 753-2440 for information on the quick and easy process of applying for a Home Equity Loan or Line of Credit, or apply now online. 

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Planning for Retirement

Have you built your nest egg yet? Have you started to consider what you’d like your lifestyle to be after retirement? These are important questions that you should think about. Sharefax Credit Union can help you save for whatever plans you have after retirement. 

Individual Retirement Accounts are a great option to help save, with potential tax advantages. Sharefax Credit Union offers Traditional IRAs as well as ROTH IRAs. 

Try our Retirement Savings Calculator as a good way for you to start planning your retirement. 

If your employer offers retirement accounts, such as a 401(k) plan, 457 plan or 403(b) plan, you should consider taking advantage of this opportunity to make contributions. Many organizations will even match the amount you contribute. If you can afford to, you should try to contribute the maximum amount. 

Don’t forget, with Direct Deposit, you can easily save for retirement goals by having your pay checks or other recurring payments electronically deposited into your Sharefax Credit Union account, including your IRA account.

Find out more about our in-house financial planners - Sharefax Financial Services.

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