Financial Education Blog - Idaho Central Credit Union

Transitioning Your Business Relationship to a New Financial Institution

May 11

2021

You know breaking ties with your current financial institution is the best decision, but the choice to move can be daunting. Making the switch is easier than you think. Here are some quick tips to get you started on a fresh start.

Is your financial institution meeting all of your business needs? Maybe the interest rates don’t compete, the customer service has taken a turn for the worse, or your company’s needs have simply changed. If the writing is on the wall, you know it’s time to leave. When you know that breaking ties with your current financial institution is the best decision, the choice to move can still be daunting. When you choose to move your business banking to Idaho Central, however, making the switch is easier than you think! Here are some quick tips to help get you started.

Open New Business Accounts

The first step to making the switch is to open your new accounts. At ICCU, we know that businesses need a flexible checking account, a strong savings account, loan options that will help your business reach the next level, and CD options to make your money work for you. ICCU offers many different types of business accounts . Take some time to research the best account options for you, and then make a decision based off of which accounts will best fit your business needs. Once you have decided on the right accounts for you, head over to our New Business Membership Checklist and make sure you have all the documents needed, and then stop by your local branch or use VideoChat to work with a business specialist. We are proud to also offer a personal touch. Our business specialists can help guide you from start to finish, and are always available to answer any questions you may have. We want your experience to be easy and seamless.

Update Automatic Payments

Once you’ve established your new accounts, the next step is to move over any payments and your payroll. Making these changes at ICCU is simple and you won’t need to take multiple trips to the branch. Instead, you can enjoy fast, convenient, electronic access, and originate ACH entries with Business eBranch and Business Bill Payment. Once you’ve updated any payments, you will just need to update any customers who make automatic payments to your business. Make sure they have your new routing and account numbers, so they are able to switch their payments over to the correct accounts.

Stop Using and Close Your Old Business Accounts

We recommend keeping your old accounts open until all outstanding payments have cleared and you have moved everything over to your new ICCU accounts. Once you verify that all your transactions have cleared, close your old account. If you need assistance, an ICCU business specialist can help you write a Letter of Closure to your previous financial institution.

Enjoy Financial Expertise at Your Fingertips

At ICCU, it’s a whole new experience. We work with you as a team. Our specialists know your business and are available to assist you directly. Our team is here to answer any questions and help meet the financial needs of your business.

We have an entire team dedicated to the service and support of our business members here at ICCU. Get in touch with one of our business specialists and see how we can serve you!

Financial Education

How to Open a New Account at ICCU

May 03

2021

For some, the thought of opening a new account at a financial institution can seem daunting. However, knowing what to expect and how to prepare can help put your mind at ease. At Idaho Central Credit Union, we strive to make the process of opening an account fast and easy. Here is all you need to know.

We are continuously humbled that so many Idahoans trust us with their daily balance and we refuse to let a single member down. If you live or work in Idaho you likely qualify for membership. Becoming a member is simple and takes just minutes. In fact, you can join online right now. Once you’re a member, you will immediately begin enjoying the full benefits of membership with Idaho’s top credit union. It’s a small change now that can make a big difference later.

For some, the thought of opening a new account at a financial institution can seem daunting. However, knowing what to expect and how to prepare can help put your mind at ease. At Idaho Central Credit Union, we strive to make the process of opening an account fast and easy.

What do I need?

To open an account at Idaho Central, you need only a few things:

Photo ID
Social Security Number
Two years of employment and address history
Deposit

How much does it cost?

To become a member: $5 (One-time fee, at initiation only)
Savings account: $25 (This amount stays in your account to keep it open)
Checking account: $100
- This money can be used immediately, a $100 deposit is necessary to open the account.
- Starter accounts require only $50 deposit. That means that anyone under 18 years old can open a checking with $50.
- Checking can be opened as young as 12 years old.
Credit card: $0 (No deposit necessary.)
Other loans: TBD
- If you are taking out a personal, auto, RV, home, HELOC, or other type of loan, you can work out how much you pay upfront to determine your monthly payments.

How do I know if I am eligible for membership?

You can find more details about eligibility on our website here.

What if I have bad credit or no credit at all?

We have products specifically set up for those who may have had credit hiccups in the past or who have never had an account before, give us a call and we’ll see what we can do to get you set up.

Where do I sign up?

At Idaho Central, it has never been easier to open your membership.

Click here to submit your application online.
Contact us through VideoChat to open your membership with a live agent, from the comfort of your own home.
Or come into any branch, and we’ll be happy to help!

Idaho Central Credit Union is proud to have been acknowledged as one of America’s top-performing credit unions eight years running. That’s a streak we look forward to keeping alive.

As the premier credit union in Idaho, our members receive industry-leading products and services while also enjoying true Idahoan customer service. We’re proud to have called Idaho home since 1940.

Financial Education

Buying, Fixing, or Building: What Loan is Right for You?

Apr 28

2021

Couple in front of new home under construction

To build or to buy, that is the question! When you’re ready to take that next big step toward your dream home, it may be the question you’re mulling over and trying to decide on. Whether you want a home that’s updated and move in ready, a home that needs a little bit of fixingRead more

To build or to buy, that is the question! When you’re ready to take that next big step toward your dream home, it may be the question you’re mulling over and trying to decide on. Whether you want a home that’s updated and move in ready, a home that needs a little bit of fixing up, or to build the home you’ve been dreaming of, we have home loan options to fit your needs.

Buying

When you’ve finally found the home you love and you’re ready to move forward, Idaho Central is ready to help you through your home loan process and offers tools to help guide you through the beginning stages of buying a home. This includes the Rent vs. Buy Calculator, which breaks down the cost differences between renting and buying, while taking into consideration taxes, insurance, and other fees. The Mortgage Qualifier Calculator helps you understand how much you can afford to borrow based on your annual income. You can even use our Home Loan Calculator to find out what your monthly payment, including principle and interest, would be. At Idaho Central, we also offer a variety of products well suited for any homebuyer, whether this is your first home or you’re buying the home you plan to spend your retirement in.

Fixing Up

Now what do you do when you have your heart set on a home that needs some major updates and upgrades? If you have been watching any home renovation TV shows, you might dream of buying a home with good bones, redoing the kitchen cabinets and counters, finishing the floor with your favorite wood, and customizing everything exactly the way you want. One misconception that arises from fixer-uppers is that you would need a construction loan. Construction loans, however, are just for new builds. When you are purchasing a fixer-upper home, you will finance this as a regular home loan.

Fixer-upper homes need more work and effort than a typical home, which means you can often get it at a lower price-point than what your budget will allow. Since your mortgage payment is lower, this gives some more wiggle room in your budget to allow for the renovations. Since renovations are out-of-pocket costs, though, this can be off-putting for the average borrower. Sometimes the best option is to live in the home and renovate it slowly, allowing you to build up equity over time. Once you have built up some equity, you can then open a Home Equity Line of Credit, giving you access to a line of credit that you can use to start the big renovations you’ve been dreaming of!

Building

Building your dream home is a great option for those who are ready. After shopping around and considering your options, you might find that building a home makes the most sense. . When you build a home, you need a construction loan rather than a regular home loan, and Idaho Central is ready to assist you through the construction process.

Deciding where to build is the first step. You may have noticed a lot that’s up for sale, perhaps it’s that piece of land up the hill that oversees a river, a lot with some acreage for that garden you’ve been dreaming of, or the perfect lot in that cute new neighborhood that you’ve been eyeing… but you’re not quite ready to start the build just yet. At Idaho Central, we offer land loans for this purpose. With a land loan, you can purchase the land prior to starting the construction process.

Once it’s time to build, your land loan can be rolled into a construction loan. The best part? It helps you build your dream home without the financial stress that comes with paying large construction costs out of pocket. We offer fixed interest rates, and you make interest-only payments during construction. Most homes can be built within 6 months depending on the size of home, the complexity of home, and the builder. However, we understand some homes take a little longer to build, so we offer build times up to 18 months.

No matter what type of borrower you are, we are here to help you achieve your dream of being a home owner. Contact one of our home loan specialists to help you start the process of getting your dream home!

Financial Education

What Does a Dedicated Local Team Mean for My Business?

Apr 12

2021

Idaho Central Credit Union offers a dedicated local team to our business members. Whether you’re here locally, or you’re on a trip outside of Idaho, we are here to help. So what does a dedicated local team mean to your business?

When choosing where to have your business bank accounts, it can be hard to weigh the pros and cons of all of the options offered by different financial institutions. At Idaho Central, we strive to provide world class business products and services, so that you can save time and focus on your business. One major benefit of choosing ICCU is that we offer a local team dedicated to assisting our business members. Our team prioritizes our business members so even when they are out of the state, or out of the country, our team is ready to help. So, what does having a dedicated local team mean for your business?

Local People that Know Your Business

For many financial institutions, you are just another account. For us, you are our members and your business is an important part of our community. With a dedicated local team comes local people that not only knows your accounts, but knows you, and knows your business. This team is dedicated to exclusively serving business members, ensuring that we deliver the most professional and personal experience that you and your business deserve. Like our current business members, you will build a strong relationship with a specific Business Relationship Officer. So, when questions or concerns arise, you can work through them with someone you know and are comfortable with.

Local Hours

Have you ever had a problem with an account, and called after work just to find out that they are based in another time zone, and you’ve just missed them? Having a financial institution local to you and your business takes the guess work out of when they will be available to help. Idaho Central also offers extended hours to serve you. We typically open earlier than other financial institutions in the area, and close later as well. Not only are we available to take your calls, we are also happy to meet you at your place of business. We are big enough to help, and small enough to care.

Direct Line to the Experts

Not only do we offer a local team with local hours, but this dedicated team also has a direct line for our business members, making it super simple to get in touch with the experts. We know how precious your time is, so we try hard to ensure that you don’t need to call in and be transferred around hoping to reach the right specialist, and ensure that the answers to your questions are accurate and from the experts. Our Business Relationship specialists are trained for business, and they are knowledgeable in all the business products that we offer. They will help you save time and are available to answer questions and address concerns when you need them.

Idaho Central Credit Union is proud to offer the best business banking experience to our members. From user-friendly online banking and treasury services, to a dedicated local team just a phone call away. Call our business team directly at 800-456-5067 and press 2 to get in touch with a Business Relationship Officer today!

Financial Education

All You Need to Know About First-Time Homebuyer Programs in Idaho

Mar 24

2021

Are you hoping to become a first-time homebuyer soon? With such a large purchase, buying your first home may not only feel overwhelming, but also unattainable. Luckily, first-time homebuyer programs are here to help make buying your first home a little easier! Idaho Central Credit Union offers a variety of products well suited for theRead more

Are you hoping to become a first-time homebuyer soon? With such a large purchase, buying your first home may not only feel overwhelming, but also unattainable. Luckily, first-time homebuyer programs are here to help make buying your first home a little easier!

Idaho Central Credit Union offers a variety of products well suited for the first-time homebuyer. Rather than the typical 5% down payment requirement, there are options with down payments as low as 0% down if you are eligible. We also have several loan options with down payment assistance. In fact, most of your low to zero down payment options do not require you to even be a first-time homebuyer. Many programs will also consider you a first-time homebuyer (again) if you have not owned a home in the last 3 years.

Ed Tierney, Chief Lending Officer at Idaho Central, said in a recent interview for CardRates.com: “For mortgages, we do a little bit of everything,” he said. “We do land, construction, purchase, refinance [loans]. And, we work with all the government agencies so we can help those who are in need and partner up with some of our local not-for-profit housing entities to help put first-time homebuyers into homes with some grants.” Here are some of the first-time homebuyer programs or low down payment options ICCU offers:

Federal Housing Administration (FHA)

The Federal Housing Administration (FHA) program is one of the most popular programs in the country, and for good reason! FHA lets you buy your home with only 3.5% down. It’s especially helpful for those that are in the process of saving for a down payment, but don’t have a large amount of savings. FHA loans typically have a lower interest rate than standard conventional loans, and are able to qualify those with lower credit scores and higher debt-to-income ratios. You don’t have to be a first-time homebuyer to qualify for an FHA loan, but it’s ideal for that type of buyer due to the low down payment, low interest rate, and qualifications. With an FHA, you are given more buying power and you can qualify for more home!

Veteran Affairs (VA) Home Loans

A VA Home Loan is available for military service members, veterans, and select military spouses. Homebuyers that qualify for this loan can take advantage of the zero down payment and there is no monthly mortgage insurance required. VA loans are backed by the U.S. Department of Veterans Affairs. Since the VA backs each VA loan with a guarantee, financial institutions carry less risk and can likely offer more competitive interest rates, compared to conventional loans.

Rural Development (RD)/United States Department of Agriculture (USDA) Loans

RD/USDA home loans are similar to VA loans, which require no down payment. A USDA mortgage is for low and moderate income borrowers who can’t secure a conventional mortgage. It is also geared towards financing a primary residence, single family home in rural and qualifying areas. A USDA home loan is not only for first-time homebuyers, and many home buyers in rural areas may qualify.

Idaho Housing and Finance (IHFA)

Idaho Central Credit Union is one of IHFA’s top lending partners in the state of Idaho. With IHFA, we can offer incredible programs that allow for low down payments, lower mortgage insurance, and down payment assistance loans that grant funds to help with closing costs and a down payment. Some grant funds or loans are forgiven if you live in the home for a defined period of time, meaning you may not have to pay those funds back.

Home$tart

Idaho Central Credit Union is also a member of the Home$tart program. This is another down payment assistance program. Home$tart offers up to $7,500 towards down payment and closing costs for borrowers who qualify under the income limits. This is also a forgivable grant that requires you to live in your home for 5 years for it to be fully forgiven. Whether you are planning to buy your forever home or your starter home, this is a great program for you to take advantage of and become a home owner.

Advantage Adjustable Rate Mortgage (ARM)

The Advantage ARM is a low down payment, low rate, and low closing cost loan. It requires a minimum of 3% down and the initial interest rate on an Advantage ARM is generally lower than the 30-year fixed interest rates. This allows borrowers to qualify for more home. It also offers lower closing costs by at least 1% of your standard programs. This product is ideal for buyers that want a lower initial monthly payment, such as a recent graduate or someone who expects their monthly income to increase. An ARM is also ideal for those that expect to remain in their home for a relatively short time, like first-time homebuyers.

Gifted Funds Mortgage

The Gifted Funds Mortgage is perfect for a first-time homebuyer who has someone who wants to help them buy their first home with gifted funds for the down payment. The gifted funds are deposited with ICCU and secured into an account, and the home loan is offered with 100% financing for the borrower (meaning no down payment required), with a fixed interest rate and no monthly mortgage insurance. This is perfect for a member who has immediate family with available money to pledge a 10% down payment, want a fixed rate and avoid paying Private Mortgage Insurance.

We love our members and we strive to provide exceptional service as you navigate the mortgage loan process. Idaho Central Credit Union offers these unique loan products that are specifically designed to help the first-time homebuyer. We can help you decide which loan is the best fit and answer any questions you have along the way. Contact a Mortgage Loan Officer today and be on your way to owning your dream home!