Welcome to Oak Trust Credit Union

As a not-for-profit financial cooperative, owned and operated for the members, you’re more than an account number – you are part of the Oak Trust family! Since there are no stockholders to pay, we are able to offer higher dividend rates on deposit accounts and charge lower rates on loans. Additionally, we offer a full range of convenient low-cost financial services that fit your lifestyle.

image 1image 2image 3

 

Apply for a Real Estate Loan Today!

Mortgages – Perfect for New or Experienced Home Buyers

Apply for a Mortgage today!

Real Estate Loans from Oak Trust Credit Union

Whether you are financing your first home or moving to a new home, we offer smart, simple solutions to fit your needs. Choose from a full range of home financing options, including fixed and adjustable rate loans. Special programs are available for first time home buyers and borrowers with imperfect credit.

You can count on Oak Trust for competitive rates, low closing costs and knowledgeable professionals to guide you through the entire loan process.

Homeowners Insurance Program – Rent or Own, the MEMBERS® Auto and Homeowners Insurance Program will protect it all. Click for a FREE rate quote.

Apply for a Mortgage today!

 

5 Reasons to Shop at a Credit Union for Car Loans

Many times you’ll find better rates and more-personalized customer service at a credit union over a commercial bank.

When you’re in the market for a new or used car, you’re probably thinking about financing the vehicle. While dealerships make their own financing programs sound especially attractive, it’s always a good idea to shop around for the best auto loan rates—starting with local credit unions.

Mike Schenk, vice president of economics and statistics of the Credit Union National Association, says there are several reasons why you’ll be better off choosing a credit union over a commercial bank. Here are five of them:

  1. You have a better chance of having your loan approved. If you have mediocre credit or have had credit problems in the past, a credit union might be “more likely to listen to your story than a commercial bank,” says Schenk. If you’re worried you might get turned down for a car loan because of your credit history, consider approaching a credit union before you talk to a lender at a commercial bank. Even though the loan application process is the same and the underwriting process is similar, the credit union may make some adjustments that a commercial bank would not. Many credit unions are more inclined to listen to its members’ needs and unique situations—sometimes adjusting terms of a loan accordingly.
  2. Lower rates. A five-year term is the most common loan term for a new or used car, and rates at a credit union are typically much lower than the average rate at a competitor bank. According to the latest report from the market research firm Informa, the average rate on a new car loan of $30,000 from a commercial bank is 4.16 percent, while the average rate on a new car loan for the same amount from a credit union is 2.82 percent; that’s more a 1.3 percent difference and equates to a difference of $215 a year, or $1,100 over the life of the loan.
  3. Personalized service. Credit unions are non-profit organizations and work to provide members with high-quality customer service. Since operations decisions are made by a group of volunteer board members—rather than a corporate office—members tend to have a more personable experience at a credit union. You can openly discuss your concerns about your loan, talk about flexible repayment options and review your financial situation with a dedicated professional. This can alleviate some of the pressure of applying and securing financing for your new or used vehicle and you can be more confident that the credit union is working with your best interests in mind.
  4. Educational resources readily available. Schenk explains that almost all credit union branches have a dedicated education and resource center, where members can learn more about financing options and how to make the best decisions when assessing the value of their car purchase. If you’re a first-time car buyer and apprehensive about the loan process, you can turn to a credit union for unbiased answers. “The branch can show you how to calculate the real value of your car—not just what the dealership declares as the value of the vehicle—and make a better decision about the deal,” says Schenk.
  5. Non-sales approach. Unlike commercial banks, which often grant their lenders bonuses or some type of compensation for the loans they get approved, credit unions work for their members and aren’t driven to sell you anything that equates to extra money in their pocket. All profits from members end up going back to them in the form of lower rates on other financial products, such as savings accounts, and more flexible loan options. If you don’t like the pressure of working with lenders from a commercial bank, consider heading to a credit union for a less sales-oriented approach—and potentially rewards in the form of better financial products and services.

Article originally posted by Sabah Karimi at Money.USNews.com

 

Are Credit Unions Good Sources for Home Loans?

With many banks losing their credibility by the day, and loans continuing to evaporate, could a local credit union be the answer for finding a great deal on your next home loan?

What is a Credit Union Anyway?

Credit unions are similar to banks in that they accept deposits, offer checking and savings accounts and provide credit for a wide range of needs including auto loans and home loans.

However, credit unions differ in that they are member-owned financial cooperatives. They promote themselves as “not-for-profit” organizations designed for building up the local community, which gives them tax and operating advantages over banks that are clearly not charitable institutions.

The American Bankers Association regularly lobbies against moves by credit unions to expand their lending capabilities as they feel that they have an unfair competitive advantage. Lower operating costs have often enabled these unique financial institutions to offer extremely low mortgage rates and low closing costs. However, due to their loyalty to their members, they could be more conservative in their lending in some circumstances.

While you may not have thought about approaching credit unions for a home loan before, they are certainly not new to the mortgage game. In fact, during the recent hard times other lenders have been through, credit unions increased their mortgage volume from $55 billion in 2006 to $96 billion in 2009.

Advantages of Choosing a Credit Union for Your Home Loan

While borrowers will essentially find that credit unions offer the same types of banking and lending services as actual banks, these institutions promote themselves as the best choice for various reasons, including:

  • Low mortgage interest rates
  • No fees
  • Personalized service
  • Speedier closings
  • Better rates on other credit products including auto loans
  • Higher returns on CDs to offset borrowing costs

Do Credit Unions Have the Home Loans I’m Looking for?

While different credit unions may offer slightly different loan programs and options, you can expect to find a full range of mortgage solutions for purchasing a home, refinancing and completing home improvements.

Borrowers will find a variety of conventional mortgage options available, including 30- and 15-year fixed-rate mortgages, ARMs (adjustable rate mortgages) of varying lengths, home equity loans as well as government backed home loan programs like FHA and VA home loans and HomePath Financing. Basically, anything you’ll find offered at your local bank you’ll find here.

Why Doesn’t Everyone use Credit Unions for Home Loans?

Obviously, despite their growth, most people don’t turn to credit unions for their loans. Why not?

For many it is because they simply don’t understand how credit unions work or don’t know that they offer home loans. Secondly, these loans are only available to members of credit unions. Membership for most types of credit unions is restricted to certain groups. The most popular are corporate credit unions and industry specific ones. However, with more than 7,000 state chartered or federally chartered credit unions across the U.S., and a growing number of location-based community unions, there are many options to explore no matter where you live or want to move.

Of course, the home loans that are offered by credit unions aren’t always a great fit for everyone. Even those who are credit union members may not get approved for the loan they want.

Borrowers also shouldn’t blindly fall for the slick marketing and promises of better deals without shopping around. Always explore all of your options and make sure you are getting a fair deal. This is especially true of the “not-for-profit” aspect. Credit unions don’t just give money away.

Those who don’t fit the conventional loan mold and need more lenient underwriting guidelines, alternative lending options, and more flexibility – or real estate investors who have already maxed out the number of loans they can have with one institution – should look further afield before giving up.

Depending on the specifics of your situation, you may want to check out specialist construction or rehab lenders, hard money lenders, or talk to a mortgage broker or loan officer who is an expert in helping self-employed borrowers or those with credit or documentation challenges.

Article originally posted by  Tim Houghten at Realestate.com 

 

 

Ways to Use Your Credit Card without Accumulating Debt

Taking smart decisions about credit card usage is of uttermost importance when trying to avoid debt. A credit card is highly convenient but it always comes with a risk of over-spending and facing difficulties repaying the debt.

To use your credit card smartly, you will have to do some rethinking about your spending habits. Do you have any idea what items you pay for with your credit card? Analyzing expenditure and coming up with a plan will help you benefit from the credit card without accumulating debt.

Understand All Terms and Conditions

Getting a credit card means that you will have to sign a legally binding agreement. Many people just put their signature at the bottom of the page without taking the time to read what they are getting into.

Make sure that you understand all the terms and conditions before the credit card gets issued. Credit cards come with a grace period, during which you can repay the sum that you used during the month. Failing to repay the amount means that you will have to pay both the amount and an interest rate determined by the bank.

You should also familiarize yourself with the contract termination terms. Know and understand your consumer cards to make the most of your credit card.

The Signs of Credit Card Debt

Certain hints will help you out when the situation is becoming uncontrollable. Once you get into credit card debt, you will experience significant difficulties making the full repayment.

Some of the early warning signs of credit card debt include charging more than you pay, ignoring credit card statements, balance transfers to avoid payments, the lack of a payoff plan and the use of the credit card for the purchase of very expensive or very basic items.

All of these signal of credit card disaster. An intervention will be necessary, especially if several of these signs are occurring at the same time.

Control Impulsive Shopping

Many people fall into debt simply because they have difficulties resisting a purchase. According to the stereotype, women are the ones who are incapable of going without another pair of shoes or a bag. Yet, men fall the victim of impulsive shopping, as well.

Leave your credit card at home when you go out for a walk. Take some cash with you and it will be sufficient for a coffee, a cab home or any other small expenditure.

If you are experiencing some financial difficulties, come up with a shopping plan. Working on your budget in the beginning of the month will be a difficult adjustment but it will help you control impulsive spending.

Repay Debt as Soon as Possible

If you have already accumulated debt, you should figure out a way to make the repayment as soon as possible.

The goal of a quick repayment is to prevent the interest from accumulating on top of the sum.

Sometimes, borrowing money will be necessary. Understand that the money given to you by mom or a friend does not mean you have dealt with the debt. Borrowing should be a last resort option.

Examine Credit Card Statements Carefully

To assist your financial planning, always go carefully through the credit card statements.

They will make it easier for you to figure out what your major types of expenditure are. You will also get to notice whether any unusual purchases are connected to your credit card. The assistance of a forensic accountant will be needed in such a situation. It is possible for you to be the victim of a scam, especially if you do a lot of online shopping from shady websites.

Article originally posted by John Mathew at Debt Roundup

 

 

SMART, SIMPLE MORTGAGE SOLUTIONS

Smart, Simple Mortgage Solutions
 

FREE VISA Balance Transfers

2013_01_creditcard
 

FREE CHECKING

2013_01_checking1