e Relationship of a Lifetime IN THE Know Spring 2016 The Newsletter for Our Members If you are a homeowner, you may be tempted to extract some of your savings and use it for immediate wants or needs, but would that actually be a smart investment? Can you cash-out your Home Equity Loan to fix a leaky roof, or finance your child’s college tuition? Here are a few common Home Equity “cash-out” scenarios and why they may–or may not– be the best idea. 1. Using Home Equity to Renovate; Home Improvement is the “No. 1 use” of home equity loans. e advantage is clear if you bought a home with remodeling in mind. Your equity could be used for something as simple as repainting your kitchen or making room for your new garage band with an addition. e opportunity is even more attractive if your home’s value has increased and there is a larger equity cushion. 2. Using Home Equity to Invest; Home equity can be used to invest for a higher return as long as interest rates remain low. It can be a good source of funds to start that business you have always had in the back of Reasons Home Equity to use your mind. Just make sure you consult with an objective advisor to ensure that your investment is sound. 3. Using Home Equity for Student Loans; Using your home equity could be an enticing way to finance your child’s education because the interest rate could be lower and the maximum loan amount higher than other types of education financing. However, this strategy is not risk free. Always keep in mind that, “kids are much better off with financially secure parents than they are being financially secure and having to take care of their parents later in life.” Making a decision to extract your Home Equity is not easy. It all comes down to being informed and responsible borrowing. At GHS, our goal is to help you achieve your unique financial dreams and we are always available to help you make those tough decisions. For More Information: www.bankrate.com/finance/home-equity/reasons-to-use- home-equity-1.aspx
Transcript
The Relationship of a Lifetime
IN THEKnowSpring 2016
The Newsletter for Our Members
If you are a homeowner, you may be tempted to extract some of your savings and use it for immediate wants or needs, but would that actually be a smart investment? Can you cash-out your Home Equity Loan to fix a leaky roof, or finance your child’s college tuition? Here are a few common Home Equity “cash-out” scenarios and why they may–or may not– be the best idea.
1. Using Home Equity to Renovate; Home Improvement is the “No. 1 use” of home equity loans. The advantage is clear if you bought a home with remodeling in mind. Your equity could be used for something as simple as repainting your kitchen or making room for your new garage band with an addition. The opportunity is even more attractive if your home’s value has increased and there is a larger equity cushion.
2. Using Home Equity to Invest;Home equity can be used to invest for a higher return as long as interest rates remain low. It can be a good source of funds to start that business you have always had in the back of
ReasonsHome Equityto use
your mind. Just make sure you consult with an objective advisor to ensure that your investment is sound.
3. Using Home Equity for Student Loans; Using your home equity could be an enticing way to finance your child’s education because the interest rate could be lower and the maximum loan amount higher than other types of education financing. However, this strategy is not risk free. Always keep in mind that, “kids are much better off with financially secure parents than they are being financially secure and having to take care of their parents later in life.”
Making a decision to extract your Home Equity is not easy. It all comes down to being informed and responsible borrowing. At GHS, our goal is to help you achieve your unique financial dreams and we are always available to help you make those tough decisions.For More Information:www.bankrate.com/finance/home-equity/reasons-to-use-home-equity-1.aspx
President’s MessageIt is Spring time and many of us will be doing our spring cleaning. In my house we donate to charity the possessions we no longer use and throw out the broken. We should not only be doing that in terms of physical items but also services that we purchase. In this spirit I would like to re-emphasize the many wonderful benefits of belonging to GHS FCU versus other financial institutions.• GHS is a cooperative owned by our members Our goal is to provide members with superior customer service and affordable financial services. In the American Customer Satisfaction Index 2015 survey from CFI Group, credit unions beat banks, with customers rating their overall satisfaction at a score of 87 out of 100, 8 points greater than the banking average. At GHS we have average customer service scores of 90.
• GHS is a not-for-profit organization; we are able to pass our tax savings on to the membership through lower loan and credit card rates and higher dividends on your savings accounts. We function in a traditional setting whereas we take deposits from members to make loans to other members. Everybody wins.
• Being able to have access to your funds anytime, anywhere is important. We have a superior online banking application, allow you to make check deposits via your cell phone and are members of the CO-OP ATM network which includes almost 30,000 surcharge-free cash machines nationwide.
• At GHS Federal Credit Union, we pride ourselves on being a top source for financial information, helping you learn how to make smart money decisions; we call this financial literacy. Because we know it is best to start teaching financial literacy when people are young, your GHS Federal Credit Union Business Development Team partners with a number of school districts as part of the Banzai Program personal finance curriculum. This adolescent financial literacy program teaches high school and middle school students how to prioritize their spending decisions. As our members grow with us, the GHS Federal Credit Union website provides articles, tools and other resources for our valued members that can be accessed 24 hours a day. Lastly, we have a caring, friendly and knowledgeable staff to answer any financial question any member may have.
Your GHS FCU team enjoys being able to serve your financial needs. We are always available to our members and look forward to helping you achieve your financial dreams. We are committed to building a relationship of a lifetime. Warmest regards, Howard Meller
Check it Out!Please join us in welcoming our first quarter (1Q) new hires to GHS Federal Credit Union. Our recent new hires bring exceptional service, skills, and experience to support our members and are a great addition to the GHS Team! You will see these new faces at our Court Street and Main Branch.
Welcome Taylor, Jade and Stephanie!
Sarah was recently promoted to Senior Member Service Representative in our Norwich Branch. She has been a member of the MSR team for the past year. In her new role, she will continue to support our member’s needs and provide support and guidance to the MSR team. When in our Norwich Branch, be sure to congratulate Sarah!Our new loan officer in our Main Branch on Front Street is Jessica. Jessica joined GHS as a Sales/Service Representative. Her sales skills, along with the experience she brought to GHS, enable her to successfully support our members lending needs. Stop in to see Jessica and learn more about our great lending products. Congratulations Jessica!
GHS Federal Credit Union is pleased to announce that 20 employees recently graduated from an in-depth 18 week training program. The program, Value Add Sales and Service, expanded and developed team skills from understanding their member, active listening, and building rapport in order to determine member needs, presenting products and services to closing the sale. The program was presented in, 8 bi-weekly, learning modules. We are very proud of their efforts, contributions and accomplishments! We would like to recognize and congratulate them.Teammates: Amy Ahner, Pat Aqualito, Jennifer Bruce, Joe D’Introno, Kim Ehrets, Alicia French, Alaina Heath, Joan Marean, Stephanie Marsh, Leigh Odell, Dallas Perez, Shauna Rapuzzi, Michelle Robinson, Kristi Scales, Colin Tarr, Freda Tibone, Jean Wharton, and Sarah Williams.
GHS has been taking progressive steps to increase our technology and make sure that we are accessible to all members, all the time. Over the last few months, we have introduced DocuSign. DocuSign is a service that will allow the loan officers and the borrowers to sign their documents remotely, and for most members, never having to leave the comfort of their homes. As an existing member, you are able to sign your documents from the same computer, tablet, or smartphone that you applied from. If you choose to apply in person, you will not be walking out with a large packet of paper anymore. DocuSign will allow you to sign on a tablet with the loan officer, and then have all the documents securely emailed to your personal email address. Either way, we want to bring you financial peace with ease.
VASS Training
What is DocuSign?Please join us in congratulating GHS team
members who have received recent promotions.
Board of DirectorsJeffrey Kerr, CFA, Chair
Paul Battisti, Esq., Vice ChairPatricia J. Clark, Treasurer
Howard Meller, President/CEODonald Schmitt, Vice Presiden/Finance
Traci Cerasaro, Director/HR
Senior Management
Cindy TokosDavid Sebastianelli
Mark Knebel
Supervisory Committee
GHS Federal Credit Union is currently recruiting for:
IT ManagerFinancial Advisor
Please visit our website: GHSfcu.com/careers
to learn more & apply!
Open Positions
Holiday ClosingsMemorial Day, May 30th
Independence Day, July 4thLabor Day, September 5th
GHS was happy to have the opportunity to partner with Maine-Endwell’s Entrepreneurship class this semester by getting students involved in our marketing. Mrs. Murat has been teaching this business class for the past 3 years and says “providing the students with real world experience needs to be a priority”, and GHS definitely agrees!Our President and Business Development Manager made a visit to the class to explain what separates GHS from competitors and how we always put our members first. The students were then given free rein to create a commercial for GHS about services that we offer. Twenty-three entries were made before the class narrowed it down to the “Top Ten”. Howie and Jennifer then made another visit to the class for the top ten commercial presentations. The Three Finalists now have their commercials posted on GHS’ Facebook page for the community to weigh in and vote for the winner!We encourage our members to get involved by sharing the posts and voting for their favorite commercial from these students. The contest will be running until the end of May and the winner will be announced during the first week of June. Be sure to follow our Facebook and Twitter for updates on our “Real World Marketing” contest!
Real World Marketing
(800) 732-4447(607) 723-7962
www.GHSfcu.com
Explore our Social Media channels as we revamp our content specifically for you!Shred Day
