Friday, November 27, 2015

Mid-Minnesota Participated in a Statewide “Day of Kindness”


On Columbus Day, October 12, 2015, Mid-Minnesota Federal Credit Union was one of 14 credit unions who joined forces through an orchestrated day of events to spread kindness in communities across the state.


Mid-Minnesota took advantage of its closure on this federal holiday to help build a Habitat Home located at 1521 Maple Street Southeast in Brainerd. MMFCU had 25 builders working a four hour shift. There were also staff volunteers providing and serving lunch to everyone on the job site that day.


“We wanted to give back to our communities and Habitat for Humanity is of particular importance to MMFCU. Not that long ago, MMFCU staff participated in the first ever Lakes Area Habitat for Humanity Women Build project!” said President/CEO of MMFCU, Chuck Albrecht.

Credit unions subscribe to the foundational philosophy of “People Helping People,” which is demonstrated by our cooperative structures, support of financial education, and active engagement within our communities. Around the state, nearly 1,000 credit union employees dedicate more than 6,200 total volunteer hours to scatter kindness in our communities. Participating credit unions estimated that they collectively impacted more than 18,000 people through their efforts!

“I was proud to see the credit union outreach that took place, which is really an extension of what credit unions do all year long,” said Albrecht.



The statewide day of kindness was inspired by Plus It Forward Day, an event created by Affinity Plus Federal Credit Union in 2013. This is anticipated to be the first of many collaborative community outreach days conducted by Minnesota credit unions, which are local, trusted, not-for-profit financial cooperatives.

Thursday, November 19, 2015

Holiday Promotions at Mid-Minnesota Federal Credit Union

Holiday Promotions.jpg

The holidays are right around the corner. Are you ready for a season of parties, shopping and gift giving? From meals to gifts, it can be overwhelming.

Holiday meals or parties can make your grocery costs soar, not to mention all the prep work! Create your menu ahead of time, and as family members and friends ask “what can they bring,” you will have a suggestion and give yourself some extra time out of the kitchen.

Last minute and impulsive gift purchases can do havoc on your budget. Make a list of all the people you are purchasing for with ideas and the maximum you are going to spend for each. Start your shopping by doing some research; get an idea of what the current prices are on the items you hope to buy, that way when you are shopping you know if you are getting a “deal” or not.  Black Friday can offer very good discounts, just be sure to plan your purchases in advance.

Mid-Minnesota Federal Credit Union is here to help take some of the financial stress away for the holiday season if needed. There are several ways MMFCU can help.  We offer a Holiday Cash Loan, VISA Credit Card or the ultimate versatile gift for those “hard to buy for” people, the MMFCU VISA Gift Card.

Holiday Cash Loans are available now through December 24 with a minimum of $500 and a maximum of $1,000 per individual or up to $2,000 jointly with rates as low as 3.99% APR for those with an active MMFCU checking account relationship with auto pay. The Holiday Cash loan will then be paid back over a 10-month period. Holiday Cash dollars can be used for your holiday purchases anywhere you want to shop.

VISA Classic & Reward Credit Cards allow you to take advantage of a 1.99% APR introductory rate on all your holiday purchases. This could be a better option than high interest rate retail store card solicitations you will get while shopping!

VISA Gift Cards
Added Security - Replaceable if lost or stolen.
Available for any amount between $5 and $750.
Accepted Worldwide - Just like cash.

If you currently have a loan at MMFCU check out Mid-Minnesota’s Holiday Skip-A-Payment program which allows you a quick and convenient way of finding some cash in your pocket over the next few months. With this program, qualified MMFCU borrowers may be able to skip up to two payments on a variety of MMFCU loans, including, but not limited to new and used auto, boat, RV and more.

If the holiday “spending” season caught you by surprise this year, make a resolution to yourself to be more prepared for the 2016 season. MMFCU can help you set up a separate savings account with automatic deposits or open a VISA Rewards Cards so that you can start earning points towards merchandise, travel or cash back in 2016. There are additional tips for holiday spending at America Saves.org, on Beating the holiday Financial Blues.

Bottom line, we wish you and yours a Happy Thanksgiving and peaceful holiday season.



Tuesday, November 3, 2015

Picking a Home Equity Loan that is Right for You








Home Equity Loan is when a borrower uses the equity of their home as collateral. This type of loan is often used for home renovations or repairs, but you are not limited to just that! Many people use their equity for additional expenses, such as college tuition, a vacation, debt consolidation and more. If you are a homeowner and find yourself short on funds, a Home Equity Loan could be the right fit for your needs.

At Mid-Minnesota Federal Credit Union, we offer a vast variety of Home Equity Loan options. We dare you to compare! Below we have outlined four reasons why one loan may be a potentially better fit for you over another:


Traditional Home Equity

The Traditional Home Equity Loan allows borrowers to lock in a fixed rate. You can borrow against the equity in your home for virtually any reason, such as your dream vacation to Europe or even a new car. Plus, the interest may be tax-deductible!


Home Equity Line of Credit (HELOC)

If you need more flexibility, our HELOC plan may be the best fit. Similar to a traditional Home Equity Loan, the HELOC provides you access when you need. And, you only make monthly payments based on your balance after advances. This line of credit is good for everyday purchases both big and small. MMFCU’s HELOC is a variable rate loan.

Not Enough Equity in Your Home?

Ask about our Property Improvement Loan! If you are interested in increasing the value of your home or property, then this loan may be the best option. This is a great way to get the financing you need to build an addition to your home, remodel your kitchen or repair the siding without any built up equity.


Interest ONLY Home Equity Line of Credit (HELOC)

This loan is great if you are interested in the Home Equity Line of Credit, but are looking for smaller payments. This is very similar to a standard HELOC with a different payment plan that may better suit your budget, since you are only required to pay the monthly interest due on the balance. It is important to note that interest only payments will not pay off the amount borrowed; therefore a balloon payment will result.

One of the best benefits to a NEW Home Equity Loan at MMFCU is that there are NO CLOSING COSTS! If you’re interested in more information on applying for a Home Equity Loan with Mid-Minnesota, check out our website for current rates and payment plans. Or, stop by one of our convenient Central Minnesota locations to apply in person or fill out one of our online applications.