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Social Security Seminar: Sept 15

The Social Security Roadmap: How Claiming Decisions Impact Lifetime Income

Presented by: Cindi Hill, CFP®, ChFC®, RICP®, CRPC®, ABFP®, NSSA® Owner, CKH Retirement Pathways

Tuesday, September 15

6pm-7:30pm

Fibre Federal Credit Union Operations Building

796 Commerce Ave Suite 200, Longview, WA

 

Social Security is an important piece of your retirement plan, and the choices you make can affect your income for years to come. Learn what to consider so you can make an informed decision with confidence.

Topics will include:

• Social Security basics
• When to claim
• Spousal benefits
• Strategies based on earnings
• Coordinating benefits

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Fibre Federal Credit Union and Fibre Financial Group are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Fibre Financial Group and may also be employees of Fibre Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Fibre Federal Credit Union or Fibre Financial Group. Securities and insurance offered through LPL or its affiliates are:

The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

Your Credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for advisory services. Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html.

LPL Financial Form CRS

1168389-02-04

What is the Difference Between a Bank and a Credit Union?

Most people don’t think much about where they bank. Banks and credit unions both offer checking and savings accounts, loans, credit cards, and other financial products—but there are important differences. 

Where you keep your money can have a big impact on the fees you pay, the dividends you earn, the interest rates you pay, and even the customer service you receive. Understanding how different financial institutions work can help you choose the right financial partner. Let's take a closer look at what sets them apart and why many people prefer the benefits of credit union membership. 

WHAT IS A BANK?

A bank is a for-profit financial institution that offers checking and savings accounts, loans, credit cards, and other banking products. Banks are owned by shareholders, and the primary focus is on earning profits for those investors. 

Banks can be either large national chains or smaller community institutions. Deposits at banks are typically insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per depositor per bank.

WHAT IS A CREDIT UNION?

A credit union is a financial institution that offers many of the same banking products and services as banks. The main difference is that credit unions are not-for-profit organizations owned by their members. Membership is often based on where you live, work, worship, or attend school, along with other qualifying criteria.  

Credit unions focus on serving their members’ needs instead of generating profits. Unlike many banks that operate as large national chains, credit unions are often smaller, community-focused organizations. 

When you join a credit union, you become both a member and an account owner. Because credit unions aren’t focused on profits, earnings are returned to members through better rates and lower fees. 

When applying for a loan, a credit union may also be more flexible with its credit requirements than a bank that uses strict lending standards. Deposits at credit unions are typically insured by the National Credit Union Administration (NCUA) for up to $250,000 per depositor per credit union.

HOW BANKS AND CREDIT UNIONS ARE DIFFERENT

Understanding the differences between banks and credit unions can make it easier to choose the right financial partner. This comparison chart highlights key differences: 

WHY MANY PEOPLE PREFER CREDIT UNIONS

Although banks and credit unions offer many of the same products and services, people choose credit unions for the value and level of service they provide.  Here are some of the top reasons to consider a credit union:

Member-Focused Service

With a credit union, you’re not just another account holder. You’re a valued member and one of the credit union’s owners. That means decisions are made with members in mind. A credit union will take the time to understand your goals and provide personalized guidance.

Competitive Loan Rates

Because credit unions aren’t focused on earning profits, they can pass savings on to members through lower interest rates on auto loans, personal loans, mortgages, and other financing options. Even a slightly lower rate can lead to significant savings over time—especially on long-term loans like mortgages. 

Lower Fees

Since credit unions are not-for-profit organizations, they can reduce or eliminate many common charges. You may avoid monthly maintenance fees, minimum balance fees, ATM fees, and other charges. Fewer fees mean more of your money stays in your account. 

Better Savings Rates

Credit unions may offer higher returns on savings accounts, helping your money grow more efficiently over time. This can make it easier to save for a large purchase, education expenses, retirement, or other financial goals. 

Community Involvement

The people who work at credit unions live in the same communities as their members. They genuinely care about the people they serve and often support local organizations, businesses, schools, and events. That commitment strengthens the communities they serve.  

Financial Education Support

Many credit unions offer resources to support financial wellness, including tools and guidance to help you build better financial habits. Some also offer youth programs to help teens build financial skills early. 

ATM Access

Many credit unions are part of nationwide networks that provide surcharge-free ATM access. Fibre Federal participates in a CO-OP network of more than 30,000 ATMs, making it easy to withdraw cash while traveling. 

THE FIBRE FEDERAL CREDIT UNION ADVANTAGE

As a member-owned, not-for-profit institution, Fibre Federal & TLC offers a full range of financial products and services designed to deliver more value to members. Members benefit from better rates, lower fees, and a level of personal service that larger financial institutions often can’t match. When you join, you’re not just a customer — you’re part of the Fibre Family. 

Fibre Federal & TLC also provides convenient digital tools that give you more control over your accounts. With Online Banking and Mobile Banking, you can check balances, transfer funds, pay bills, and more from your laptop or mobile device—anytime, anywhere. 

Membership is open to individuals who live, work, worship, conduct business, or attend school in:  

• Cowlitz, Clark, Lewis, Wahkiakum, Pacific, Skamania, or Grays Harbor counties in Washington, or

• Columbia, Clatsop, Tillamook, or Lincoln counties in Oregon

Whether you're looking for a checking account, to grow your savings, a loan, or a credit card for everyday spending, Fibre Federal & TLC offers options designed for a wide range of financial goals. It’s a smarter, more personal way to bank.   

FREQUENTLY ASKED QUESTIONS

Still have questions? Here are answers to some of the most common questions about banks and credit unions. 

Is my money safe at a credit union? 

Absolutely. Most credit unions in the U.S. are insured by the NCUA for up to $250,000 per depositor per institution. 

Can anyone join a credit union?

Eligibility is usually based on where you live, work, worship, or attend school. Most people who live within the designated service area are eligible to join. 

Do credit unions have Online Banking?

Yes. Most credit unions offer Online and Mobile Banking, making it easy to manage your account from anywhere, even after business hours. 

Credit unions are not-for-profit. What does that mean? 

Not-for-profit refers to the legal structure of credit unions. They don’t exist to generate profits for shareholders. Instead, earnings are returned to members through lower loan rates, higher savings rates, and fewer fees. 

Is it easier to get approved for a loan at a credit union? 

It depends on the situation. Credit unions often take a more personal approach to loan approval and may have more flexibility than banks that rely on strict lending criteria. They often consider your full financial picture—not just your credit score. 

GET MORE FROM YOUR FINANCIAL INSTITUTION 

Choosing where you bank can have a meaningful impact on your financial experience. It affects the fees you pay, the return on your savings, and the rates you receive on loans. It can also shape the level of service you receive and whether your financial institution supports the community you live in.  

Looking for a more personal approach to banking? Explore our membership benefits to see how Fibre Federal & TLC can help you reach your financial goals. 

Explore our Membership Benefits

Mortgages & Homeownership: A Complete Guide

Buying a home is a major financial decision, and the process can feel overwhelming even if you’ve done it before.

There’s more to it than finding a house you like. You’ll need to understand your budget, review your credit, compare mortgage types, get pre-approved, make an offer, prepare for closing costs, and plan for the ongoing expenses that come with owning a home. Fibre Federal Credit Union and TLC’s mortgage loans are a useful starting point for reviewing home loan programs before you apply. 

The process is easier to manage when you break it into steps. This guide walks through the homeownership journey from early planning to closing day, plus what to know about managing or refinancing your mortgage after you buy.

MAKE SURE YOU’RE FINANCIALLY READY

Before you start browsing home listings, take time to review whether buying makes sense for your budget and lifestyle. Homeownership allows you to build equity and have more control over your space, but it also comes with expenses renters usually don’t have, including repairs, maintenance, property taxes, and insurance. 

Buying may make sense if:

• You have a steady income

• Your monthly debts are manageable

• You have savings set aside for upfront costs

• You have an emergency fund for unexpected expenses

• You plan to stay in the home for several years

If you’re still comparing renting and buying, use the rent vs. buy calculator to estimate how the numbers may look based on your current situation.

Check your credit

Your credit score may affect whether you qualify for a mortgage and the interest rate you receive. Even a small difference in your rate can change your monthly payment and the total interest paid over the life of the loan.

Before applying, review your credit report for errors, make on-time payments, and work on paying down high credit card balances. Credit improvements can take several months to show, so it’s best to start early.

Know your debt-to-income ratio

Lenders also review your debt-to-income ratio, or DTI. This compares your gross monthly income to your monthly debt payments, including credit cards, auto loans, student loans, and other recurring obligations.

Many lenders prefer a DTI of 36% or lower for home loans, although requirements can vary by loan type and borrower profile. Use the debt-to-income calculator to estimate your ratio before you apply. If your DTI is higher than you’d like, paying down debt or avoiding new loans before applying may improve your position.

Plan for expenses

Homebuying costs go beyond the purchase price. Before you apply, budget for upfront expenses as well as the costs that continue after closing. 

At a minimum, budget for:

• Down payment: This varies by loan type. Some loans require little or no down payment, while others may require more.

• Closing costs: These are the fees and expenses paid to complete the purchase and are commonly 2% to 5% of the loan amount. In some cases, the closing costs can be negotiated to be paid by the seller.

• Mortgage insurance: If your down payment is below 20% on a conventional loan, you may need private mortgage insurance, or PMI. FHA, USDA, and VA loans have their own mortgage insurance or funding fee structures.

• Taxes and insurance: Property taxes and homeowners insurance can affect your monthly payment and total housing budget.

• Cash reserves: A home inspection may not catch every issue, so it’s smart to keep savings available for repairs, maintenance, and move-in costs.

UNDERSTAND YOUR MORTGAGE OPTIONS

Mortgage loans are not all structured the same way. The loan type you choose can affect your down payment, monthly payment, mortgage insurance, rate structure, and long-term costs.

For a deeper breakdown, Fibre Federal & TLC also has a guide to different types of home loans. 

Fixed-Rate Mortgages

A fixed-rate mortgage keeps the same interest rate for the full loan term. That means the principal and interest portion of your payment stays consistent, which can make monthly budgeting more predictable.

Depending on the lender and loan program, down payments may start as low as 3%. If you put less than 20% down on a conventional mortgage, PMI may be required until you build enough equity.

The loan term also matters. A shorter term may come with a higher monthly payment but less total interest, while a longer term may lower the monthly payment but increase the total interest paid. Before choosing, compare how different mortgage terms affect your loan.

Adjustable-Rate Mortgages (ARMs)

An adjustable-rate mortgage, or ARM, starts with an introductory rate for a set period. After that period ends, the rate can adjust based on market conditions and the terms of the loan.

An ARM may appeal to buyers who expect to sell, refinance, or pay off the loan before the introductory period ends. Because the payment can change later, it’s important to understand the adjustment schedule, rate caps, and how much your payment could increase.

FHA Loans

FHA loans are backed by the Federal Housing Administration and issued by private lenders. They can work well for borrowers with limited down payment savings or credit history that does not meet conventional loan requirements. 

Down payments can be as low as 3.5%. FHA loans also require mortgage insurance, including an upfront mortgage insurance premium and an annual premium paid monthly. For many borrowers, FHA mortgage insurance lasts for the life of the loan, although buyers who put at least 10% down may have it removed after 11 years.

Because FHA and conventional loans have different credit, down payment, and mortgage insurance requirements, it’s worth comparing FHA loans vs. conventional mortgages before deciding which path makes sense.

USDA Loans

USDA loans are backed by the U.S. Department of Agriculture and issued by private lenders. They apply to eligible homes in certain rural and suburban areas, and qualified borrowers can buy with no down payment. 

Borrowers must meet income and property eligibility requirements. USDA loans also include an upfront guarantee fee and an ongoing annual fee paid monthly.

VA Loans

VA loans are backed by the U.S. Department of Veterans Affairs and issued by private lenders. They are available to eligible service members, veterans, and surviving spouses.

VA loans do not require a down payment or PMI, which can lower the upfront cost of buying. Borrowers need a Certificate of Eligibility, or COE, to confirm they meet service requirements. Most VA loans also include a one-time funding fee, which can be paid at closing or rolled into the loan.

Jumbo Loans

A jumbo loan is a mortgage that exceeds the conventional loan limits set by the Federal Housing Finance Agency. The exact threshold depends on the property’s location.

Because jumbo loans are larger and are not backed by a government agency, qualification requirements are usually more strict. Borrowers may need a higher credit score, a larger down payment, stronger cash reserves, and a lower DTI ratio.

COMPARE LENDERS AND LOAN ESTIMATES

Once you understand the main mortgage types, compare lenders before choosing where to apply. Rates matter, but they are not the only factor. Review the annual percentage rate, closing costs, lender fees, loan terms, estimated monthly payment, and how clearly each lender explains the process.

Use the mortgage comparison calculator to compare two loan scenarios side by side. This shows how rate, term, fees, and payment differences affect the total cost of borrowing. 

A credit union like Fibre Federal & TLC also brings local knowledge to the mortgage process. Our loan officers understand our area and can explain which loan programs match your budget, timeline, and homebuying plans. 

GET PRE-APPROVED FOR A MORTGAGE

Pre-approval is one of the most important early steps in the homebuying process. During pre-approval, a lender reviews your finances and estimates how much you may be able to borrow. It’s important to note that this process includes a hard credit check. 

Use the loan amount calculator to estimate how different loan amounts affect your monthly payment. 

To apply for mortgage pre-approval, be ready to provide:

• Government-issued photo ID

• Recent pay stubs

• Tax returns and W-2s

• Recent bank statements

• A list of monthly debts

• Documentation for other income or assets, if applicable

Once you’re pre-approved, your lender will provide a pre-approval letter that you can share with your real estate agent and sellers. This can strengthen your offer because it shows you have already begun the financing process.

Pre-approval is not the same as final loan approval. Final approval includes a more detailed review of your finances, another hard credit check, a property appraisal, a title review, and underwriting.

FIND YOUR HOME AND MAKE AN OFFER

After pre-approval, you can start searching within a realistic price range. A real estate agent can walk you through local listings, schedule showings, and compare homes based on price, condition, location, and market demand.

When you find a home you want to buy, your agent will prepare an offer that includes the purchase price, proposed closing date, earnest money deposit, and any contingencies. Common contingencies include financing, appraisal, and inspection protections. These can give you a way to renegotiate or walk away if the home does not appraise, the loan is not approved, or the inspection reveals major issues.

COMPLETE THE HOMEBUYING PROCESS

If your offer is accepted, the purchase moves into the final approval and closing stage. Several things happen during this period:

• Home inspection: The inspection looks for issues with the property’s structure, systems, and condition. If problems are found, you may be able to negotiate repairs, credits, or a price adjustment.

• Appraisal: Your lender orders an appraisal to confirm the home’s value supports the loan amount.

• Underwriting: The lender reviews your income, employment, credit, assets, debts, and property details before issuing final approval.

• Final walkthrough: Before closing, you’ll walk through the home to confirm it is in the agreed-upon condition.

• Closing: You’ll review and sign loan documents, pay closing costs, and receive the final loan terms in your closing disclosure.

Closing costs can include lender fees, title fees, appraisal costs, prepaid taxes, prepaid insurance, and escrow deposits. Use the closing costs calculator to estimate how much you may need to bring to closing.

Once the documents are signed and funds are transferred, you receive the keys to your new home.

PLAN FOR THE ONGOING COSTS OF HOMEOWNERSHIP 

The cost of owning a home does not end at closing. Your monthly mortgage payment may include principal, interest, property taxes, homeowners insurance, mortgage insurance, and HOA dues if they apply. Some of these costs may be included in an escrow account and paid by your lender on your behalf.

You’ll also need to plan for regular upkeep and unexpected repairs. Common homeowner expenses include:

• Property taxes

• Homeowners insurance

• Utilities

• Yard care

• HOA fees, if applicable

• Maintenance and repairs

• Appliance, HVAC, roof, plumbing, or electrical repairs

Many homeowners set aside 1% to 3% of their home’s value each year for maintenance and repairs. For a $300,000 home, that equals about $3,000 to $9,000 annually. A dedicated maintenance fund can make it easier to handle larger repairs without relying on credit cards or draining emergency savings.

MANAGE YOUR MORTGAGE AFTER PURCHASE 

After you buy your home, each mortgage payment builds equity as you pay down the loan balance. Extra principal payments can build equity faster. Even one extra payment per year can shorten the life of a 30-year mortgage and lower total interest costs.

As your equity grows, you could borrow against it with a home equity loan or home equity line of credit. Homeowners often use these funds for home improvements, repairs, or larger planned purchases, but the loan uses your home as collateral, so it’s important to borrow carefully. 

You may also decide to refinance your mortgage later. Refinancing replaces your current home loan with a new one. Homeowners may refinance to lower their interest rate, change the loan term, move from an adjustable rate to a fixed rate, adjust their monthly payment, or borrow from available equity. If you’re weighing those choices, compare a home equity loan vs. a cash-out refinance before deciding.

Refinancing does come with costs, commonly 2% to 5% of the loan amount. It may not make sense if the savings are too small, you plan to move soon, or you are already close to paying off the loan. Use the refinance calculator to compare your current loan with a new loan before deciding.

GET THE KEYS TO YOUR NEW HOME

Buying a home is easier to navigate when you understand each step before you get there. Start by reviewing your budget and credit, comparing mortgage types, getting pre-approved, preparing for closing costs, and planning for the ongoing expenses that come with owning a home.

Fibre Federal & TLC can walk you through the mortgage process and explain available home loan programs based on your budget, timeline, and property plans.

Ready to begin? Review your mortgage loan choices and take the next step toward homeownership.

Explore Our Mortgage Loans