Economic Stimulus Resource Center
E-Central is committed to providing you important information and resources during these challenging times. Look to E-Central to create your own "personal financial stimulus package" or to learn more about President Obama's "Making Homes Affordable" program.
Personal Financial Stimulus Package
We want you to know that E-Central is financially strong and here to assist you with any financial challenges that lay ahead: protecting and growing your retirement nest egg and college funds; building wealth for a more secure future; buying or refinancing a home or car.
- Boost Your Savings - E-Central continues to share its profits with the Membership by offering highly competitive Certificate rates. Your money on deposit at E-Central is insured up to $500,000 by the NCUA and ASI. Click here for our most current specials. more...
- Saving Your IRA - In recent months, IRAs invested in stocks and mutual funds have lost as much as 30% to 40% of their value. If you have an IRA or another retirement account and you want to protect your principal, consider transferring it to a qualified, federally insured plan at E-Central. Click here for our most current specials. more...
- Lower Your Auto Loan Payments - If you financed your auto loan with another lender, E-Central may be able to lower your monthly payments by refinancing your loan - with a low rate and/or extended payment term. Contact us to discover how much we can save you.
- Save Money & Lower your Insurance Payments - E-Central has recently selected California Insurance Specialists (CA license #0B33273) to provide our members competitively priced auto and home/condo/renters insurance. For a quick quote, call (800) 436-2113 or visit California Insurance Specialists online.
- Start Saving for the Holidays Now - Open a Holiday Savings Club account and put away a little each month - by automatic transfer or payroll deduction. It will feel great to know that your holiday shopping budget is ready when you are, with no credit cards needed!
The recently passed Making Homes Affordable program will offer assistance to as many as 7 to 9 million homeowners making a good-faith effort to stay current on their mortgage payments. Under the plan, there are two options available.
- A "refinance" program is targeted for those borrowers whose existing mortgage is owned by Fannie Mae or Freddie Mac, have a solid payment history, and a loan-to-value (LTV) above 80%.
- The "modification" program is the framework for lenders to modify a sustainable mortgage.
For more information, visit www.makinghomeaffordable.gov
Here are some important things you should know:
- E-Central is a portfolio lender, which means we did not sell any of our loans to Fannie Mae or Freddie Mac; therefore, Members seeking relief would need to qualify under the "modification" program.
- If you are a distressed homeowner, communicate with your lender early and often. Don't wait until you're in foreclosure to seek assistance.
- Defaulting on any loan, especially a Home Loan, greatly affects your credit score and future ability to borrow.
- Beware of foreclosure scams - help is free. You should never pay a consultation fee to anyone offering to "bail" you out. Working with a HUD approved housing counselor is free.
E-Central is committed to providing you with useful resources to help you find the answers you need.
As your Credit Union, we are here to help! We'll treat you with respect and determine your individual needs on a case-by-case basis. If you have any questions, please contact one of our Home Loan experts at (626) 799-6000.
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