Q3 Newsletter
A Message from your CEO
Dear Member,
Harry S. Truman said, “It’s a recession when your neighbor loses his job: it’s a depression when you lose yours.”
The news about the economy and what different economists and other pundits are saying can give you whiplash with differing views and expectations. We know where we currently are, but the future is always a mystery. Elevated housing, food and other essentials prices are making it harder to stretch the dollar as far as it once did.
So, what does the future hold? The short answer, I don’t know for sure. I’ve got my ideas just like everyone else and I don’t think anyone will be 100% correct 100% of the time. What I can say is that by planning for the future and putting a little bit away each payday will help buffer the ups and downs of the economy and how it will affect each of us. Setting and keeping a budget will assist in saving for the future.
How can Horizon Credit Union help? We are here for you. Have you heard about MoneyMap? MoneyMap is a financial management tool that we provide free of charge to each of our members. You can learn more at www.MyHorizonCU.com/moneymap/
We can also help you save money on auto loans you have with other financial institutions. We know times are difficult and we are working to keep our rates lower than everyone else. Contact one of our team members to see if we can save you some money on a monthly basis with a lower car payment.
Have a wonderful summer and we look forward to helping you with all of your financial needs now and in the future.
Page Bennett
President & CEO
Farmington Building Update
Thank you for your continued membership! Horizon Credit Union is working to provide improved facilities to serve your financial needs. We appreciate your continued patience with the temporary branch space located in the Operations building in Farmington. We understand that it isn’t ideal, but it allows continued branch services to be available.
The progress on our new Headquarters and branch facilities at Farmington continues to advance. The old building has been removed. The site has been leveled and preparations are being made to pour the foundation. We are excited for this new building as it takes Horizon Credit Union into the future of personalized financial services for you, our member!
Scott Rushforth
COO
Take a Vacation from your Auto Loan Payment!
Ready for adventure but feeling low on extra cash? You can afford to turn your road trip dreams into a reality! Take a vacation from your new auto loan payment and don’t make your first payment for up to 90 days*. Members can get low auto loan rates as low as 5.79%*. Apply Today!
Smart Ways to Fund Your Summer Home Makeover
With the summer season delightfully underway, many homeowners are looking for projects to do around the house to spruce things up and even increase the value of their homes. Whether you’re looking to enhance your curb appeal, repair a leaky roof, or upgrade your kitchen, deciding how to pay for these projects can be tricky.
In this article, we’ll review common summer projects you can complete that can boost your home’s value. Then, we’ll explore the different options for financing these various tasks – without breaking the bank!
Summer Projects to Improve Your Home’s Value
Upgrading your living space is well worth the investment. It can lead to lower stress levels and improve your overall mood daily. But it’s even better when those enhancements also cause your home’s value to rise. If you’re considering projects around the house this summer, add some of these to your list:
Enhance Your Curb Appeal: First impressions matter – and not just to future buyers. A well-kept home outside can improve your mood before you even step foot into your house. The same goes for your friends and family members. Here are a few ways to spruce up your home’s outer appearance:
- Landscaping: Everything from mowing your yard and putting down mulch to planting flowers or bushes can dramatically transform your home’s appearance.
- A Fresh Coat of Paint: Repainting the outside can instantly change your home. Whether you’re looking for an entirely new color or just need a fresh coat to undo sun damage, it’s a worthwhile investment. Don’t forget your window shutters and front door – those accents can make your house pop.
- Nightlife: The lighting around your home can create a dramatic effect that grabs attention. From light fixtures to accent lights, a little twinkle here and there can create an elegant and inviting atmosphere.
Go Green: Yes, going green is a buzzworthy phrase, but it also delivers four crucial benefits. First, any energy-efficient improvements will help the environment and future generations. It will also reduce energy and water consumption, ultimately lowering your utility bills. Many energy-efficient upgrades also qualify for special tax credits – reducing how much you owe to Uncle Sam. Lastly, new “green” appliances can spruce up your living area and add value to your property. Common green enhancements include:
- Energy Efficient Appliances: Refrigerator, Dishwasher, Stove & Oven, Washing Machine & Dryer.
- Heating & Cooling: Install a smart thermostat to lower your heating and cooling bills year-round.
- Solar Panels: Drastically reduce your electric bill by fitting your home with solar panels. There are often tax credits tied to installing solar panels, so be sure to research those potential savings.
Necessary Repairs: All homeowners know that repairs are inevitable. Something is always eyeing your attention, whether it’s plumbing issues, a leaky roof, or a problematic appliance. It’s always wise to take care of these issues before they worsen and become real problems. A small investment today can prevent a more costly one down the road.
Upgrades & Remodels: Not all home upgrades are viewed the same. While you might want a particular upgrade, it may not provide an adequate return on your investment. You need to weigh your long-term financial goals versus your immediate desires – or at least find balance. Here are some common upgrades that generally improve the value of your home:
- Kitchen Remodels
- New Flooring
- Bathroom Upgrades
- Backyard Deck or Patio
- Mother-in-Law Suite (can add value to your home and offset costs associated with assisted living for aging parents)
How to Finance Your Home Makeover
There are several ways to complete your home projects this summer without breaking the bank. Depending on what you seek to accomplish and the overall price tag, you can use your savings, a credit card, a personal loan, or a home equity loan – or a combination of some or all.
While everyone’s financial situation differs, here is a general idea of how you could gauge your financing needs.
Savings:
Anytime you can offset borrowing money with savings, you’ll benefit by reducing the amount of loan interest you pay. So, with any of the tiers above, it’s advisable to use a combination of savings and the loan type suggested.
Credit Card:
Convenience is the greatest draw of credit cards. You’re able to purchase the supplies you need instantly and begin your project. If your home makeover is on the lower end and you can quickly repay the balance over a few months, a credit card could be a viable option.
If the dollar amount is inching upward and you’re worried you cannot repay the balance quickly, consider a personal loan.
Personal Loan:
Personal loans, commonly called signature loans, provide a slew of financial perks often overlooked by borrowers. With a personal loan, you receive a specific amount of money that you will repay over a set period. The interest rates are usually fixed, meaning they will not increase because of the economy.
With set repayment terms, lower interest rates, and regular payments, most people will repay their outstanding balance quicker and incur lower interest charges than with a credit card. Plus, with a set amount borrowed, it’s easier to budget and prevent overspending.
Home Equity Line of Credit:
A home equity line of credit (HELOC) allows homeowners to tap into the equity in their home. These loans are secured loans, using your home as collateral. Consequently, the interest rates are much lower than other alternatives. Plus, the loan terms can range up to 10 years or more, providing affordable monthly payments.
A HELOC is a line of credit and functions like a credit card. You’ll be approved for a specific amount, but you only borrow what you need – when you need it. And you only pay interest on what you spend. Once you repay the balance, the money is available to borrow again.
HELOCs are great for ongoing projects and can also be used to finance other things, such as weddings, higher education, debt consolidation, medical bills, and more.
When planning your summer home makeover, create a budget or obtain quotes from reputable businesses. Then, determine how much you can afford to spend from your existing savings and how much you will need to finance.
We’re Here to Help!
Upgrading your home can provide both emotional and financial benefits. As you prepare your summer to-do list, determine which projects are necessary and what can wait until later. Then, determine how much you’ll need monetarily to accomplish your goals.
If you have questions about financing your summer home makeover or are curious what your monthly payment would be on a personal loan or HELOC, we’re ready to help. Please stop by any of our convenient branch locations or call 801-451-5064 to schedule an appointment today.
Dates to Remember
Independence Day Holiday Closure: July 4, 2024
Pioneer Day Holiday Closure: July 24, 2024
Labor Day Holiday Closure: September 2, 2024
Shred Day: September 7, 2024
Looking for a Summer Activity?
Don’t want the kids stuck inside all summer? Or do you wanna get out and have some fun? Here’s some fun summer activates that are close by.
375 North Lagoon Drive
Farmington, UT 84025
Visiting Lagoon is such a fun summer activity. It’s so easy to visit since it’s so close! A day pass for adults is $92.95 and $74.95 for kids. A season passport is $190.95 and a season parking pass is $85.00. Season passports have a major benefit, go twice and any visit after that is basically free! Go for the season parking pass and that’ll save you in the long run as well!
2977 West 5200 South
Roy, UT 84067
The Roy Aquatic Center is a great place to take the kids for the day and catch some rays yourself! As a resident, you can get a discount with proof of ID! Young children are $6 and ages 8 and older are $7. You can bring in all your essential pool toys, snacks and drinks. Don’t forget the sunscreen!
2480 North 200 East
Ogden, UT 84414
This is a great place to bring the kids in Ogden. Children 3 and under are free and passes for ages 4-64 is $8.00. Make sure to check out their website for more information on community activities and swimming lessons.
1806 South 2000 West
Syracuse, UT 84075
If you want to get out of the sun, visit The Rush Funplex! With activities like bowling, mini golf, go karts, bumper cars, laser tag and arcade games! Unlimited activity passes are $25 for 3 hours or $30 for all day. There is a weekday special for 90-minute unlimited activity for $19 per person.
1325 South Main Street
Kaysville, UT 84037
Visit one of Utah most famous locations! Cherry hill is a family friendly waterpark! It’s $40 on weekdays and $45 on Saturdays. Prices differ at different times of the day.
1544 Park Blvd
Ogden, UT 84401
Check out an exciting collection of prehistoric reptiles! Check out the dino sculptures, the playground and an outdoor dinosaur dig! General admission is $8.
Reese’s Peanut Butter Pudding Cookies
Soft and chewy peanut butter cookies!
Ingredients:
- 3/4 cup butter (softened to room temp.)
- 1/2 cup creamy peanut butter
- 1/2 cup sugar
- 1/2 cup brown sugar
- 1 small 3.4 oz box instant vanilla pudding mix
- 2 eggs
- 1 tsp vanilla extract
- 2 1/4 cups flour
- 1 tsp baking soda
- 1/2 tsp salt
- 1/2-1 cup mini chocolate chips
- 1 cup chopped Reese’s miniature peanut butter cups
Instructions
- Preheat oven to 350 degrees
- In a large bowl, beat the butter until creamy and fluffy (about 2 minutes). Add the peanut putter and sugars and beat for another 2-3 minutes. Add the pudding mix and beat for another minute.
- Add the eggs and vanilla and beat for another 2 minutes.
- In a separate bowl, stir together the flour, baking soda and salt. Add this mixture to the butter mixture and mix just until combined.
- Carefully fold in the chocolate chips and chopped Reese’s peanut butter cups. Add anything else you want to add in.
- Use a cookie scoop to scoop the dough onto a prepared cookie sheet, placing the cookie dough balls about 2 inches apart.
- Bake the cookies for about 10 minutes- do not overbake!
Raving Reviews!
“Horizon CU has always been good to me and my family. When all others have failed to get me a loan of any sorts, Horizon has given me one and with the best rates. They might be a smaller credit union but they are bigger to me”
-S. H.
“I’ve been banking with Horizon now for over 20 years. They have always been there for me. Loyalty is something that the world could use a little more of.”
-F. A.
“Horizon has been great to work with. We love our new car and we really like the rates we’ve been approved for. Simple, friendly and fast service every time we stop by a branch. The website is easy to use as well.”
-J. S.
www.myhorizoncu.com
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