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Learn what's happening at LMCU.
What home makeovers are happening in 2021?
The last year has impacted everything from the way we work to the way we shop. Home trends saw a big impact as our homes became our office, gym and classroom. The movement has continued into 2021 with the following home makeovers trending.
1. Create multi-generational housing.
One roof over a few generations often requires more space or reconfiguring what you already have. This home trend allows for grandparents to move in or creates rental space to help pay for the mortgage.
2. Separate home office.
As home became work, many people in 2020 and into 2021 needed to create a home office. And, with many jobs becoming permanently work-from-home, the desire to upgrade that space into a productive paradise continues.
3. Outdoor space.
Designing outside living space will continue to be a hot wish-list item. Somewhere to enjoy a meal on the deck, splash in the pool and most importantly, soak in sunshine.
4. Bathroom upgrades.
A big soaking tub or a new walk-in shower is topping many homeowners’ renovation goals this year for rest and relaxation. Creating a spa-like experience at home.
5. Home gym.
As more people are working out at home, the trend has shifted to home gyms. New walls to carve out dedicated space, exercise equipment and flooring are just some of the home improvement trends expected to continue in 2021.
If you’re ready to take one of these trends and make it a reality, our home equity loans can help make it happen. Rates as low as 3.00% APR* make payments affordable. Visit HomeEquity.LMCU.org or call (616) 207-3240.
*APR = annual percentage rate. Rate as of 3/10/21 and subject to change after account opening. Best rate available to well-qualified borrowers with under 80% Combined Loan to Value (CLTV). Assumes auto-pay from LMCU checking account. Your rate may be higher based on your specific CLTV, term, and credit score. HELOC rates are variable and based on the current index margin; rates will not exceed 12%. Terms, loan amount maximums, and other restrictions apply. Loans are secured by a lien against residential property only. Acceptable collateral are 1-4 unit owner occupied and second homes. Existing liens on the property will impact the amount you qualify for. All rates are subject to approval and underwriting terms and conditions, so your rate may vary. Call or see branch for details. $5 membership required if not a member.
Band Together campaign is coming in May.
Our annual Band Together campaign launches on May 1 to raise funds in support of pediatric care at more than a dozen Michigan and Florida hospitals. Last year, our members raised $52,000 to help our healthcare heroes in the fight against COVID-19. Stop by your local branch to learn more and watch for details in our May newsletter!
Three things you can do to avoid financial fraud.
A strong defense against identify theft starts with knowing what to look for. Here are three easy tips to help protect your finances:
1. Sign up for text alerts using the LMCU mobile app.
You’ll get notified every time a transaction occurs on your account. To download our mobile app for your iPhone or iPad, visit the App Store. For Android devices, download the app from the Android Market.
2. Never click on a link in an email to log into online banking.
Always visit LMCU.org from your browser. We will never call, email, or text you asking for your online banking username and password. If you’re ever concerned about an email, text or phone call you receive, contact LMCU directly at 800-242-9790 or email us at Members@LMCU.org.
3. Use a strong password.
Passwords that are difficult to guess offer stronger security, Be sure to include a combination of numbers and letters, uppercase and lowercase, and special characters. Avoid information that is easy to obtain online, such as birthdays, anniversaries, or addresses.
New branch locations coming this spring!
Two more Michigan branches are in the works.
Our branch in Ada, Michigan will be located at 496 Ada Dr. SE, Suite 103, and our second Grand Haven, Michigan branch will be located at 16916 Robbins Rd. Both branches offer our full-range of financial services, from high interest-bearing checking accounts to personal loans, mortgages, investments and commercial banking. We are thrilled to continue to expand locations to serve our members.
Our virtual branch is right in your hands.
The LMCU mobile app has been upgraded to make it even easier to manage your finances on the go.
View your entire account transaction history in one spot and customize the homepage to view your most used accounts. Plus, our intuitive design makes depositing checks and transferring funds even easier so that you can spend less time managing your money, and more time with the people you love spending it on.
Strategies to save for your down payment on your home.
Considering homeownership? One of the biggest expenses to save for when becoming a homeowner is saving up for the down payment. One of the many myths about the down payments is that buyers need to put at least 20% down on a home, when, in reality, that’s not always the case. In 2020, the median first-time homebuyer financed their home with less than 7% down.* And at LMCU, we’ve financed many homes for as little as 3% down. On a $250,000 home, 7% down is $17,500. It might seem like a lot, but if you start saving now, you can chip away at it little by little.
Once you’ve determined your down payment goal, it’s time to start saving using these strategies:
Maintain a goal-oriented sub-savings account or open up a Money Market Account (MMA) or Certificate of Deposit (CD).
Track your progress by assigning your dollars a purpose. One way to help you make the most of your dollars is to create a sub-savings account for the down payment on your home. You can easily create sub-savings accounts in LMCU’s online banking to learn how. The best part is your sub-savings accounts can still earn up to 0.25% APY** at LMCU.
As your savings grow, consider transferring the funds into an interest-earning, short-term investment account such as a Money Market Account (MMA) or a Certificate of Deposit (CD), where funds remain untouched for a specified amount of time. Just make sure the timeframe matches up with your desired timeline for purchasing your dream home.
Find savings in your monthly budget.
Review your budget monthly for excess expenses. For instance, you could try cutting back on some of those “extra” expenses we all have, like a morning coffee run, Friday night takeout, or that extra streaming service subscription that you’re no longer using. A common strategy is to look at your budget and break it down using the 50-30-20 rule, which recommends that you spend 50% of income on needs (for example, food, housing, transportation, healthcare, clothing, childcare and education), 30% on wants, and 20% on savings or debts. Learn more budgeting tips and find our financial learning tools (blogs, podcasts, calculators and virtual education) at LMCU.org/FinancialWellness.
Another way that you can reduce your expenses is by negotiating lower rates on your cable/internet, cellphone plan, and insurance policies (auto, renter’s, etc.). Then, you can put that saved money into your dedicated down payment savings account or LMCU checking account.
Refinance your debt.
You also boost your savings by managing your other debt. From transferring your credit card debt to a lower interest rate card like our nationally top-rated Prime Platinum Visa*** to refinancing your car loan to a lower rate, you could potentially save hundreds or reduce the amount of time it will take to pay off your debt.
Receive a gift and/or put your tax refund to work.
Monetary gifts can be used for your entire down payment.**** A donor could be an immediate family member, domestic partner, or fiancé.
Put all or part of your tax refund away into savings so it's ready when you finally find the home of your dreams.
Consider low down payment or down payment assistance programs.
You might be eligible to receive money towards your down payment thanks to our down payment assistance programs, or put as little as 0-3% down***** with our low down payment programs.
*Source: National Association of Realtors 2020. **APY=Annual Percentage Yield. Rates as of 3/2/21. Rates may change after account opening. $5 membership required if not a member. No minimum balance required. Fees may reduce earnings. Some requirements apply. ***Kiplinger, June 2020. ****Gift money dependent on loan program. Must meet eligibility requirements. *****For well-qualified borrowers.
Exclusive tuition discounts for members and employees.
Thinking about furthering your education and finally getting that degree you’ve always wanted? Thanks to special discounts at LMCU, now may be the perfect time.
Members have access to exclusive tuition discounts, including 20% off tuition at Davenport University and 25% off tuition at Point Park University. Visit LMCU.org/MemberPerks to learn more.
You’ll love working here. Employees have access to exclusive tuition discounts at multiple accredited universities, in addition to tuition reimbursement to further their education and achieve their career goals. Apply at LMCU.org/Careers
Cut through the clutter with Shred Your Stuff days.
Time to get rid of that growing pile of sensitive documents that are clogging up your files…and drawers…and baskets. But don’t just toss them into the trash, because that’s how identity theft happens. Bring your old paper documents (6 boxes maximum) to any of the events three events noted below — we’ll shred and dispose of them for free. Stay tuned for more May and June Shred Day dates in your area! Visit LMCU.org/MemberPerks for Shred Day updates.
Saturday, April 17
8 a.m. – 12 p.m.
LMCU Ballpark 4500 W River Dr NE Comstock Park, MI
Saturday, May 1
LMCU’s Holland Branch 3493 W Shore Dr Holland, MI
LMCU’s Muskegon Branch 925 W Sherman Blvd Muskegon, MI
Here’s your reminder to enter our $50,000 home makeover contest daily!
From now – Friday, May 21 2021 you can enter daily to increase your chances of winning.
THREE WAYS TO ENTER* the $50,000 HOME MAKEOVER.
1. In branch.
3. Enter once at most LMCU ATMs.
*Contest ends at 11:59 PM EST on May 21, 2021. You can enter once per day for the duration of the contest. Entrant must be 18 or older and a Michigan or Florida resident. One-time entry using an LMCU ATM may become available during the sweepstakes. For a complete list of contest rules visit www.LMCU.org
Protect your family or small business with LegalShield®.
Whether your legal issue is big or small, a LegalShield Plan provides access to legal advice, attorney representation, and document review at an affordable monthly rate. Get help handling legal issues that arise from renter and landlord disputes, driving accident fees and points, unexpected dog bite bills and more. To learn more, visit LMCU.org/MemberPerks.
As of February 28, 2021
Loans - $6,444,373,875
Deposits - $8,148,517,844
Members - 491,830