SmartOne Financial Wellness Blog

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Get Ready for Loanapalooza 2024!
Authored By: UnitedOne Credit Union on 4/4/2024

Loanapalooza Vehicle Loan Sale

Are loan payments cramping your style this year? Take a much-needed breather and dive into summer without worrying about loan payments for 90 days* with Loanapalooza. Plus, enjoy our special offer of As low as 5.49% APR* for up to 60 months! It's time to make your dreams a reality with UnitedOne Credit Union.

During Loanapalooza, when you secure a vehicle loan, you're not just investing in your future, you're also entering to win one of five $500 cash giveaways! And that's not all – if you're a lucky winner, UnitedOne will donate $500 to a local 501(c)(3) organization of your choice as our way of spreading the love in our “Loanapalooza Show The Love” Sweepstakes**.

Ready to upgrade your ride? Whether you're eyeing a sleek new car, a rugged truck, a spacious SUV, a road-trip-ready RV, a thrilling motorcycle, an adventurous ATV, or a fun-filled personal watercraft, Loanapalooza has got you covered.

Cars: Upgrade your wheels and hit the road in style. Fuel-efficient or muscle-powered, the choice is yours.

Trucks: Tow with confidence and add some excitement to your journeys. Adventure awaits.

SUVs: Upgrade your family ride or indulge in luxurious comfort. Loanapalooza is your ticket to spacious bliss.

RVs: Embark on your summer road trip with ease. Comfort, convenience, and family fun await.

Motorcycles: Feel the wind in your hair and the freedom of the open road. Ride in style with no loan payments for 90 days.

ATVs: Connect with nature and explore Wisconsin's beauty. Blaze trails or haul gear for unforgettable adventures.

Personal Watercraft: Dive into the boating season with a new vessel. Cruise Wisconsin's lakes in style and comfort.

And if you're currently tied up with another lender, consider refinancing with UnitedOne to save on your car loan! Ask about our electronic signature and virtual appointment options for added convenience.

At UnitedOne Credit Union, we're all about our members. We understand your needs because we've been there ourselves. Let us help you move forward and achieve your goals. With friendly service and professional expertise, we're your personal loan partners in Sheboygan, Manitowoc, and beyond.

Ready to experience the UnitedOne difference? Join us today and unlock a world of benefits! Contact our team of personal money lenders to get started. We have great rates for whatever life throws your way!

Don't miss out on Loanapalooza 2024 – where your dreams meet reality! Apply now and let's make this summer one to remember.

*APR=Annual Percentage Rate. Your credit score, loan term, loan-to-value, year of vehicle and account relationship determine your rate. Rate stated is for borrowers with excellent credit history, vehicle 2021 or newer, plus minimum new money of $5,000, an active UnitedOne Credit Union checking account, direct deposit, and automatic payments. Monthly payments per $1,000 borrowed are $22.15/month at 5.49% APR for 60 months with optional payment protection. First payment may be deferred up to 90 days. Finance charge begins accruing when loan is funded. Additional rates and terms available, please contact us for details. Offer subject to credit approval and not all applicants will qualify for the lowest rate. Other loan types not eligible for this offer. UnitedOne Credit Union membership required. Offer effective April 1, 2024, and subject to change at anytime without notice.

**No purchase necessary. For complete Loanapalooza Show The Love Sweepstakes rules visit www.UnitedOne.org/auto-loans. Sweepstakes ends 4/30/2024 at 5 p.m.

Insured by NCUA.

Podcast: Understanding the 5 C’s of Credit and Your Credit Score
Authored By: UnitedOne Credit Union on 3/27/2024

Credit can be a scary topic for some. However, it doesn’t have to be.

The Local Home Loan Experts at UnitedOne Credit Union clear up any confusion about credit and its role in applying for a loan on the latest edition of their podcast, At Home on the Lakeshore.

By definition, credit is the ability of a person to obtain goods or services before payment, based on the trust that payment will be made in the future.

But when it comes time to take out a loan, your credit is best defined by five other words that start with a ‘C’ – character, capacity, capital, conditions, and collateral.

“I don’t know if people understand what the 5 C’s of credit are, which is kind of an overall picture of a loan versus just the credit report,” said UnitedOne Mortgage Specialist Julie Peot, NMLS #441412.

Character: Credit history and repayment reliability.
Capacity: Ability to repay debts based on income and financial obligations.
Capital: Financial reserves and assets for debt repayment.
Conditions: Economic and industry factors affecting repayment ability.
Collateral: Assets pledged to secure the loan.

While the 5 C’s of credit provide indicators of creditworthiness during the loan process, credit scores offer a numerical representation of a borrower’s credit risk. Credit scores typically range from 300 to 850 and are generated by credit bureaus based on the information in your credit report.

“We generally like to see your credit score in that good range, so 670 to 739, but that doesn’t mean that we cannot lend to someone who has a (lower) credit score,” said UnitedOne Mortgage Specialist Linda Serrano, NMLS # 441416.

“Exceptional is between 800 and 850. We see some of those, but they’ve probably had their credit for a longer period of time and they’ve established themselves. So, if you’re just establishing your first credit history, like first car or first credit card, you might have a lower score. We’re here, and we’re going to help you out to raise your scores.”

Paying the full monthly balance on a credit card instead of just making the minimum payment and only utilizing some of your credit limit will help improve your credit score. Ultimately, those habits will reap benefits down the road when taking out a loan.

“Your (credit) score usually gets you a better rate in loans,” said UnitedOne Mortgage Specialist Kari Johnsrud, NMLS # 441414. “Not only home loans, but car loans and your car insurance. There’s so many things that working on your credit to build a good credit score can help you with.”

The three nationwide credit bureaus UnitedOne Credit Union uses to pull credit scores from are TransUnion®, Equifax®, and Experian®.

“UnitedOne reports to all three, so you’re gaining credit in all three of those companies,” Peot said. “There are financials out there that don’t report to all three. They may only choose one or two to report, so sometimes you'll see those credit scores vary. … When we pull all three, we use the middle score, so we kind of average out those three scores and use the middle one for qualifying.”

Your credit score doesn’t have to remain a mystery until you’re ready to apply for a loan. You can access a free report at www.annualcreditreport.com or by calling 1-877-322-8228.

“It lists all of the information in a way that is that you’re going to be able to understand it,” Serrano said. “You don’t have to work in banking or anything like that to be able to understand what the credit report is showing you, but if still feel like, ‘I want that extra person to help me out,’ we definitely are here. You can call us, and we can set up an appointment.”

Whether you’re in the market now to buy a home or want to learn more about improving your credit score so you’ll be ready to house shop in the future, UnitedOne’s team of Local Home Loan Experts are your trusted source in Manitowoc and Sheboygan for all your home loan needs.

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Listen to more episodes of At Home on the Lakeshore

UnitedOne achieves esteemed recognition in MemberXP Best of the Best Awards
Authored By: UnitedOne Credit Union on 3/22/2024

UnitedOne Credit Union log and 2024 MemberXP Awards UnitedOne Credit Union has been designated as a MemberXP Best of the Best Credit Union for Best Member Advocacy and Most Appreciative Staff.

"Improving members’ financial well-being is why we are here,” UnitedOne CEO Kim Rooney said. “Our employees come to work every day ready to help our members succeed financially. Awards like these are the result of their hard work and commitment."

The MemberXP designation is an annual acknowledgment bestowed upon credit unions that consistently excel in delivering exceptional member service during a calendar year.

MemberXP uses mystery shoppers and member surveys to gauge the overall member experience across multiple delivery channels. In 2023, over 300,000 surveys were deployed nationwide among nearly 8 million credit union members, spanning all 50 U.S. states.

UnitedOne Credit Union has branches in Manitowoc and Sheboygan, and is open to everyone living or working in Manitowoc, Sheboygan, Kewaunee and Door counties. The credit union serves consumers and small to mid-sized businesses.

MemberXP, a product of CU Solutions Group, is the pioneer and market leader in Credit Union Experience Management. The MemberXP technology platform enables credit unions to collect, manage and act on member experience data collected via digital surveys and mystery shoppers.

5 Compelling Reasons to Buy a Home in Manitowoc, WI Right Now
Authored By: UnitedOne Credit Union on 3/14/2024

Buying a Home in Manitowoc

Are you dreaming of owning a home in the heart of the Midwest? Look no further than Manitowoc, Wisconsin! Nestled along the shores of Lake Michigan, Manitowoc offers a unique blend of small-town charm, natural beauty, and a thriving community spirit. And guess what? There's never been a better time to make Manitowoc your home sweet home. Here are five fantastic reasons why buying a house in Manitowoc, WI should be at the top of your list, brought to you by UnitedOne Credit Union.

Affordable Real Estate Prices: One of the most appealing aspects of Manitowoc is its affordability. Compared to larger metropolitan areas, housing prices in Manitowoc are remarkably reasonable. Whether you're in the market for a cozy bungalow or a spacious family home, you'll find a wide range of options that won't break the bank. With the forecast of lower interest rates in the second half of 2024 and a recovering market, now is the perfect time to snag your dream home at a price you can afford.
Strong Community Spirit: In Manitowoc, neighbors aren't just neighbors—they're family. The tight-knit community here is known for its warmth, friendliness, and willingness to lend a helping hand. From annual festivals and farmers' markets to community events and local gatherings, Manitowoc fosters a sense of belonging that's hard to find elsewhere. When you buy a house in Manitowoc, you're not just investing in property; you're investing in a community that welcomes you with open arms.
Breathtaking Natural Beauty: Prepare to be awe-struck by Manitowoc's stunning natural scenery. With Lake Michigan to the east and picturesque countryside to the west, outdoor enthusiasts will find plenty to explore and enjoy. Spend your weekends hiking along the shores of the lake, fishing in pristine waters, or simply taking in the breathtaking sunsets. No matter the season, Manitowoc's natural beauty never fails to impress.
Excellent Schools and Amenities: For families with children, Manitowoc offers top-notch educational opportunities. From highly-rated public schools to renowned private institutions, parents can rest easy knowing their children are receiving a quality education. Beyond academics, Manitowoc boasts a plethora of amenities, including parks, recreational facilities, shopping centers, and restaurants. Everything you need is right at your fingertips, making Manitowoc an ideal place to raise a family.
Investment Potential: With the real estate market in Manitowoc on the rise, purchasing a home here is not just a place to live—it's a smart investment. As the economy continues to recover and the demand for housing grows, property values in Manitowoc are expected to appreciate steadily over time. By buying now, you're not only securing a place to call your own but also setting yourself up for long-term financial stability.

The time to buy a house in Manitowoc is now. With affordable real estate prices, a strong sense of community, breathtaking natural beauty, excellent amenities, and promising investment potential, Manitowoc has it all. So why wait? Take the plunge and make Manitowoc your home today! And remember, UnitedOne Credit Union is here to help you every step of the way on your journey to homeownership. Contact our mortgage team to get started!

Podcast: How to Build Your Dream Home with a Construction Loan
Authored By: UnitedOne Credit Union on 2/16/2024

Building your dream home from the ground up is an exciting endeavor.

A construction loan is an essential tool in turning blueprints into reality for many aspiring homeowners.

“In this market, when there are not a ton of houses out there for sale, sometimes it can be a nice option to purchase a piece of land and to build instead,” said UnitedOne Mortgage Specialist Kari Johnsrud, NMLS # 441414. “You’ll get the home that you want the way you want it.”

The Local Home Loan Experts at UnitedOne Credit Union delve into what a construction loan entails on the latest edition of their podcast, At Home on the Lakeshore.

A construction loan covers both the interim building phase and the permanent loan once the home is finished, eliminating the need for multiple loans.

The first nine months of the loan, also known as the draw period, disburses funds to contractors or subcontractors during the building phase. This period features a lower rate, interest only payment on outstanding balances plus property taxes if applicable.

Once the house is finished, the loan rolls automatically converts to an ARM loan/permanent financing (for primary residence/second homes only).

One of the biggest benefits of a construction loan is it features a one-time close.

“The one-time close that we do offer here saves you money in that construction-to-permanent phase,” said UnitedOne Mortgage Specialist Linda Serrano, NMLS # 441416. “That’s something we love to do for our members to save them money.”

If you haven’t purchased the lot you plan to build on the initial draw disbursement in a construction loan will include the payoff of the land.

“Some people purchase the land first and pay on it for a while before they choose to build, and that’s OK, too,” Johnsrud said.

Construction loans also can be an excellent option for bigger remodeling projects to an existing home, like adding a second floor or changing layouts of a house.

Whether you’re planning to build new or do an extensive remodel, it doesn’t hurt to start doing your research now on prospective builders if you anticipate doing a construction loan in the upcoming years.

“It’s not too early to start,” said UnitedOne Mortgage Specialist Julie Peot, NMLS # 441412. “I know there are already some builders looking for builds in 2025. It’s not too early to start talking through options because it’s going to take time to get everything you’re looking for.”

By meeting with UnitedOne’s team of Local Home Loan Experts in Manitowoc and Sheboygan, aspiring homeowners can embark on their home-building journey with confidence knowing they have the financial support to bring their vision to life.