Home Advantage Program

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1 It s time for fun in the sun whatever your plans are, don t forget to take LAPFCU with you! Save Thousands with LAPFCU s New Home Advantage Program Summer is one of the best times to make a move kids are out of school, more properties are on the market and the long days make it easier to check out new neighborhoods. Thanks to Los Angeles Police Federal Credit Union s exciting new Home Advantage program, you have a one-stop, complete resource for all your real estate needs whether you re buying or selling. You even get a rebate 1 20% off your agent s commission when you buy or sell using one of our approved Realtors. With Home Advantage, you get: Access to online MLS listings search for the home you want, with the features you need Detailed property information recent sales, neighborhood demographics, schools district data, and crime rates An Exclusive Realtor network get a referral to a trusted agent who specializes in serving the police family A cash rebate when you use one of our trusted agents to buy or sell, you earn a cash rebate of up to $5,000 Fast, Flexible Financing Finance the home of your dreams with LAPFCU s fast and easy mortgage programs. FHA, Jumbo, VA or Reverse mortgages available^ Once you sign up for Home Advantage on lapfcu.org, a smart next step is to get your home loan pre-approval. You d be surprised how much difference a pre-approval can make! In today s real estate environment, where multiple bids are often a factor, a home buyer with a pre-approved mortgage has an advantage over one who doesn t. It s easy to understand why when you ve taken the steps to get pre-approval, the seller knows you re serious about wanting to buy and he or she knows you have the financial capability to complete the purchase. Continued on Page 4 Summer Fun in Sun, Surf and Sky Great Rates on Boat, RV and Motorcycle Loans from LAPFCU See the country your way this summer and add more adventure to your life with a new recreational vehicle, motor home, boat or motorcycle! Member Benefits loan rates on new vehicles: Motorcycle as low as 4.075% Fixed APR 1 Boat and Watercraft as low as 4.075% Fixed APR Motor Home as low as 3.575% Fixed APR Travel Trailer as low as 3.575% Fixed APR It doesn t matter how you plan to Continued on Page 4 LAPFCU Mobile: Take Us on Vacation 3 Christmas in July 5 ZOOM In To Your City Summer Video Contest 6

2 Chair and President s Letter For the first time in five years, we are finally able to talk positively about real estate homes specifically and how this may be the best time in years to think about remodeling, purchasing or moving up. Of course, your Credit Union is here as a resource for you on all fronts. If your kitchen cabinets are falling off their hinges or if you ve been wanting to update that bathroom with the pink sink, now is a great time to take out a home equity loan, for a number of reasons. First, despite recent increases in loan interest rates, in historical context, they still remain incredibly low. Additionally, homeowners are finally beginning to experience gains in their homes equity. These gains can be tapped to secure a home equity loan. Now is a great time to take out a home equity loan! You may remember the complaints of years gone by My contractor never calls me back, or My contractor is always on his other job and hasn t finished my remodel. When the recession was in full effect, these same contractors were hard pressed to find work. So, they are still working to get back to business as usual and you can find someone to complete your remodel in a timely manner at a competitive price. Home equity loans can also be used to consolidate debt, pay for education, take a dream vacation, or even finance a vehicle where you can write off the interest (speak to your tax advisor for information on the last point). You may have seen recent news reports that fixed mortgage rates increased for five consecutive weeks, and that for the fifth consecutive month in June, 70% of national housing market values have improved. For anyone looking to purchase a home, these are important indicators that now may be a good time to buy. LAPFCU is pleased to announce that we have begun a new Home Advantage Real Estate Resource and Rebate Program for those looking to purchase or sell a home. What this means is that if you work with a Realtor who is part of our dedicated network, you could receive a rebate of up to $5,000 or more when you complete your transaction. The way the program works is that you must sign up with one of the participating Realtors. They can be accessed at lapfcu.org and many specialize in working with the police family. You are also encouraged to obtain a loan preapproval through the Credit Union at that point to ensure the home of your dreams matches your wallet. When you complete the transaction, you are then given a 20% rebate of your agent s commission. In today s economy that is a great benefit. Additionally, if you have Member Benefits, you will receive an additional $200 rebate when you take out a mortgage loan from LAPFCU, so the savings add up quickly. Plus, LAPFCU has competitive loan programs including conventional, jumbo, FHA and VA. We also have great mortgage rates, a variety of loan terms, low fees and an easy application process at lapfcu.org. With all this talk of homes, we wanted to plant one more seed. Lorie Taylor Chair G. Michael Padgett President If you are looking to sell your home, you can also participate in the Home Advantage Real Estate Resource and Rebate Program and receive the same 20% rebate of your agent s commission. Purchasing and owning a home is one of life s great rewards and you want to work with a partner you can trust. Call the Credit Union today to see how we can help turn your homeowner dreams into realities. D 2

3 LAPFCU Mobile: Take Us On Vacation! Wherever the road takes you this summer, you can still enjoy the convenience and service of Los Angeles Police Federal Credit Union thanks to our free app for smart phones and tablets! View exclusive Purchase Reward offers The LAPFCU app is available for iphone, ipad, Android phones and Android tablets. View accounts, transfer funds, pay bills So download it today! Simply search for LAPFCU in the app store. D Make check deposits using your built-in smart phone or tablet camera Locate surrounding branches and ATMs Travel Checklist: Call LAPFCU When you travel, travel safely don t forget to call us at (877) MY-LAPFCU to let us know if you ll be using your Visa Classic or Platinum Rewards Visa Credit Card OR your QuickDraw Debit MasterCard outside of your normal spending area. This helps us to protect you against fraud. D Access over 30,000 atms Nationally for FREE It seems like every vacation, no matter how well you plan, you always need to stop by an ATM or a branch and pick up a little extra cash. That s no problem for LAPFCU members you have thousands of locations at which to conduct financial transactions where you live, work or travel. Thanks to the CO-OP ATM and Shared Branch Networks, which collaborate with other, trusted credit unions, you have nationwide free access to: 30,000 ATMs More than 3,000 self-service kiosks More than 5,000 national shared branches across all 50 states It s easy to find the closest ATM, shared branch or self-service kiosk near you just go to cuswirl.com or our mobile-enhanced website at mobile. lapfcu.org! 3

4 Get a $5,000 Rebate on Your Home Purchase or Sale Continued from Front Page Being pre-approved for a mortgage can also serve as a good negotiating tool. Although home prices are rising in many areas, some sellers might be inclined to accept a slightly lower offer if it s backed by a solid pre-approval. This can be particularly important when a competing offer comes from a buyer who hasn t yet applied for a mortgage. Finally, the process of obtaining a pre-approval prior to making a home search also gives you a realistic idea of what you can afford. That will help you make plans for future budgeting and can help focus your search for homes in your price range. LAPFCU makes it easy to get your pre-approval. Visit the Mortgage Center on lapfcu.org, stop by a branch, or call 877-MY-LAPFCU ( ) to start your application now! D 1 Program rebates are awarded to buyers and sellers who select and use an Agent in the CU Realty Approved network. Members are not eligible for the rebate if they select an agent outside the CU Realty network. Using your Credit Union for a mortgage is not a requirement to earn your rebate although they are often your best choice for mortgage options. Rebates/incentives are available in most states; however, are void where prohibited by law or by the lender. Visit lapfcu.org for complete details. ^As a service to our members, Los Angeles Police Federal Credit Union (the Credit Union ) assists members in obtaining mortgage loan products that the Credit Union currently does not offer directly to members. If you are interested in obtaining a Veterans Affairs ( VA ) loan, Federal Housing Administration ( FHA ) loan, reverse mortgage, or a jumbo mortgage, the Credit Union can assist you in applying for such a loan with a lender that provides such loans, CU Partners (the Lender ), a Division of Stearn Lending, Inc. In providing such assistance, the Credit Union is not acting as your agent. Please note that the Credit Union cannot guarantee to you that the Lender will offer you the lowest prices or best terms available for the type of loan you are interested in. If your application is approved by the Lender, you must carefully review the pricing and terms of any mortgage loan product offered by the Lender to ensure you are satisfied with the product and its terms before accepting any such offer. You should also review and compare loan terms available from other creditors prior to accepting any loan offer from the Lender. + FHA, VA, Reverse and Jumbo mortgage services provided by CU Partners, a third party correspondent lender. Great rates on rvs Continued from Front Page travel or where you want to go LAPFCU can help you get there. We provide loans for virtually any type of vehicle, and we make the process easy. Just apply online at lapfcu.org, visit a branch or call 877-MY-LAPFCU ( ). 1 APR = Annual Percentage Rate. APR reductions include 0.15% member benefits discount, 0.10% online loan application discount, and 0.25% automatic payment discount. Must qualify for Member Benefits program at time of funding. Go to for complete details. Any loan rate reduction will remain in place for the term of the loan. Program rate reductions may not be combined with any other promotion. The following loan types are excluded from rate reductions: real estate loans, unsecured lines of credit, credit cards, share loans, share certificate loans, and stock & bond loans. Program rate reductions may not be combined with any other promotion. Submit Your Nomination for LAPFCU Board of Directors The Annual Election of Directors is approaching. Any qualified member who wishes to be considered for nomination may do so in writing to LAPFCU s Nominating and Elections Committee. The Committee must receive this written request at the Credit Union s main office in Van Nuys at Sherman Way, no later than 5:00 p.m. on August 30,

5 A Message From LAPCUSO Insurance Services Tip for the Home We ve had a very dry winter and fire season has come early to Southern California and the Western United States. If you live near any hills, open lots or land within 200 feet of your home, please be proactive in clearing brush near your home. If you do not own the land near you, then find out who does and get permission to clear the brush. If a fire is in your area, it could be the difference between having and not having a home after the fire. Fill the GAP! Get Your Auto Insurance Through LAPCUSO LAPCUSO offers GAP Insurance on almost every auto loan with LAPCUSO. GAP Insurance is coverage for the difference between the amount owed on your auto loan and the covered settlement amount you receive from auto insurance in the event of a total loss. What does it Cost? Loans to 60 Months: $250 Loans 61 to 72 Months: $280 Loans 84 or more months: $310 This is much lower than most dealers charge! For more information, or to check out how to become a part of our growing insurance family, contact Jerry Bichlmeier at ext 233., and get a review of your coverage, companies and costs. If what you currently have is the best available, we will advise you to keep what you have. If something better is available, we will give you all the alternatives. Again, thank you for your support. D Start Saving for Christmas in July! Don t get stuck with big credit card bills this Christmas start saving now with LAPFCU s Merry Money account! This account acts as a Holiday Club savings program, which helps you build savings for holiday shopping expenses; there s no minimum required balance to start and you can make deposits manually, through payroll deduction or automatic transfer. The funds stay safe, earning dividends, waiting for you until November 15 of each year, just in time for holiday shopping, when the money from the account is automatically transferred to your Share or Checking account. Get ready to make merry with your money this Christmas and avoid those holiday bills come January 2014! Stop in to a branch to open the account or go online to lapfcu.org to learn more. D 5

6 Zoom In To My City: Summer Contest Video Competition for Young Members Age 13-17! Hey, young LAPFCU members! Shine a spotlight on your city and you could win up to $1,000*! Create a one-minute video that showcases your city and explains what makes it a unique place to live. Members will vote on their favorite videos and determine the first, second, and third place winners. It s easy to enter once you ve created your video; just visit lapfcu.org to download the form you ll need to submit to enter contest. Submit your entry between July 15 and August 31, Questions? Contact Natalie Nahas at or nnahas@lapfcu.org. D 1st Prize $1,000 2nd Prize $750 3rd Prize $500 *Must be an LAPFCU member between ages and in good standing to participate. Parental permission to participate required for all members. Entries must be received between July 15 and August 31, Voting will commence September 1 to 9, No purchase necessary. Limit one entry per member. Winners will be notified by phone on Tuesday, September 10, Only videos relevant to the theme will be accepted as deemed by LAPFCU in its discretion. LAPFCU has the right to decline or remove any video, for any reason, at any time. Subject to change without notice at any time. Restrictions apply, see complete rules on for more details. Money Camp! Free Workshop* for Youth Age Raising money-smart kids starts here! Parents and youth age are welcome to join us at the LAPFCU branch for a fun, hands-on workshop that teaches valuable financial skills such as: The importance of saving Financial goal-setting How to use debit cards and checkbooks Creating a budget The importance of building good credit Don t delay, reserve your seat today! rsvp@lapfcu.org or call ( ), ext *All workshop locations, dates and times are subject to change or cancellation without notice. D FREE FOOD, GIVEAWAYS & EDUTAINMENT! Saturday, July 13, :30 a.m. 12 p.m. 6

7 Spend Less, Vacation More: Get 5% Cash Back! Don t let this summer pass you by get a great deal on a memorable vacation with LAPFCU s travel partner CUonVacation! To help you save a little extra for postcards and souvenirs, CUonVacation is offering 5% Cash Back on Travel!* AND, you ll get competitive travel pricing because they offer a 100% Lowest Price Guarantee! If you find a lower price on travel within 48 hours of booking a trip with CUonVacation, they will refund you the difference. ** Just book your travel through the CUonVacation website, or call and speak with a travel specialist. Upon Balance Sheet As of May 31, 2013 (Unaudited) Assets $771,019,000 Loans $461,766,000 Net Worth $95,999,000 Total Shares $671,644,000 Members 41,737 completion of your trip, complete and submit the rebate form. It s that simple! To save on your next trip, be sure to book it through CUonVacation. Call or visit LAPFCU. CUonVacation.com/memberbenefits to learn more! Don t Forget NEXT Summer! Automatically Save Up For Your Next Vacation Open an LAPFCU Vacation Vault Savings Account! Call 877-MY- LAPFCU ( ) or stop by your nearest branch. *CUonVacation will rebate 5% of your net travel costs when you book through CUonVacation either by phone or via the CUonVacation website - net meaning the portion of travel costs exclusive of taxes, fees, gratuities, meals, room service, telephone calls, liquor, entertainment, insurance, car mileage charges, gasoline, personal or property accident or injury, and other incidental expenses. 5% cash back rebates does not apply to air travel costs, or the air travel portion of a bundled travel package. **The Lowest Price Guarantee requires written proof of the availability of the identical cruise, hotel, car rental or vacation package at a rate lower than CUonVacation s price, less the applicable 5% Cash Back Rebate, WITHIN 48 HOURS of booking, and submitted to CUonVacation within 30 days of booking. Rate will be verified and must be for the identical accommodations (including cruise, ship, sailing date, cabin category, or hotel/resort and room type, or car rental class) available to the general public. Not valid on prices requiring a call-back or on pricing offered in s that are not also advertised on public access web-sites, or otherwise available to the general public. Fares that conceal the travel product identity until purchase, charter, tour packages, consolidator, group, incentive, interline, meeting and convention rates are excluded. Our Lowest Price Guarantee on cruises is valid for the cruise fare only at the time of booking. You are responsible for any change or cancellation fees. LOWEST PRICE GUARANTEE DOES NOT APPLY TO AIR TRAVEL. This benefit is NOT insurance: The Lowest Price Guarantee benefit is not insurance and these terms and conditions are not a policy or contract of insurance. LAPFCU Branch Holiday Closure Schedule Independence Day Thursday, July 4 (LAPFCU Branches Closed) Los Angeles Police Federal Credit Union is a financial institution with over $771 million in assets exclusively serving active and retired, sworn and civilian employees of Los Angeles City Police, their families and select police-related groups. 24/7 Member Service Call Center 877-MY-LAPFCU ( ) For account inquires or access: Visit PATROL at Call Code 3 Automated Telephone Banking at 877-MY-LAPFCU, Press 2 To apply for a loan: Visit CUFFS at Call our 24-7 Lending Center at 877-MY- LAPFCU, Press 3 BRANCH OFFICES Van Nuys Branch (Main Office) Communications Center Sherman Way, Van Nuys, CA a.m. to 5 p.m., Monday - Friday 9 a.m. to 1 p.m. Saturday Academy Branch 1880 N. Academy Dr., Los Angeles, CA a.m. to 5 p.m., Monday - Friday Brewer Branch 5651 West Manchester Ave., Los Angeles, CA a.m. to 5 p.m., Monday - Friday Senior Executive Staff G. Michael Padgett, President/CEO Carol Martin, Sr. VP, Operations & Member Relations/COO Ed Hada, Sr. VP, Finance & Administration/CFO All inquiries or comments regarding this newsletter should be addressed to the Marketing Department at 877-MY-LAPFCU. The Supervisory Committee encourages any comments or inquiries from members regarding your concerns or the financial condition of the Credit Union. You may address your correspondence to: Supervisory Committee P. O. Box Van Nuys, CA All loans subject to approval of credit. We conduct business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. All rates are subject to change

8 PRESORTED STANDARD U.S. POSTAGE PAID LOS ANGELES, CA PERMIT NO. 896 P.O. Box Van Nuys, CA RETURN SERVICE REQUESTED Product Highlights All rates and terms are subject to change without notice. Additional terms and conditions may apply. Call 877-MY-LAPFCU for details. LOAN RATES EFFECTIVE JUNE 25, 2013 Mortgage Rates 30 Year Fixed %/4.653% APR Zero Points 15 Year Fixed %/3.673% APR Zero Points Auto Loans New Auto / Used Auto as low as 2.45% fixed APR *^ Credit Card Rates Platinum Rewards Visa as low as 9.15% variable ** APR * Classic Visa as low as 13.99% fixed APR My First Visa as low as 13.99% fixed APR SAVINGS RATES EFFECTIVE JUNE 25, 2013 Regular Share Certificates 1-Year Certificate % APY *** 3-Year Certificate % APY *** 5-Year Certificate % APY *** 4.625% / 4.653% APR as of June 25, Payment example: A 30 year fixed rate mortgage with a loan amount of $300,000 and no points would result in monthly payments of $1, Monthly payment excludes tax and insurance. All rates subject to change without notice. Fees run 1-1.5% of loan amount financed. Restrictions apply, ask for complete details. * APR = Annual Percentage Rate. All rates, terms and conditions are subject to change. The rates shown are our lowest available rates. Funding rates are based on a variety of factors, including the applicant s credit score. Certain restrictions apply. Ask for details. ** Variable rates may increase/decrease after consummation of the loan. *** Minimum opening deposit for a regular share certificate is $500. An early withdrawal penalty may apply. Deposit rates as of June 25, ^Rates as low as 2.45% fixed APR for up to 60 months on new and used auto loans. Actual APR offered may be higher depending upon applicant s credit rating and other underwriting factors. May not be used to refinance an existing LAPFCU vehicle loan or to finance a recreational vehicle. All rates, terms, and promotional offers are subject to change without notice. Restrictions may apply, ask for complete details