The News

Consider refinancing your mortgage

 Since mortgage rates began sliding this summer to historic lows, refinancing activity is up nationwide and at Mid American Credit Union.

 

According to a national trade group, refinancing activity has jumped 70 percent nationally since June.

 

At Mid American, we remain very competitive with the rates for conventional mortgages. Check out our mortgage rates in the rate box (found in the left-hand member login column).

 

A number of our members are taking advantage of the lower rates to lower their mortgage terms. Many have an eye toward the future and are trying to pay off mortgages before entering retirement. Some may choose to lower their payments and set aside the difference between their previous mortgage payment and their new one into savings, given the current economy.

 

If you’re interested in another financial product, Mid American continues to have low rates for home equity or second-mortgage loans. Members can receive a $100 Lowe’s gift card for loans $10,000 or higher, or a $200 gift card for loans $20,000 or higher.

 

To find out more about refinancing or home equity loans, contact Debbie Stang, home loan officer, ((316) 722-3921, ext. 250 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

No-surcharge ATM access in Winfield, Ark City available

Mid American Credit Union members will have ATM access, beginning Monday, Oct. 25, 2010, at locations in Arkansas City and Winfield. Mid American members can use Ark Valley Credit Union ATMs located at 1515 N. Summit in Arkansas City and at 118 W. 9th in Winfield with no surcharge.

Mexico Now Added to List of Countries and U.S. States for Debit Card Restrictions

Due to a high rate of fraudulent transactions occurring in Missouri, Florida, Canada, Great Britain, Ireland and Mexico, Mid American has put restrictions on signature-based debit card transactions in those states and countries.The restrictions don't affect PIN-based transactions, but they do apply to Internet transactions, as well.

Cards are being counterfeited with actual account information but do not contain a member's actual name or other information.

"This has nothing to do with us being breached. It has to do with unscrupulous people taking member information," said Connie White, Mid American's compliance manager.

One of the most common ways in which cards are compromised is when a person pays for a restaurant bill. That's when the card leaves a person's sight and can be run through a second scanner, which is swiping the data from the card's magnetic stripe.

Members are reminded to be diligent about sharing their financial information or conducting card transactions.

Members who travel should notify Mid American of their travel plans. Mid American's anti-fraud area review account transactions for suspicious use, and the notification will help ensure members can conduct transactions, even in those restricted areas.

Mid American members can also access their accounts in Florida and Missouri through shared branches. Go to http://www.cuservicecenter.com/ to locate one of the nearly 4,000 branches in the Credit Union Service Center network, in which Mid American participates.

 

Consider a second mortgage

For members trying to consolidate debt and get out from rising credit card interest rates, a financial solution may literally be on their doorstep — using the investment of their home for a second mortgage or home equity loan.

A second mortgage is a secured loan that would be a secondary lien on one’s property. For those who don’t have first mortgage, a second mortgage is usually called a home equity loan.

There are financial benefits and reasons why someone would consider such a loan. For example, while interest rates are increasing on credit cards, they are decreasing for second mortgages and home equity loans. The interest paid on a second mortgage or home equity loan is generally tax-deductible, while the interest on other loans and credit cards isn’t.

The amount of money available for a loan is based on the difference between the home’s current value and the amount owed on the first mortgage. At Mid American, the county appraisal rate is used to determine the home’s value unless the member wishes to pay for a separate appraisal. Terms of second mortgages can vary; at Mid American, five, seven or 10-year terms are offered.

Many members choose to get such a loan to make home improvements, which can mean increasing the value of one’s home. For a limited time, Mid American is offering a Lowe’s gift card of $100 for those getting a second mortgage or home equity loan of $10,000-$19,000, and $200 for a loan of $20,000 or higher.

For more information about home equity loans and a second mortgage or to apply, click here.