real estate - windstreamhome.windstream.net/marcyroberts/images/affnewslet.pdf · 2013-12-04 · in...

S P R I N G 2 0 0 6

In search of the right mortgage

Real Estate:

Credit ScoresWhat you need to know

Real Estate:

I N T H I SissueThe Affinity OneCard

–You may never need a checkbook again.

Real Estate–In search of the right mortgage.

Good Grades Aren’t Just for Kids

–What is your credit score?

Car Buying TipsThat Can Save You Money

–Save money by shopping around.

Money Smart: Your Credit Union–Personal service for you.

Affinity News–Exciting changes and

upcoming events.

Welcome New SEGS–Thank you for choosing Affinity

Federal Credit Union.

55

88

99

4

5

9

13

2

12

14

IN EVERY ISSUE

DDear Member:

I speak for all of us at your Credit Union when Isay it is our duty and privilege to take the guessworkout of your financial choices to help simplify yourfinancial life.

We live in a world of complex and changinginvestment choices. At Affinity, we are neversatisfied with the status quo. We are committed tomeeting your day-to-day financial needs in themost efficient manner with excellent products andsuperior customer service. Just as important, if not more, we are prepared to help you plan andreach your long-term financial goals, as well.

This issue of Connections focuses on a couple ofmajor milestones that most families will face at onetime or another.

A key focus is on saving for retirement. America is at a crossroads with the current social securitysystem and, at the same time, employers havebegun scaling back on pension plans. To a largeextent, retirement planning rests on the shouldersof the individual, so planning wisely is key.

Another milestone is buying a new home. With the vast selection of mortgages available the choicescan be overwhelming, so we have included aprimer on some of the popular loan programsavailable in today’s marketplace.

Also included in this issue are all the differentways you can use your Affinity OneCard, tips forsaving you money on the purchase of your nextnew car and some suggestions for improving yourcredit score.

In closing, I would like to personally emphasizethat Affinity is prepared to help map out yourshort- and long-term strategies and put your financialresources to work to reach your objectives. Wehope the articles in this issue show you the depthof our commitment to helping you reach yourfinancial goals.

1 Connections | SPRING 2006

John T. Fenton, President and CEO


M O N E Y S M A R T

IIn an uncertain and complex financial

world it’s nice to know there’s a place

you can go to get straight answers, an

array of investment choices, competitive

rates and superior one-on-one personal

service: your credit union.

Credit unions have come a long way

since their origination in Europe two

centuries ago, but they still remain true

to their original purpose of being solid

and steadfast not-for-profit cooperatives

owned and controlled by their members.

The United States welcomed its first

credit union in 1909 and the Federal

Credit Union Act was signed into law

in 1934. Since that time, credit unions

have continued to grow in terms of

members and assets and have become well-regulated financial

entities that are held in the highest esteem by their members.

LIKE A BANK. BUT BETTER THAN A BANK.

Larger credit unions such as Affinity are full-service financial

institutions that offer the same services as many large,

commercial banks including savings and certificates, loan

services, investment products and services, insurance, and

more. You can relax knowing that your money is safe because

deposits are backed by the United States government up to

$100,000 per depositor. Credit Unions are insured through the

National Credit Union Share Insurance Fund (NCUSIF).

But unlike banks,

• A credit union is a financial

cooperative, which means we are

owned and operated by our members.

As such, our mission is to serve and

satisfy our member-owners.

• We are a not-for-profit organization.

• Any earnings are returned directly to

our members in the form of lower

rates on loans, higher returns on

savings, and better service.

• Credit unions are lead by volunteers.

The active involvement of volunteers

is the cornerstone of the Credit Union

philosophy. Affinity’s Board of

Directors is made up of individuals

elected by our members, and they

are not paid for their work.

A LOOK AHEAD.

At Affinity, we are listening to our members so that we can

provide the services to satisfy members’ needs. The more

we grow, the more we’re able to offer to our members. As a

member, feel free to contact us with your suggestions. Your

feedback is important to us. Tell us what you think at

[email protected].

SOURCE: NCUA

YOUR CREDIT UNION:

Personal Service for You–A Safe Haven for

Your Finances.

Online Survey

What do you think about Connections Magazine?Please give us your feedback by completing our short online survey at www.affinityfcu.org/survey

This newsletter is distributed with the understanding that it does not constitute legal, accounting or other professional advice.Neither Affinity nor any other party will assume liability for loss or damage as a result of this material. Appropriate legal or accountingadvice should be sought from a competent professional. Affinity is not responsible for typographic or inadvertent errors. AffinityFinancial Services is a wholly-owned subsidiary of Affinity Federal Credit Union. © 2006 Affinity Federal Credit Union.


More than a million people retire every

year. If you plan to join the ranks of

those living the good life, the most

pressing question you will face is “how

much money will I need?” Social security

won’t be enough to do the job. You’ll need

a combination of pensions, employer

retirement plans, tax-advantaged accounts,

personal savings and maybe even

part-time work to fill in the gap.

Experts agree that maintaining a

comfortable lifestyle during retirement

requires about eighty percent of peak

annual earnings. You’ll also want to take

inflation into consideration and that means

beefing up that amount every year by the

increase in the cost of living.

EFFECTIVE PLANNING BEGINSWITH THE FACTS.

Relying on a false set of assumptions is a

surefire way to fall off track from the

beginning. Dispel these myths so you can

chart an accurate course to a comfortable

retirement:

• Myth: “Ten to fifteen years of savings

should be plenty.”

• Reality: People are living longer. You

should plan to save enough to last until

age 85 or 95.

• Myth: “My expenses will be lower than

they are now.”

• Reality: While some everyday living

expenses may go down, such as your

commuting costs to work, the reality is

that many of your expenses will

continue to rise.

• Myth: “I’ve worked almost all my life

so social security will support me.”

• Reality: Social security benefits aren’t

enough and may not be available to the

extent that they are now.

• Myth: “I’ll be in a lower tax bracket.”

• Reality: Future changes in tax law can

never be completely ruled out.

BUILD A STRONG FINANCIALPLAN. STICK TO IT. ADJUSTWHEN NECESSARY.

Although it’s never too late to start

saving, it’s better to start while you are

young because of the power of

compounding. Saving a small amount

per pay period over a long stretch of time

is a lot easier than saving large chunks

over the short term. And try this course:

1. Your best retirement savings options

are usually available through your

employer. Contribute the maximum

to 401(k) or 403(b) plans; or if you’re

self-employed, a SEP or Simple IRA or

Self-Employed 401(k). If you are unable

to contribute the maximum at least

contribute no less than the “free

matching dollars” provided by your

employer.

2. Save the most you can in tax-favored

plans such as Traditional and Roth IRAs.

3. Free yourself from debt so you can

save more for retirement.

The investment choices you make today

will determine the type of retirement

lifestyle you will enjoy tomorrow. Make

it a happy one by saving early, often

and wisely.

On the Road to Retirement:

How Much Do You Really Need?

I’m thinking aboutretiring soon. Where do I start?Decisions you make about your

finances prior to retirement will

have long-lasting ramifications so

you’ll want to make sure you do it

right. There’s no need to do it

alone. Start by calling Affinity

Investment Services* for a free,

no-obligation consultation. Our

experienced Financial Advisors

will guide you every step of the

way. Call us at 800-325-0808,

option 4.

* Securities offered by Affinity InvestmentServices, LLC, 73 Mountain View Boulevard,Basking Ridge, NJ 07920, member NASD/SIPC.Investments offered by Affinity InvestmentServices are not deposits or obligations ofAffinity Federal Credit Union. They are NOTNCUA INSURED and NOT GUARANTEED byAffinity Federal Credit Union or any governmentalagency and are subject to INVESTMENT RISK,including LOSS of PRINCIPAL. Investments maylose value. Affinity Investment Services, LLC is a wholly owned subsidiary of Affinity FederalCredit Union.

O N T H E M O N E Y

You probably realize you can use your Affinity OneCard towithdraw money from your checking and savings accountswhen you’re at an ATM machine. But you may not be awareof all the other ways you can use it. In fact, your AffinityOneCard actually functions as three cards in one—anATM card, a debit card, and a Visa® Check Card. Here’s howeach works:

• ATM card: allows you to access your cash at ATMsaround the world—including 50,000 surcharge-free ATMs (for locations, visit www.affinityfcu.org/locator).

• Debit card (uses your PIN to authorize the purchase):A debit card is really just an ATM card that also has a“point-of-sale” feature—which means you can use it tomake purchases at grocery stores and other merchants,instead of writing a check. To make a purchase, simplyrequest a “debit” transaction, swipe your card, and enteryour PIN (Personal Identification Number). The money willbe withdrawn from your checking account.

• Advantages:• It’s more convenient than writing a check.• Many stores will give you cash back (up to a specified

amount)—saving you a separate trip to an ATM machine.

• Visa® Check Card (uses your signature to authorizethe purchase): A check card works like a debit card—you use it to pay for purchases, and the purchase amountwill be withdrawn from your checking account.

• How does it work? First, request a “credit” transaction.(Even though you are requesting “credit”, your paymentis going to be withdrawn from your checking account.)The merchant (or you) will swipe your card, and you’ll begiven a receipt to sign, just as if you were using a creditcard. But, as noted, the money will be withdrawn fromyour checking account.

• Advantages:• Like the debit option, it’s more convenient than

writing a check.

• You can use it anywhere Visa® is accepted—at millionsof locations worldwide including restaurants, departmentstores, online merchants and much more.

• You’re protected by Visa® Security, which means youhave zero liability for unauthorized charges.

SO, DEBIT OR CREDIT? HOW DO YOU CHOOSE?

Some merchants accept only PIN-based or “debit” payments,while others accept only the signature-based or “credit”payments. However, when you do have a choice, weencourage you to select “credit”.

Why? Because in addition to the benefits noted above,merchants pay fees to Affinity for each purchase you make on your Affinity OneCard, and the fees are higher for“credit” transactions than for “debit” transactions. And,because we are not-for-profit, these higher fees are returnedto you—our members—in the form of better interest ratesand added services.

So use the Affinity OneCard as an ATM card, a debitcard and as a Visa® debit card. The choice is yours.


The Affinity OneCard–you may never need a checkbook again!


RealEstate:In Search of theRight Mortgage

YYou’ve shopped and shopped and you’ve finally found your new

home. Congratulations! Now all you need is a “typical” mortgage

to go along with that four-bedroom, two-and-a-half bath beauty.

Fixed rate, Adjustable Rate, Balloon. 15-year, 20-year, 30-year.

Interest Only, No Down Payment, Low Down Payment.

Piggyback, Reverse, No Documentation…there is certainly

nothing typical about today’s mortgages!

The seemingly endless list came into existence about six years

ago. Rates hit historically low levels and financial institutions

feverishly began marketing new mortgages (and resuscitating

old mortgages) to create a stunning array of choices.

Indeed, sifting through today’s myriad of mortgages may be

more cumbersome than in the past, but there’s probably a

suitable mortgage out there for you.

THE WORLD OF MORTGAGES.

Fortunately, once you understand the basic types of mortgages

and learn the terminology, you can pretty much figure out the

concepts behind many of the newer loans available in the

marketplace. Some are complex and nearly require a PhD. So

eventually you’ll want to work with a mortgage professional like

an Affinity Home Financing Consultant. He or she will be able

to explain the variations and intricacies (as well as the charges

and fees) associated with the mortgages that best fit your needs.

• Fixed-Rate Mortgages

Fixed-rate mortgages have always been a popular loan option

due to their predictability. A fixed-rate mortgage has a monthly

payment and interest rate that do not change. Fixed-rate

mortgages are offered for 15-, 20- and 30-year periods. Generally,

the shorter the term of the loan, the lower the interest rate.

What’s better, a 15-year or a 30-year fixed-rate mortgage?

This is popular question among many mortgage seekers. The

monthly payments on a 15-year fixed-rate mortgage are higher

than those on a 30-year, but the interest rate on the 15-year

mortgage is usually lower. If you can afford a 15-year fixed-rate

mortgage you'll generally end up paying off your house twice

as fast and at less than half the total interest cost of that on a

comparable 30-year.

When is a fixed-rate mortgage appropriate?

Fixed-rate mortgages make sense for individuals who require a

non-fluctuating payment plan. These loans are most sought after

when interest rates are low since they “lock in” a rate at current

levels to avoid future spikes in interest rates.

• Adjustable-Rate Mortgages (ARMs)

Adjustable-Rate Mortgages, also known as variable-rate mortgages,

have interest rates (and therefore payments) that fluctuate based

on changes in an index tied to market conditions. During the

initial period, the interest rate you pay is usually low. It is then

“adjusted” on a regular basis after the initial timeline ends.

ARMs have more interest-rate risk than fixed-rate loans due to their

variable nature. On the positive side, all ARMs have interest-rate

caps. A cap is the limit on the amount the interest rate can increase

from one adjustment period to the next as well as over the life of

the loan.

Why choose an ARM?

ARMs are most attractive when interest rates are on the decline.

Often, mortgage seekers choose ARMs when they plan to be in

the home for only a brief time. An ARM is easier on the

pocketbook (initially) than a fixed-rate mortgage for the same

amount because the interest rate is generally lower for the ARM.

Traditional ARMs: A traditional ARM adjusts for identical

periods for the life of the loan. For instance, it may adjust

after the first year and then every year thereafter, or for six

months and every six months thereafter.

Hybrid ARMs: You may notice mortgages called 3/1, 5/1,

7/1, 10/1. These are what’s known as Hybrid ARMs. These

loans offer a fixed rate for the first 3, 5, 7 or 10 years. Then

the rate adjusts annually thereafter. A homeowner who

knows they will not be in the house for more than seven

years, for example, may want to select a 7/1 ARM if the rate

is much lower than that of a 30-year fixed-rate mortgage.

Option ARMs: Option ARMs are the most flexible, and

most risky, of all ARMs. These loans allow you to choose

your monthly payment as you see fit. After the first

payment, you may select from four different payment

options including a minimum payment, interest-only

payment, 30-year amortized payment or 15-year amortized

payment. So, for instance, you may pay a minimum

payment one month and an interest-only payment the next.


• Balloon Mortgages

Balloon mortgages are short-term loans. They have regular fixed

monthly payments and fixed interest rates over a very brief term

of about five to seven years. Balloon loans entice mortgage

buyers with lower interest rates and payments. Here is the catch:

at the end of the five (or seven) year period, the entire balance

becomes due all at once. At that time, the balance must be paid

off in cash or by refinancing.

• Interest Only

Interest-only is really a type of payment option whereby you pay

only the interest and not the principal for a set number of years.

After the initial period, the monthly payment resets. The

interest-only feature may be available on adjustable-rate or

fixed-rate mortgages.

• Other Loans

For your information, there are many other nontraditional types

of mortgages as well as special government loans with favorable

terms for low and moderate income families, veterans and

service persons as well as rural property buyers.

Things to Do Before You Begin Shopping.

• Know Your Credit Score

It’s important to know how creditworthy you are in the eyes of a

lender. To do this you will need copies of all three of your credit

reports as well as a copy of your credit score. Review your

reports carefully. Clean up any discrepancies that could pose a

problem. For more information, see related article on page 9

“Good Grades Are Not Just for Kids; What is Your Credit Score?”

• Figure Out What You Can Afford

Know your limits. This will help you funnel out the types of

mortgages that are inappropriate.

Firstly, take your salary and debt into consideration: How much

can you afford to pay on a mortgage each month? Think about

the future as well. Do you expect to earn a higher salary down

the road? Are the children’s college expenses paid off? Will you

need a new car? Will you have more expenses or fewer expenses

in 5 years, 10 years, 15 years, 30 years? Have you taken taxes

and insurance into consideration?

Secondly, think about how long you plan to stay in the home.

Do you require low monthly payments or do you want to pay

off your home as quickly as possible?

Thirdly, think about interest rates. Here is where you probably

need the services of a professional. Will rates head up or down

in the short term? What about the long term? How do rates

affect different types of mortgages? How do you feel about

taking risks with your money? Are you a risk-taker or are you

more conservative?

SHOP LIKE MAD.

It’s time to go shopping. Look at everything. Immerse yourself

in the details. Are you allowed to make extra payments monthly

without prepayment penalties? Can you pay off the loan early

without incurring additional charges? Compare fees and points

in addition to rates. Most important of all, don’t sign anything

you don’t understand.


Seek Professional Advice and Assistance.Affinity’s Home Finance Consultants can steer youthrough the entire mortgage buying process from startto finish. You can get started by calling 800-325-0808or visiting us online at www.affinityfcu.org.

SOURCE AND FURTHER READING: AFCU website, www.affinityfcu.org; “Which Mortgage? A Complicated Tale.”, The New York Times, July 15, 2005


?Didyou

know

Your family and household memberscan join Affinity too?

Not only is membership at Affinity availableto the employees of our participatingorganizations, but immediate family membersand household members can also join.

Immediate family members include:Spouse, child, sibling, parent, grandparent,grandchild, adopted children, step-parents,step-children and step-siblings.

Household members include: Any person who is a permanent member of and participates inthe maintenance of the household, including family members, domestic partners, foster childrenand legal guardian relationships as well as roommates in a single residence.*

If you have questions about membership, please call 800-325-0808.

*Fraternity, sorority and nursing home roommates do not qualify as household members.

Buying a new home but still own the old one?Affinity offers Bridge Loans! A Bridge Loan can help you purchase a new home by letting you borrow on thehome you're selling. Contact Affinity’s Home Finance Consultants for more information toll-free at 800-325-0808or send an email to [email protected].


Good Grades Aren’t Just for Kids.


HOW CREDIT SCORES ARE DETERMINED.

Your credit report is used as the basis for your credit score.

Credit reports are compiled using your consumer credit

information as well as public records. These reports are issued

by three major credit bureaus (TransUnion, Equifax and

Experian) that sell this information to approved subscribers

such as retailers, banks, insurers and potential employers. You

are issued a credit score based on your credit records from each

of these bureaus.

The most widely used credit score is the FICO® score. The

origins of the FICO score date to the 1980s when Fair Isaac and

Company developed the software that credit bureaus use to

calculate credit scores.

ONE NUMBER CAN MAKE OR BREAK YOU.

Lenders look at your score to evaluate what type of credit risk

you pose. Scores range from 350 to 800. Generally, high scores

mean great rates for you on your loans and credit cards. Someone

with a lower score, on the other hand, is a higher credit risk

and may qualify for less attractive interest rates. Very low scores

may be denied credit altogether.

STRIVE FOR A STELLAR CREDIT HISTORY.

Five factors paint your overall financial picture. The following

pie graph shows the weight of each element used in determining

your credit score:

By managing your personal portfolio of credit factors wisely, you

can keep your credit history in good standing:

• Payment history: Pay bills on time.

• Amounts owed: Keep balances low. Don’t “max out” your

credit cards.

• Length of credit history: Manage some of the same accounts

for a long period of time to create a positive history of

payments.

• New credit: Don’t open many new credit cards simultaneously,

and avoid opening and closing accounts frequently.

• Types of credit used: Use credit wisely. Lenders look at a

combination of your credit card accounts and loans to gain

an overall view of your situation.

BEING A BOY SCOUT OR GIRL SCOUT MAY NOT BE ENOUGH.

You think your finances are in order and the time has come to

apply for that mortgage. Your lender comes back and says your

credit score is good but not great. You thought you did

everything right! What happened?

Lenders often look at more than just your FICO number. A

lender may evaluate your assets, employment history and cash

flow, for example. But if you are well qualified in all of these

areas, the problem is likely due to errors on your credit report!

It pays to keep your credit report in check so that you know

where you stand. You’ll be able to get the loans you need, when

you need them, without delays or complications.

Thought getting good grades was kid stuff? Think again! We are graded each day on how adeptly we

manage our finances—the way we make purchases and the way we pay our debts. In fact, the financial

snapshot of every American ultimately can be summed up with just one number, and that is what’s

known as your credit score.

Payment History 35%

Amounts Owed 30%Length of Credit History 15%

New Credit 10%

Types of Credit Used 10%

SOURCE: MyFico.com

What is Your Credit Score?


HOW TO CLEAN UP MISINFORMATION ON YOUR REPORT.

To clean up your credit, order credit reports online. Go to

www.affinityfcu.org, click on loans, then click online credit

report. Or, go to www.annualcreditreport.com (877-322-8228).

Alternatively, you can order online or by phone from each of the

three credit agencies: TransUnion.com (800-888-4213),

Experian.com (888-397-3742) and Equifax.com (800-685-1111).

Fortunately, a new law went into effect recently that requires the

national credit bureaus to provide you with one free credit

report per year. (If you want your credit score included, you’ll

have to pay for it.)

Examine your credit reports carefully. According to Guide to

Understanding Personal Finance, common errors include:

• Confusing you with someone else with the same name;

• Confusing you with someone who has a similar social security

number;

• Including incorrect information;

• Failure to incorporate changes based on information you or

your creditors supply; and

• Failure to remove damaging information after an issue has

been resolved.

If you do catch errors in your report, you must notify the credit

bureau that issued the report. Credit bureaus will provide you

with specific instructions for filing disputes when you receive

your credit reports.

Helpful Tip:Combat identity theft by putting a freeze on yourcredit report. A credit freeze keeps your credit filecompletely off limits. You must use a PersonalIdentification Number (PIN) to lift the freeze whenyou want to apply for credit to allow a creditor toview your report. Contact a credit bureau to getmore information on freezing your credit report.

For more information, call 800-325-0808 or visit us at www.affinityfcu.org.

Protect Yourself From Identity TheftMonitoring your credit reports regularly will not only help you keep an accurate record,it will also help alert you to fraudulent activity. Identity theft occurs when someone elseuses your name and credentials to get credit cards and other loans. In fact, credit cardfraud is one of the most common types of identity theft, according to Equifax.

One way you can protect yourself is to sign up for a fraud-alert monitoring service.

Affinity is proud to be the first financial institution in the state of New Jersey to offercomprehensive Identity Theft coverage to all of its members for FREE! We have partneredwith Identity Theft 911™, the nation's leading provider of identity theft informationand resolution services. Identity Theft 911TM provides victims of identity theft:

• A personal advocate who works with you one-on-one until the crisis has been resolved

• Systematic notification of agencies,businesses and institutions

• Comprehensive case file creation forinsurance and police

• Preparation of all needed documents

• Comprehensive 3-in-1 credit report

• Threat alerts and consumer education

• One year of credit monitoring and fraudmonitoring

SOURCE: Kiplinger’s Personal Finance Magazine, “ReportCard on Credit Reports,” September 1, 2005

Want to learn more about how to improve your creditscore? An Affinity Budget and Score Enhancement Coachcan help. Get started today by calling 800-325-0808.

SOURCE: - MyFico.com, the web site from Fair Isaac and Company - The Wall Street Journal Guide to Understanding Personal Finance,

Kenneth M. Morris and Virginia B. Morris, © 2004 Lightbulb Press.- TransUnion, Experian and Equifax.


A F F I N I T Y N E W S

Reaching out to not-for-profit andcharitable organizations within ourcommunity is an ongoing commitmentfor all of us at Affinity. One of theways we accomplish this is throughemployee volunteer initiatives which helpfoster a spirit of caring and concernfor those in difficult circumstances.

Most recently, Affinity employeesvisited the Amandla CrossingTransitional Housing Program in Edison,New Jersey to deliver a donation ofdiapers and wipes. Amandla Crossing

is operated by Middlesex InterfaithPartners with the Homeless andprovides transitional housing andsupport services for single-parent,homeless women.

“Service-oriented initiatives such as the visit to Amandla Crossing are soimportant to the credit union ideologyof giving back to our communities,”explained John Fenton, President andCEO of Affinity. “Affinity advocates allaspects of volunteerism to improve thelives of others.”

Affinity Federal Credit Union Reaches Out

Watch for these exciting changes and upcoming events:

Stay InformedWant to be the first to know about our new products and services? Subscribe to our email news bulletins by sending anemail to [email protected] with the words "Subscribe Affinity News" in the subject or body of the message.

• New Hillsborough Branch Coming Soon.In late Spring, Affinity will open its new location in Hillsborough, N.J. at the Hillsborough Promenade on Route 206 nearLowe's. For more information call 800-325-0808 or visit www.affinityfcu.org.

• Extended Saturday Hours.At many of our branches, we’ve extended our Saturday hours! The new hours are: Saturday 9 a.m. to 1 p.m.

Extended hours are available at the following branches:

• ATMs, ATMs and More ATMsAccessing cash is easier than ever. Our network of surcharge-free ATMs has grown from 20,000 to 50,000. To find the location nearest you visit us at www.affinityfcu.org/locator or call 800-325-0808.

• Don’t miss our Annual Car Sale Event: Saturday, June 3rd from 9 a.m. to 3 p.m., rain or shineAFCU Headquarters, 73 Mountain View Blvd., Basking Ridge, NJ. Members andnon-members can shop for certified, previously leased vehicles. Financing isavailable to qualified applicants.

Cedar Knolls

Country Mile

New Providence

Mountain View

Bedminster

Piscataway

Middletown


5 Car Buying Tips ThatCan Save You Money.1. Comparison shop.

You can save money by simply shopping around. Getprices online at sites like Edmunds.com and call severaldealers to find the lowest price.

2. Don’t skimp on the down payment. The larger the down payment, the lower your paymentsare likely to be over the long term.

3. Take advantage of rebates.If the car you desire comes with a rebate, apply it to yourdown payment to reduce the amount of your loan.

4. Read the fine print.Make sure you have the option to pay off your loan earlywithout incurring penalties, fees or additional charges.

5. Get quotes from a variety of insurance companies.Be sure to include the company that is insuring yourhome; you may see significant discounts.

Affinity Auto Consultants Are Ready to Put You in the Driver’s SeatRemember, Affinity Auto Consultants are available toassist you with your auto needs! We provide:

Call us at 800-325-0808 or visit www.affinityfcu.org

• Negotiation serviceswhen you are ready topurchase a new car

• Auto insurance - NJresidents only

• Leasing services

And of course Auto Loans.Our Customize YourPayment program tailorsyour payment to yourbudget. Ask us for details.

Ready to Step Up to the Plate?Buy a New Hybrid Vehicle in 2006 for a Grand-Slam of Savings.Starting January 1, 2006 buying an approved hybrid vehicle can entitle you to asizeable federal tax credit ranging from $250 to about $3,600. Eligible vehiclesinclude the Toyota Prius, Honda Civic GS, Ford Escape Hybrid, Chevy SilveradoHybrid and Honda Insight.

A tax credit is more valuable than the equivalent tax deduction since it’s a directdollar-for-dollar reduction in your tax liability. This tax credit will be phased out for each manufacturer once that company has sold 60,000 eligible vehicles so it pays to act fast.

For more information visit www.energy.gov/taxbreaks.htm or contactyour hybrid auto manufacturer.

Welcome!Since the last edition of Connections, the following companies have joined the Affinity FederalCredit Union family. We’d like to thank you for choosing Affinity. Choosing Affinity puts you invery good company. Affinity is the largest credit union in NJ and is ranked in the top 1% of allcredit unions nationwide. Regardless of your company size, we provide you with an opportunity to make your benefits package more competitive. We’re at your service to help you with yourfinancial needs. You can count on us to provide the individual attention you expect.

1 Bernards Twp. PBA Local 357

2 Somerset Home for TemporarilyDisplaced Children

3 Palavi Handicrafts

4 Graphic Research Unlimited, Inc.

5 DLL Holdings, LLC

6 La Jolet Salon

7 Allan Industries, Inc.

8 Anderson House, Inc.

9 Courier News

10 EasyLink Services Corporation

11 Sarnoff Corporation

12 Jewish Family Service of Somerset, Hunterdon and Warren Counties

13 Northern Building Products

14 The Folk Project

Your strength is in

our numbers!

• 50,000 surcharge -FREE ATMs.

• 1,700 shared branches—just like doing business at Affinity.

• 24/7 account access—online or via automated phone service.

Find the closest ATM or branch in secondsat www.affinityfcu.org/locator.

As always, Affinity’s Member ServiceCenter is ready to answer your questions.Call 800-325-0808 to learn more.

If you know of a business that wishes to take advantage of offering the benefit of Affinity membershipto their associates, please have them call 800-325-0808. We’ll be happy to talk to them about theCredit Union Difference.

FFoorr yyoouurr ccoonnvveenniieennccee,, hheerree iiss aa lliissttiinngg ooff AAffffiinniittyy PPuubblliicc AAcccceessss BBrraanncchheess aannddtthheeiirr hhoouurrss::

73 Mountain View Blvd.Basking Ridge, NJ 07920

Std. PresortPAIDPermit No. 5Philadelphia, PA

FEDERAL CREDIT UNION

73 Mountain View Blvd.Basking Ridge NJ, 07920LobbyMonday-Wednesday, Friday, 8:30-4:00Thursday, 8:30-6:00Saturday, 9:00-1:00

Drive UpMonday-Friday, 8:30-6:00Saturday, 9:00-1:00

1520 Route 206 NorthBedminster NJ, 07921LobbyMonday-Wednesday, Friday,8:30-4:00Thursday, 8:30-6:00 Saturday, 9:00-1:00


235 Ridgedale AveCedar Knolls NJ, 07927Monday-Friday, 8:30-6:00Saturday, 9:00-1:00

Saint Clare’s Hospital25 Pocono RoadDenville NJ, 07834Monday-Wednesday, Friday,8:30-4:00Thursday, 8:30-4:30

Saint Clare’s Hospital400 W. Blackwell StreetDover NJ, 07801Monday-Wednesday, Friday, 8:30-4:00 Thursday, 8:30 - 4:30

1860 Route 35 SouthMiddletown NJ, 07748Monday-Friday, 8:30-6:00Saturday, 9:00-1:00

1098 Mt Kemble AveMorristown NJ, 07960LobbyMonday-Thursday, 8:30-4:00Friday, 8:30-5:00 Saturday, 9:00 - 1:00


A&P Shopping Center598 Central AvenueNew Providence NJ, 07974Monday-Friday, 8:30-6:00Saturday, 9:00-1:00

15 East Midland AvenueParamus NJ, 07652Monday-Wednesday, Friday,8:30-4:00Thursday, 8:30-5:30

1342 Centennial AvenuePiscataway NJ, 08854LobbyMonday-Wednesday, Friday,8:30-6:00Thursday, 8:30-7:00 Saturday, 9:00-1:00

Drive UpMonday-Wednesday, Friday,8:00-6:00Thursday, 8:00-7:00 Saturday, 9:00-1:00

www.affinityfcu.org | 800-325-0808C O N T A C T U S O N L I N E O R B Y C A L L I N G O U R M E M B E R S E R V I C E C E N T E R :

real estate - windstreamhome.windstream.net/marcyroberts/images/affnewslet.pdf · 2013-12-04 · in...

Documents