horizonfcu.org
5 - Mortgage | 6 - Employee Corner | 7 - New Branches | 7 - Shred Days
Enlighten
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SPRING 2021
2 - Home Improvement | 3 - Home Equity Loan | 4 - Refinance
Item
How long to keep
Monthly utility bills
Until they’re paid, unless you are deducting part of your home off your state and federal business taxes.
ATM receipts
Until you have balanced your checkbook.
Medical bills
Until they’re paid, unless you deduct medical expenses from your taxes.
Canceled checks
If you still get these, you can shred immediately unless you need to keep for tax purposes.
Credit union statements
Until your checkbook has been balanced, unless you need them for tax purposes.
Pay stubs
Until you have balanced your W2 at the end of the year. If you’re considering a loan for a major purchase, like a house, keep until the loan is closed.
Monthly/quarterly account statements
Until the annual statement arrives.
Credit card statements
One year, unless needed for tax purposes.
Credit card receipts
Expired credit cards
Destroy immediately.
Tax returns and supporting documents
Seven years. You can be audited for no reason up to three years after you file a return. If you omit 25 percent of your gross income, that period extends to six years.
Records of selling a house
Seven years (Documentation for Capital Gains Tax).
Records of buying a house
Until you have sold the home. Any documents related to taxes should be held for seven years.
Records of home improvements
Seven years after filing the tax return that includes the income or loss on the home when it’s sold.
Product warranties
Until you no longer own or use the product, or until the warranty expires, whichever comes first.
Retirement plan statements
Keep the annual statements as long as you have assets in the plan.
Year-end account statements
Until you no longer own the investment.
Loan paperwork
Until the loan is paid. If you receive a payoff statement once the loan is paid, keep that indefinitely.
Insurance policies
As long as you own the policy.
Marriage license
Never destroy.
Birth certificate
Wills
Adoption papers
Death certificates
Records of paid mortgages
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Spring Home Improvement Projects
As the weather begins getting nicer, people start to spend more time in the outdoor beauty of north-central Pennsylvania. It is also a great time to take inventory around the house, investigate what effects this past harsh winter had on your property, and start coordinating projects around the home. Landscaping – heavy winds may have damaged trees that require pruning or replacing. Spring is also the time to plant new trees, start a garden, apply new mulch, or switch to a more durable option such as river rock. Deck stain and repair – spruce up your deck with a fresh coat of paint or stain. You will want to inspect the structure to see if any boards should be replaced first. Feeling ambitious? Perhaps this is the year you add on to the deck or have a new one built from scratch. Roof repair – this past winter brought us a lot of snow, which could have caused damage to older roofs. Now is the time to inspect your roof and gutters to see if repairs are necessary. New windows and siding – new windows and siding can enhance your home’s aesthetic, improve its energy efficiency, reduce noise, and increase property value. Painting – in addition to external painting projects, spring is an ideal time to paint inside as well if you want a fresh new look. HVAC – this past winter saw very cold temperatures, requiring heating units to constantly run and putting a strain on older units. Spring is a great time for routine HVAC maintenance to see if any repairs are required while the weather is nice. HVAC repairs and replacement are typically more costly and require a longer wait during the hot summer months when individuals are looking to turn on the air conditioning. If financing is needed for any of your spring home improvement projects, turn to a Horizon Home Equity Loan or Home Equity Line of Credit to meet your needs! You can apply at www.HorizonFCU.org, call us, or stop by any of our branch locations today.
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Save Money by Refinancing Your Existing Loans
You may be paying too much money each month on your loans. Most people don’t realize how easy it is, and how much money you can save, by refinancing their existing loans. Through the end of March, our members have saved over $400,000 this year by refinancing a loan they had at another financial institution to a new loan at Horizon. When you refinance your loan, you can lower your monthly payments, reduce the term of your loan, and possibly even do both! Members are usually paying too much on their current payments for a few different reasons: Rates have decreased. Most financial institutions use the Prime Rate as the index for their loans. In the fall of 2019, the Prime Rate was 5.00%; today, it is 3.25%. Your credit score has increased. Most financial institutions also extend lower interest rates to borrowers with higher credit scores. An increase of 10 – 20 points on your credit score could lower your interest rate by 1.00% or more. You paid too much on your rate in the first place. Think about the last time you purchased a car from a dealership. Did you discuss interest rate or monthly payment? Often, individuals buying a car focus on negotiating their monthly payment, overlooking the fact they could have shopped around to get a lower interest rate. Experiencing a brighter financial future begins by reevaluating how much you are spending today. Contact us at 570-326-3636 or stop by one of our branches to see if you can save money by refinancing one of your existing loans at Horizon!
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Savanna Pick | NMLS #1443511 Phone: 570-932-0918 Email: savanna.pick@horizonfcu.org I have worked in banking for the last several years and have extensive consulting experience helping my members meet their financial needs. I promise to work side-by-side with you throughout the homebuying/refinancing process and commit to you that I will guide you from application to closing, while maintaining prompt and concise communication.
Mortgage
At Horizon, we offer a variety of loan options to accommodate homebuyers. Unlike large, online mortgage brokers, our mortgage specialists are local and know the area realtors. We’ll guide you through the process to ensure your experience is smooth, straightforward and rewarding. Benefits of applying for a mortgage with Horizon include: Free Pre-Approval Flexibility through our Less-Than-Perfect Credit Programs First Front Door Program: An amazing program that may provide up to $5,000.00 in grant funds to first-time homebuyers An array of programs to fit your needs from Conventional Fixed Rate Mortgages, FHA, VA, USDA, and more! Convenient refinancing for existing mortgage borrowers. Contact one of our mortgage specialists today to get started to walk through the doors of your new home!
Terri Musheno | NMLS #754052 Phone: 570-560-7178 Email: tmusheno@horizonfcu.org With over 20 years of banking experience, I am very familiar with what your financial needs and requirements are when looking for a mortgage. Getting to know you and what you are looking for is step one. Whether it’s refinancing to save you your hard-earned money or purchasing the home of your dreams, I am here to help you achieve it! Let me know how I can help you!
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Each quarter, Horizon recognizes employees as Brand Ambassadors – individuals who actively demonstrate our core values and encompass our RISE standards of Respect, Inform, Solution, and Energy.
Employee Corner
Jake Sears, Financial Service Consultant; Third Street Branch Ken Entz, Facilities Manager Jordan Lewis, PT Member Service Representative; State College
Congratulations to the following Brand Ambassadors:
Melissa Confer; Lock Haven Dina Proper; State College Kate Smith; Account Solutions Val Johnson; Account Solutions Michelle Elnitski; State College
New Employees:
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New Branch Locations
1930 Lycoming Creek Road Williamsport
867 Lycoming Mall Drive Muncy
Both locations will be open the second half of 2021. Follow our Facebook page for branch progress and announcements throughout the spring and summer.
Coming Soon!
Horizon is expanding our branch network to better serve our members! Construction is underway on two new locations:
Williamsport Branch 1007 East Third Street Williamsport, PA 17701 Lock Haven Branch 217 West Bald Eagle Street Lock Haven, PA 17745 horizonfcu.org 570-326-3636
Important Dates Third Street Shred Day – Saturday, May 8 Lock Haven Shred Day – Saturday, May 22 Memorial Day – Monday, May 31 – All locations closed Independence Day (Observed) – Monday, July 5 – All locations closed
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