Your Neighbourhood Credit Union expands

Former Standard Tube employee credit union evolves into YNCU

Now located On Dundas Street -- Downtown Woodstock

By Mark Schadenberg

Since I often write about brand new businesses in your Woodstock area neighbourhood, today I pen a plug for an expanding business locally – Your Neighbourhood Credit Union (www.YNCU.com).

Previously located at the corner of Oxford Street and Ingersoll Avenue as a financial institution concentrating on the money needs (savings and mortgages, etc) of Standard Tube (ArcelorMittal) employees, YNCU is now located on Dundas Street in Downtown Woodstock.

Today was part of their grand opening week at 400 Dundas Street, so I couldn’t resist the opportunity to chat with branch manager Steve McGregor, find a cupcake with orange icing, and sip a coffee.

While I am not currently a member of YNCU or Rochdale or another credit union, I can certainly understand that advantages certainly exist.

Credit Union Advantage

Requesting some paraphernalia, Mr. McGregor returned with both a leaflet and a brochure, summarizing what YNCU describes as ‘Member Advantage’ or ‘The Credit Union Advantage’ and how his credit union can assist in your financing and mortgage needs, and overall planning and saving as well.

One product, which had been emailed to me already by McGregor, is a cash back mortgage product, which features an attractive interest rate of 4.75% for a client with a good employment background and clean credit record, but lacks a strong down payment to become a homeowner. It's in essence a cash back mortgage, but call YNCU for full details.

Someone with 5% down can – in theory – qualify for a 5-year fixed rate hovering around 3.0% currently, but if you lack a down payment and don’t want to continue paying rent, YNCU might have the product ideal for your situation.

Feel free to call Steve McGregor at 537-8121 x 242. He lives in Oxford County, so if you call me first (I’m always looking for more buyer clients), I’ll give you his home number.

As a Realtor, our task is to sell homes – sure, but providing information is part and parcel of our role. When you have decided to move – whether you’re a first-time buyer or second or third time, or negotiating a new mortgage because your current term is soon to end, talk to your current bank, visit a credit union, and discuss your options with a mortgage broker, so you can find your fit as all possibilities have their merits.

Also, talk to me about the value of your current home or to assist in creating your wish list for a house.

As for YNCU, according to their handouts, they have a mortgage with a variable rate that offers protection as there is a defined ceiling rate pre-determined from day one, so your rate will fluctuate as the prime rate hovers, but there is security in how high the rate could move up to. That sounds good to me.

Skimming through the pamphlet, which I didn’t get any orange icing on, I see the YNCU offers a 180-day guarantee interest rate on new construction, features home equity lines of credit, permits lump sum annual payments, and free orange pens.  YNCU has a full range of services you expect from a financial institution – term deposits, mutual funds, credit and debit cards, deposit protection, tax-free savings accounts, and of course financial counseling.

Stakeholder / Shareholder

At the end of the day, you’re also a member (shareholder), which gives you some say in the operations of your branch, including annual meetings and dividends. You are a member – a stakeholder – and could be voted in as a member of the board of directors.

You can also find YNCU in many neighbourhoods, including Stratford, Shakespeare, Paris, Brantford, Cambridge, Kitchener, Waterloo, Mitchell and Windsor.

Looking for a house with your Your Neighbourhood Credit Union mortgage?

Contact me anytime:

Mark Schadenberg,  Sales Representative

Royal LePage Triland Realty

Woodstock, Ont

(519) 537-1553

Email: mschadenberg@rogers.com