Spring 2014
News & Information for Pittsford Federal Credit Union Members

Save on Your First Home

Do you dream of owning your first home? We are excited to offer a new First Time Home Buyer Program designed to help you make your dream a reality. We know how difficult the last few years have been financially. We want to make owning a home easier and more affordable with the following program features.

Low Rate

Our budget-friendly 5/5 adjustable rate mortgage is 2.75% for the first five years. While most adjustable-rate mortgages may adjust annually, our new 5/5 ARM may only adjust every 5 years. After the first five years, the maximum rate change per adjustment is 2% up or down, and the highest the rate can adjust is 6% over the initial rate.

Up to 97% Financing

The minimum down payment is just 3%. Not 20%, not 10%, not even the 5% normally required as a minimum down payment for a mortgage.

Less Cash to Close

With a lower required down payment, the "cash" required to close is also reduced. Further, we'll reduce your costs by paying for your appraisal and credit report(s) – an additional savings of up to $375.

Gifting Accepted

Another great feature of this product is that the entire down payment – plus closing costs – may be a gift from a relative. Now, this gets a bit technical, but conventional mortgages require borrowers to utilize their "own funds" for closing costs. In some situations, like for those with a FICO credit score under 720, you may need to show you do have funds for closing costs. Our mortgage representatives will help explain this if it applies in your situation.

Service Guarantee

We always service our mortgage loans, so you won't be making your payment to some P.O. Box in another state. Your relationship will be with us, and we cherish the opportunity to help you.

Where to Begin

When considering the purchase of a new home, we recommend starting with a pre-approval to know what price home fits your situation best. The pre-approval process can begin weeks, months, or even a year before you buy your home, so don't hesitate to begin the process today at PittsfordFCU.org/FTHB.

We are also available to discuss your situation in person. If you would enjoy a conversation regarding the mortgage process, simply call us at (585) 381-3885 to schedule an appointment.

Some dreams can come true. We look forward to helping you purchase your first home.

Example Based on $100,000 5/5 ARM Loan

Months

Rate

Points

APR

Payment*

First 60

2.750%

0

2.515%

$408.24

Next 300

2.375%

0

2.515%

$391.46

* Payments shown do not include taxes or insurance, actual payments may be greater. For first time home buyers only, which means a borrower who has not owned a home in the last 3 years. Other restrictions may apply. Rate is variable and can change by no more than 2 percentage points every 5 years with a lifetime maximum adjustment of 6% (8.75% for this example). Since the index in the future is unknown, the First Adjusted Payments displayed are based on the current index plus margin rounded to the nearest eighth of a percent (fully indexed rate) as of March 5, 2014.

 


Three Simple Ways to Protect Yourself

As fraudsters become more creative and merchant data breaches become more common, we want to assure you that we are doing our very best to protect you as a consumer and, most importantly, as our valued member.

Because we understand the frustration and hassle involved when a new card is received, we evaluate each data breach closely. We reissue only when we feel it is necessary to protect your financial well-being, as well as that of the credit union.

To have the best experience possible when making purchases with your PFCU credit or debit card, follow these tips:

At Pittsford FCU, we take the security of your card information very seriously. We are now in the process of implementing the most current technology to thwart fraud. Our early adoption of "chip-enabled" cards will provide greater acceptance outside of the United States and provide an additional layer of security when making purchases. More information on chip-enabled cards and when you can expect to have one in your wallet will be coming soon.
If you suspect your card information has been compromised, please call (800) 836-8010 or visit reportmycards.com 24/7.


Congratulations, PFCU Scholarship Winners!

Seven college-bound seniors have each won a $1,000 scholarships in recognition of their outstanding academic achievement and community involvement. Two recipients were selected for the $1,000 Rochester Chapter of the Credit Union Association of New York (CUANY) Scholarships, while Pittsford FCU funded an additional five scholarships. This is the 12th year that Pittsford FCU members were awarded scholarships, with a total of $66,000 distributed to outstanding Pittsford FCU members.

Rochester Chapter of CUANY Scholarship Recipients:

Pittsford FCU Scholarship Recipients:

Photo: Scholarship recipients Tessa Zavislan, Ian Marshall, Margo Maybeck, and Owen Vanderbilt receive their scholarships at Pittsford FCU.


Dedicated Volunteer Retires from Service

We would like to bid a fond farewell to Eloise Terho, who is retiring from her position on the Supervisory Committee after dutifully serving as a volunteer for more than 35 years. After serving our country as a member of the Navy in World War II, Eloise became a school teacher in the Pittsford School district and became involved with the Credit Union. We were honored to have someone as special as Eloise with us throughout the years as such an integral part of our credit union. Thank you, Eloise, for all you have done.


Drive Away Happy

Enjoy great rates on new and used vehicles, and get your best deal using the vehicle buying resources available in our branches or at PittsfordFCU.org/auto.

* Rates accurate as of 3/28/14 and are subject to change without notice. New autos – 2012 and newer. Used Autos – 2011 or older. All loans and credit cards are subject to approval and must meet credit granting terms and conditions. Rates do not apply to refinance of an existing Pittsford FCU loan.