Insight Credit Union's MoneyBlog

There's Still Time

New legislation is giving first-time homebuyers a little more time to close on their dream home.  President Obama recently signed the Homebuyer Assistance and Improvement Act of 2010 which extends the closing deadline from June 30 to September 30 for any eligible homebuyer who entered into a binding purchase contract on or before April 30. 

 

Consumers who signed contracts by April 30 now have until September 30 to close on the home, an extension from the original expiration date of June 30.  This new law addresses concerns that many home buyers might not be able to meet the original June 30 closing deadline.

First-time homebuyers can take advantage of an $8,000 credit while repeat buyers, who have been in their home for at least five years, are eligible for a $6,500 tax credit.

In addition to providing a tax benefit to first-time homebuyers and purchasers who haven't owned homes in recent years, the law allows a long-time resident of the same main home to claim the credit if they purchase a new principal residence.  To qualify, eligible taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year-period ending on the purchase date of the new home.

More details on claiming the credit can be found in the instructions to Form 5405, as well as on the First-Time Homebuyer Credit page on IRS.gov.

A Day of Remembrance

As we prepare to celebrate Memorial Day, Insight Credit Union solutes those U.S. men and women who have served and are currently serving in the military.  We remember those Fallen Heroes for whom have made the ultimate sacrifice in the name of freedom and democracy.  

As a reminder, Insight Credit Union offices will be closed on Monday, May 31st in observance of Memorial Day.  All offices will re-open on Tuesday, June 1st.  We wish everyone a safe and happy holiday weekend. 

New Saturday Hours

Our new name, redesigned logo and improved signage aren’t the only things new at Insight Credit Union.  On May 1, 2010 the credit union opened its doors to begin serving members on Saturdays.  Members can now visit a Money Coach every Saturday at the following locations:

Clermont Office

300 E. Highland Ave.

9:00 am - 12:00 pm

Eustis Office
15120 U.S. Hwy. 441
9:00 am - 12:00 pm

Lady Lake Office
530 N. Hwy 27/441
10:00 am - 1:00 pm

Leesburg Office
300 Webster St.
9:00 am - 12:00 pm

Orlando-Downtown Office
206 Hillcrest St.
9:00 am - 12:00 pm

Our Member Support Center is also open on Saturdays from 9:00 am to 1:00 pm.  A Money Coach may be reached by phone at 407.426.6000 or toll-free 888.843.8328.

75th Anniversary

For 75 years, Insight Financial has served the community and worked diligently to improve life in Central Florida, holding true to the credit union philosophy of “people helping people” all while remaining strong, safe, secure and sound.

As we embark on a year-long celebration, we invite you to join us.  Share your story of how Insight Financial has helped you celebrate special moments in your life.  And join us today and the first Friday of every month as we celebrate this special milestone with refreshments at each of our branch locations. 

For more information on our 75^th Anniversary Celebration and upcoming events, please visit Insight4me.com.

 

Now May be the Time to Purchase

Even though the economy has been tough, signs of a recovery are starting to emerge.  A recovery may mean the opportunity to take advantage of the current situation and make your dream of homeownership a reality. 

You likely know current mortgage rates are low and the number of homes available for purchase is relatively high.  But we wanted to make sure you are also aware of the Worker, Homeownership and Business Assistance Act of 2009.  The Act extends the popular tax credit for first-time homebuyers and creates a new tax break for current homeowners who want to upgrade.  Under the new law anyone who has not owned a home in the past three years could claim a credit worth 10% of a home’s purchase price, up to $8,000 based on income.  For those who have lived in their home for at least five of the last eight years and want to upgrade, a tax credit of up to $6,500 is available.  The tax incentives are scheduled to end on April 30.

Of course you will want to speak to your tax advisor regarding the tax implications of your particular situation.  But make sure you take these tax incentives into consideration as you decide if purchasing a home is the right choice for you and your family.

Share Insurance Extension

As we start a new year, we have been reviewing various posts from 2009 and wanted to provide some follow-up information regarding Share Insurance.  Back in April 2009, we told you about the Emergency Economic Stabilization Act of 2008 that temporarily increased the deposit insurance from $100,000 to $250,000; this increase was due to expire at the end of December 2009.  We encouraged you to contact your Representative to ask that the increased insurance be made permanent.

While the increase has not yet been made permanent, the Helping Families Save Their Homes Act that was signed into law in mid-2009 has extended the increased level of coverage through December 2013. 

Insight is pleased about this extension as it provides added security to our members.  If you have any questions about share insurance and how your accounts are protected, please contact your Money Coach by stopping by any branch location or calling 407.426.6000 or toll-free 888.843.8328.

Start the New Year off Right

Tomorrow it’s 2010…it’s the time of the year when we all consider making resolutions and organizing our lives.  If one of your resolutions is to organize your finances, we hope you will contact your Money Coach for assistance. 

We don’t want this to sound like a commercial, but your credit union does offer many tools and resources to help you in such areas as creating a budget, increasing your credit score, and making smarter financial decisions.

So please consider starting the New Year off right by taking advantage of your credit union membership.  Let your Money Coaches here at Insight help you find your personal-best financial solution.

Happy Holidays

From the Insight Financial Credit Union family to your family, we hope you have a joyous holiday season and a prosperous New Year.  Happy Holidays!

Toys for Tots

Throughout the holiday season, Insight Financial has had the pleasure of collecting toys for the U.S. Marine Corps Reserve’s 2009 Toys for Tots campaign.  We’ve had a great response and want to extend our heartfelt appreciation to all the members and non-members who have graciously supported this worthy cause.

If you haven’t had a chance to donate a new, unwrapped toy, there is still time.  Insight Financial will be participating in the WFTV 9 Family Connection’s Santa Saturday event on Saturday, December 19 from 9:00 a.m. to 1:00 p.m.  You can drop off your donations at the WFTV Studios located at 490 E. South Street in downtown Orlando.  For more information about the 9 Family Connection’s Santa Saturday, click here.

And thank you for your generous support of this worthwhile cause.  Happy Holidays!

Thanksgiving

As we prepare to gather with our families for Thanksgiving, we wanted to take an opportunity to share my heartfelt appreciation for your business.  We are truly thankful for the many opportunities Insight Financial Credit Union has had to help our members.  We especially appreciative that we’ve had the opportunity to assist our members during these difficult economic times. 

Our Credit Union continues to be blessed with increasing membership, deposit and loan growth, and a strong financial outlook.  This is due in great part to our members who allow us to serve their financial needs and who refer us to their family and friends.

So, thank you for allowing Insight Financial Credit Union the opportunity to serve you, both now and in the future.  We hope you and family have a safe and happy holiday season.