Yes, we are local - Edwards Federal Credit Union

FALL | 2009
Yes, We Make Loans:
We have lots of money to lend,
unlike some others, and we are here
to serve you.
Yes, our loan rates are low:
We have great loan rates, so if you
need a new car, want to go on a
vacation, or want to pay off some
bills, come and see us.
Yes, we have a low rate VIsa card:
So get rid of the other card in your wallet that just had its rate raised
or limit reduced.
Yes, we are local:
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What lies ahead…
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Green Notice
EFCU’s environmental
stance.
Buying a Home?
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How to avoid them.
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Scam Alert
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And we all need to support local businesses and keep
our money in the local economy.
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Edwards AFB
Air Show
& Open House
Event announcement.
More on
SCAMS:
Crooks are getting even more creative lately. As the economy
continues to be a concern, we are likely to see more scams. Lately,
cell phones are receiving text messages that indicate that they are
from a financial institution requesting information. Even some
home phones are getting voice mail messages that are requesting
information. Email requests are also
used. Don’t give out information
to these scammers!
Financial institutions don’t operate
that way. If you are not sure,
just give us a call at 661.952.5945
and talk to us about the request.
Eliminating Unnecessary Notices
We have all seen phrases such as “Please consider the
environment before you create more paper copies”
or words to that effect. At EFCU, we are trying to
do our part by being a good steward and taking a
hard look at our current operation to ensure that we
are operating not only with a keen business sense,
but a sense of environmental consciousness. Sending
non-sufficient fund notices to members is one area
we are discontinuing. Not only will this save our
environment, it will also reduce operational costs and
eliminate the cost of paper and postal services.
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Buying A Home Today?
Great Deals, Headaches and Delays may await you.
Have you got the itch to buy a house because
you see great prices? The purchase market
has many hurdles lurking in the process of
buying and you need to be up to speed in
order to make an informed decision. Here are
several topics which will prepare you to better
understand the current buying market.
Mortgage financing has also become more
stringent. It is paramount that a serious
home-buyer get pre-approved before
contemplating any purchase transaction.
Sellers want to see that buyers are qualified
and have made application with a lender.
Pre-qualification or Pre-approval?
Pre-qualification means absolutely nothing to
you in this market. Basically, a pre-qualification
is an informal determination of your ability
to borrower. Pre-approval on the other hand,
is a formal review of your credit information,
your income and down payment funds
and involves the issuance of a commitment
to lend, subject to locating a satisfactory
property. Getting pre-approved by the
credit union costs nothing, but be prepared
to provide information. We need to verify
information about your income and funds for
closing, before we can give you any answers.
More importantly, the pre-approval process
will help you understand proposed housing
expenses and how much you can afford.
Short Sale - Does the listing on the home you
want to buy say that the purchase is subject
to short sale approval? Many of them do not.
A short-sale is where the owner/seller of the
home, is trying to sell the property for less
than what is owed on the mortgage. If you
are considering buying a property with this
involved, be prepared to wait. Your offer
once accepted by the seller, needs to have
the lender’s approval before you can move
forward. Problem is, the banks are having a
hard time making timely decisions. They need
to research the market values before they
can come to any decision, and this is often
delaying the process.
Foreclosure Sales - Is the house you want to
buy owned by a financial institution? If it is,
then the home has gone through foreclosure
and the lender is now in possession of
the property. Be prepared for a variety of
deficiencies with the property. Foreclosed
homes are often vandalized and in need of
repairs. To obtain financing, the house has to
be ready for habitation. Any major functional
issues or repairs need to be done prior to
closing. The problem is that most lenders are
unwilling to make any repairs, complicating
the ability to secure a loan.
To find out more about the home-buying
process visit us at www.edwardsfcu.org
With either a foreclosure, or a short-sale
transaction, sellers want to close quickly, once
they have agreed on the terms of sale. Many
times, homeowners wait patiently only to
be rushed to close. Both scenarios will test a
borrower’s patience greatly.
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Phone:
Telephone number for
all branches: (661)952-5945
or Toll free: (877) 256-3300
Hours:
7:00 a.m. - 6:00 p.m., Mon. - Fri.
9:00 a.m. - 2:00 p.m., Sat.
CALL-24:
Use above numbers, select 1 then #
Website: www.edwardsfcu.org
email:
[email protected]
Office Locations
Edwards AFB Branch
10 South Muroc Drive
Edwards, CA 93524
Fax: (661) 258-7244
Lancaster Branch
44288 North 10th
Street West
Lancaster, CA 93534
Fax: (661) 942-3573
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Telephone Inquiries
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Flight Test
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If you change jobs, addresses, or
phone numbers–don’t forget to notify
Edwards FCU. Make these changes
with Secure Forms through CLIC
Online Banking for free. You can also
write or fax us.
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Remember to update
your contact info!
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Join the Edwards Air Force Base community
for a fun-filled, spectacular 2009 Flight Test
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Nation Air Show and Open House Saturday, October 17th.
This event is open to the public and admission is free. Gates will
open from 7 a.m. to 4 p.m.
All the information you’ll need to prepare for an exciting day at
Edwards is at www.edwards.af.mil.
See you there!
NASA Dryden Branch
Bldg T1
NASA Dryden Campus
Edwards CA 93523
Fax: (661) 258-7234
Office Hours
Edwards AFB Branch
Lobby:
9:00 a.m. - 5:00 p.m., Mon - Fri.
Walk-Up
8:00 a.m. - 9:00 a.m., Mon - Fri.
5:00 p.m. - 5:30 p.m., Mon. & Fri.
& Military Paydays
Lancaster Branch
Lobby:
9:00 a.m. - 6:00 p.m., Mon - Fri.
9:00 a.m. - 2:00 p.m., Sat.
Drive-Up
8:30 a.m. - 6:00 p.m., Mon - Fri.
8:30 a.m. - 2:00 p.m., Sat.
NASA Dryden Branch
Lobby:
9:00 a.m. - 2:00 p.m., Mon - Thurs.
President/CEO
Stan Turner
Board of Directors
Ron Davino ......................................Chair Person
Ardith Richardson ................... Vice Chair Person
Lindsay Harris ....................................... Secretary
Robert Large ........................................ Treasurer
Martin O’Brien ....................................... Director
Lora Counts ......................................... Director
Supervisory Committee
Kimberly Dunham ...........................Chair Person
Deborah Letourneau ..............................Member
Jeffrey Veselenak ...................................Member
Kenita Bushee ........................................Member
The articles in this publication are for general
information only and are not intended to provide specific
advice or recommendations for any individual. Entire
publication Edwards Federal Credit Union© 2009. All
rights reserved.
Members: Our auditing firm, McGladrey & Pullen CPAs, conducts an
annual audit of our credit union. One aspect that can reach you directly
is the verification of member accounts. You may be randomly selected
and receive a letter directly from McGladrey & Pullen. This letter will ask
you to verify your share account or loan balance - No other information
will be requested. If you do receive a letter, please respond as instructed.
If you have questions, they may be directed to the VP for Operations
or the Supervisory Committee, as instructed in the letter. This is an
important process as the CPA firm ensures that your credit union
accurately accounts for your loan or deposit balance. Your support is
greatly appreciated!
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