Mortgage rates fall
Mortgage Rates Fall to 30-Year Lows
Home buyers, existing homeowners enjoy
big savings
That's good news for people who want to buy a home, or refinance the one they already own. Lower interest rates allow homeowners to reduce their monthly payments, and use the savings for other things, like home repairs and college tuition payments.
Remember:
Thanks to our OceanView Mortgage subsidiary, even non-members now qualify
for a low-interest mortgage from Ocean Communities. Call any branch for more
information.
Some homeowners refinance to shorten the length of their mortgage, so they can pay it off sooner. Others want to consolidate credit card debt or other types of debt, and have one lower monthly payment.
Still others want to get cash out of the equity in their homes. For example, a qualifying homeowner with a house appraised at $100,000 could borrow up to $80,000. If the homeowner has an existing mortgage for $50,000, he or she could refinance the existing mortgage for $80,000, take the $30,000 difference in cash, and still have only one payment.*
So... should you go for it now? Or wait and see if rates will drop even more?
Most experts advise doing it now. It's safe to assume that both fixed and adjustable rates will not remain at these low rates indefinitely. Lock in the low current rate, advise financial experts, and don't try to time it to get the absolute lowest rate. At today's historically- low rates, a quarter-point or even a half-point increase simply won't make that much difference. For example, even if the interest rate increased from 6% to 6.4%, the monthly payment on a $100,000 loan would only increase by about $25.
Contact your nearest branch for more information. They'll be glad to answer all your questions, and show you exactly how much today's low rates can save you.
Congratulations to the winners of the Ocean Communities 2002 fall promotion!
To spread the news about OceanLink, our exciting online banking service, the credit union recently gave away a Dell 4500S computer. The winner was Katherine Gallant of Kennebunk.
Second prize was a Hewlett Packard digital camera, won by Joyce Beaupre of Old Orchard Beach. David Dumond of North Waterboro won third price, a Palm handheld PDA.
The 2002 Fall Festival also included hundreds of smaller prizes, like Ocean Communities key lanyards and OceanLink mouse pads. Our thanks to the thousands of York County residents who entered!
Ocean Communities' OceanLink allows members to use their home or office computers to check account balances, transfer money between accounts, find out if a check has cleared, and much more. For more information, ask at any branch, or visit our website at www.OceanCommunities.com.
Ocean Communities
website
On October 25-26, Ocean Communities once again teamed up with Budget Rent-A-Car for our annual wholesale car and truck sale at the Sanford branch. Members and their guests enjoyed substantial savings on like-new cars and pickup trucks from Budget's fleet.
Each
vehicle was meticulously maintained and in showroom condition. Members were
invited to make requests for certain makes and models in advance.
During the two-day event, many members took advantage of the low prices -- and our low auto loan rates -- to drive home a like-new vehicle at a terrific price.
1 Pool Street
Biddeford, ME
284-5918
800-418-1486
Kennebunk
Shopper’s Village
Route 1 North
Kennebunk, ME
985-5722
800-231-2224
Sanford
48 Alfred Road
Sanford, ME
324-1350
800-230-1350
Old Orchard Beach
2 Cascade Plaza Suite 6
Old Orchard Beach
934-2445
888-877-2445
Ceremonies included our annual service awards, presented by CEO Joseph J. Chapin and VP Administration Judy Morin.
Again this year, our volunteer staff organization People Helping People has been working hard, raising money for the less-fortunate members of the communities we serve.
The latest raffles were for giant food baskets. Thanks to the generosity of our members, a check for $350 is going to Meals on Wheels.
Raffle tickets were sold at all four branches. The Biddeford branch winner was Norman Petit. Norman's wife is shown (right) with People Helping People coordinator Eileen Krutuleski. The winning ticket was sold by Diane Meehan.
In the Kennebunk branch, the winner was Nicolas Chen. Kim Ouellette sold the winning ticket.
The Sanford winner was assistant head teller Brenda Charlton. The winning ticket was sold by Tricia Reitan.
Our OOB branch winner was Elizabeth Milliken. Rita Brown sold the winning ticket.
Want to help?
During
the past year, People Helping People has raised thousands of dollars for area
charities (not including our efforts for the United Way -- see below). One recent
raffle, for an entertainment center, raised over $800
for area food pantries, an important effort during this winter season.
Won't you do your part? Support People Helping People by buying a beautiful gift basket at any Ocean Communities branch.
Baskets make great holiday gifts. Plus they warm your heart, knowing you've
helped those who have less. Anita Thibeault (left) and Stephanie LeBrun display
some of the season's finest.
OC United Way Campaign Raises $4500
Credit
Union employees really stepped up to the plate this year for the United Way
of York County.
Our United Way committee, under the leadership of Sandy Kittridge, Stephanie LeBrun and Beth Colomb, organized a car wash, gourmet pizza sales, bake sale, and a silent auction -- all to raise funds for the United Way.
Over $4500 was raised, a 75% increase over last year's totals.
For their hard work, Sandy, Stephanie and Beth
were saluted at the United Way Finale at the Dunegrass in Old Orchard Beach.
United Way officials praised them for the increased contributions and for their
outstanding efforts as campaign coordinators for the 2002 campaign.
Long Term Care Insurance Protects Your Retirement Nest Egg
Did you know the average monthly cost of nursing care in Maine
is $5700? That's $5700 per month, not per year. How long would your
savings last if you had to pay for long term care?
Not long enough, probably. Even $500,000 in retirement savings would be depleted after just six years of long term care.
Protect your assets. Call Chris Beliveau toll-free at 800-659-2858 and ask about affordable long term care insurance.
Christian Beliveau offers securities
through Allmerica Investments, Inc., a registered broker dealer, member NASD/SIPC.
Registered branch 43 Constitution Dr., Bedford, NH 03110. Telephone 603-471-0900.
Investment advisory and financial planning services offered through Allmerica
Investment Management Company Inc. (AIMCO), a registered investment advisor.
AII and AIMCO are subsidiaries of Allmerica Financial. Chris is an associate
of Northeast Planning Associates, which is neither a subsidiary of nor controlled
by AFC or its subsidiaries. Products and services provided (1) are not federally
insured; (2) are not obligations of the credit union; (3) are not guaranteed
by the credit union or any affiliated entity; (4) involve investment risk, including
the possible loss of principle, (5) Allmerica is not affiliated with the credit
union. 02-785N (05/02)
Deposit
Services
Share Accounts
Marty Moose Youth
Savings Program
Individual Retirement
Accounts (IRA)
IRA Certificates
Roth IRAs
Roth IRA Certificates
Share Draft Accounts
(checking)
Christmas Club
Loan Services
Collateral Loans
New & Used Autos
Recreational Vehicles
Signature Loans
Share Secured Loans
First Mortgage Loans
Home Equity Loans
Student Loans
Overdraft Protection
Loans
Delivery Services
VISA Check Card
ATM Cards
VISA Credit Cards
Wire Transfers
Insurances:
Loan Protection
Credit Disability
Accidental Death &
Dismemberment
Other Services
OceanLink
i-Statements
Payroll Deductions
Direct Deposit
Money Orders
Traveler’s Checques
Savings Bonds
Military Allotments
Night Depository
Drive-Thru
Notary Public
24 Hour ATMs
|
SHARE ACCOUNTS |
||||
|
|
|
Dividend |
|
|
|
|
Balance |
Rate |
APY |
Fees |
|
REGULAR |
$50,000.00 - and over |
1.25% |
1.26% |
None |
| SHARES |
$20,000.00 - $49,999.99 |
1.00% |
1.00% |
None |
|
|
$ 5,000.00 - $19,999.99 |
0.75% |
0.75% |
None |
|
|
$ 500.00 - $ 4,999.99 |
0.50% |
0.50% |
None |
|
|
$ 250.00 - $ 499.99 |
0.50% |
0.50% |
None |
|
|
$ 00.00 - $ 249.99 |
0.00% |
0.00% |
None |
|
|
|
|
|
|
| CASH |
$50,000.00 - and over |
1.74% |
1.75% |
None |
| MGMT |
$20,000.00 - $49,999.99 |
1.49% |
1.50% |
None |
|
|
$ 5,000.00 - $19,999.99 |
1.24% |
1.25% |
None |
|
|
$ 2,000.00 - $ 4,999.99 |
1.00% |
1.00% |
None |
|
|
$ 00.00 - $ 1,999.99 |
0.00% |
0.00% |
None |
|
|
|
|
|
|
| SHARE |
$ 2,500.00 - and over |
2.00% |
2.02% |
$3.00* |
| DRAFT |
$ 750.00 - $ 2,499.99 |
1.00% |
1.00% |
$3.00* |
|
|
$ 00.00 - $ 749.99 |
0.00% |
0.00% |
$3.00* |
|
* Share draft accounts
are not tiered, they are separate accounts. |
||||
|
PASSBOOK IRA |
$ 5.00 - and over |
1.49% |
1.50% |
None |
|
SHARE & IRA CERTIFICATE SPECIALS |
||||
|
8 Months |
$ 500.00 - and over |
2.13% |
2.15% |
None |
|
14 Months |
$ 500.00 - and over |
2.28% |
2.30% |
None |
|
AUTO & TRUCK LOAN RATES* |
||
| YEAR OF VEHICLE |
TERM |
APR |
|
2001 and newer |
24 Months |
4.25% |
|
2000 |
24 Months |
5.25% |
|
1999-1997 |
24 Months |
5.75% |
|
1996 |
24 Months |
5.75% |
|
1995 |
24 Months |
5.99% |
|
1994 |
24 Months |
5.99% |
|
HOME EQUITY LINES OF CREDIT* |
||
|
LOAN TO VALUE |
APR |
|
|
80% |
Prime Rate |
Prime Rate is currently 4.25% |
|
Rates effective 11/16/2002
The rates and yields appearing in this Rate
and Fee Schedule are accurate and effective for accounts as of the date
indicated. If you have any questions or require current rate information
on your accounts, please call Ocean Communities FCU.
This rate sheet is for information and is not advertisement for credit.
It is provided as a courtesy and is subject to change without notice.
|
||
Visit us on the web at
www.OceanCommunities.com
Scott Chrétien ~ Treasurer Marilyn St. Jean ~ Secretary
Ronald Giles ~ Director Michelle Robert ~ Director Paulette Millette ~ Director
Newsletter created by Maine Creative