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At White River Credit Union, we help one another. "People helping people" is our motto. We’ve been in your neck of the woods for 60 years, and have a stake in seeing this community and its people prosper.


What Newbie Home Buyers Need to Know

Buying a house is an exciting time for you. A little scary, as well, but your allies at White River Credit Union have your back. We can help you minimize anxiety by being prepared.
If you haven’t already, call a loan officer at [phone number] and have a conversation about your questions and your goals. Here are some of the things you might talk about:

Know your credit report Go to and get your credit report from all three of the reporting agencies; you get one free report a year from each.
Here’s how much difference your credit score makes, if you qualify: On a $150,000 30-year fixed-rate (3.85% annual percentage rate) mortgage, with an excellent score of 760 or higher, your monthly payment would be $703 and you’d pay $103,033 in total interest. But a credit score of 620 would cost $846 a month (5.4% APR) and rack up $154,407 in total interest payments.

Know what other documents will be useful When you talk with a [Name of Credit Union] lender about applying for a home loan, you’ll need several other records [edit this list to reflect your own requirements]:

*W-2 forms. Make copies from the past two years.

*Paystubs. Copy your two most recent ones.

*Financial account statements. Collect statements, including those from retirement accounts, for the past few months.

*Lines of credit. If you’ve opened any in the past six months, you’ll need copies of those statements because they might not show up on your credit report.

*Information about vehicles you own. Include make, model, and resale value.

*Auto-loan account information. Include account numbers and statements.

*Credit card account information. Include numbers and types of cards, balances, and minimum payments.

*Other loan account information. Include student loans and personal loans.

*Gifts. If any money for your down payment was given to you, identify how much and where it came from. Be prepared to document that it’s a gift and not a loan.

Know what you can afford  Your income and its stability, how much you have for a down payment, and your existing debt level are all elements that come into play. Maybe you have heard the 28/36 guideline. This means:

* Your total monthly housing commitment—mortgage principal and interest, property taxes, and homeowners insurance—should be no more than 28% of your income before taxes and other deductions, called your gross monthly income.

* Your total debt—meaning house payments plus student loans, car loans, and credit cards—should be no more than 36% of your gross monthly income.

These are guidelines. Think in terms of what house payment you can handle and still have money for savings, education, childcare, vacations, entertainment, and other priorities.

Know your savings status You’ll have to come up with as much as 20% down on a conventional home loan—or $30,000 on a $150,000 house. Here again, your White River Credit Union loan officer can help you learn about options you’re eligible for that can bring the numbers within reach.

In addition to a down payment, be prepared for these expenses, which you can’t roll into your mortgage:

* Closing costs for title search, appraisal fee, loan origination fee, and more

* Utility hook-up charges

* Prepayment of taxes, interest, and property insurance

* Moving expenses

You can expect to shell out for paint, window coverings, appliances, and other basics to make your new place move-in ready. Here again, your White River Credit Union lender can help you calculate what you need and how much you want to keep on hand for the inevitable expenses that arise after you buy a house.

Data Breaches – What you can do

Data breaches are inconvenient. However, here are a few tips to help if and when it happens to you.

  • Monitor your financial accounts – Checking, Savings, Credit Cards, etc. Login to HomeTeller to monitor your account activity and set up Mobile Alerts. Please notify us immediately if you suspect fraud on your account.
  • Provide your financial institution with current contact information – Mobile, Home & Work phone numbers and email addresses – If your card is compromised, we can only notify you if we have your current info.
  • Have a back-up plan – Open an additional White River Credit Union account with a Debit Card and/or Credit Card. You can always keep the extra cards locked in a safe place at home. If the card you normally use is compromised, it’s just a matter of a phone call or transfer of funds on HomeTeller.

Thank You!

We wanted to take an opportunity to thank the members that have been affected by the recent data breach for their patience and understanding. We recognize that it is an inconvenience having your card blocked, however, protecting your account is our utmost priority.

Infertility: The Cost to Conceive

Starting a family is an exciting and often nerve-wracking part of any couple’s life. This is especially true when fertility treatments enter the picture.

The cost of fertility treatments vary widely based on where you live and which treatments you choose to pursue. For example, sperm donation and intrauterine insemination generally each cost less than $1,000. The American Society of Reproductive Medicine (ASRM), Birmingham, Ala., lists the average price of an in vitro fertilization (IVF) cycle in the U.S. to be $12,400. In an IVF cycle, eggs are retrieved at the point of maturation and fertilized in the lab. More than one IVF cycle may be necessary to achieve pregnancy, although subsequent cycles are generally less expensive than the first cycle.

Couples often must pay for procedures out of pocket. Time often is a factor so starting to save after finding out you need help might not be the best option. This is another example of the critical need for everybody to build an emergency fund before actually needing the money.

Be advised that your health insurance may not offer much—or any—help. Some states have mandated insurance coverage for IVF, but the exact details of the mandated coverage differ among those states.

We can help with your financial challenges. Talk to the Loan Advisors at White River Credit Union. We can help you start a special savings account or we have loan possibilities that can help. Stop by or contact us today at 360.825.4833 ext. 4

Your College Major is a Huge Investment. Choose Wisely.

If you’re looking for a college major, STEM pays.
A recent study by Payscale, a website that tracks earning data, found that science, technology, engineering, and math (STEM) were the highest-earning majors for graduating students. The study also ranked colleges according to how much their students made after graduating.
A graduate majoring in petroleum engineering can expect to earn $103,000 upon graduation, whereas an elementary education major typically earns $32,200 starting out, according to Payscale. Overall, the more technical, left-brain majors tend to offer the best return on investment with actuarial mathematics, nuclear engineering, chemical engineering, and aerospace engineering rounding out the top five degrees with the highest earning potential.
Of course, you don’t have to major in a science or tech field to make a living, especially if you have neither the passion nor aptitude for those fields.
When picking a major and school, keep in mind:

* The income potential. With the cost of tuition continuing to rise, investigate how much you can expect to make graduating from your chosen school with the degree you’re seeking, as well as the job placement rate.

* The whole cost. Include the cost of transportation, room and board, food, supplies, and other fees in your calculations. You might find that a school with higher tuition but fewer associated costs is the better option. Colleges are required to have net price calculators on their websites.

* That it’s OK to follow your interests. Even if you’re a liberal arts student, you still can increase your earning potential by attending schools that specialize in your field. The Payscale report ranked the earning potential of schools’ graduates by major, too. For instance, if you want to attend a school that’s graduated a lot of English majors with high-paying jobs, George Mason and Fordham Universities should be on your short list.