May 2019 Newsletter

How Your Mortgage Can Help With Financial Hurdles

Financial hurdles and life events happen. Big events, like weddings, college tuition, and home improvements or debt through high-interest credit cards are a common family dilemma. While there are many ways to pay for these things, you may be in a position to have your home mortgage work for you. The more equity in your home, the more your mortgage can assist with these big ticket items.

Typically, the longer you’ve owned your home and have been paying your mortgage, the more equity you will have in your home. If this is the case, a cash-out mortgage refinance may be an ideal solution for you.

What is a cash-out mortgage refi?
A cash-out refinance is a home loan that allows you to convert your home equity into cash back. For those looking to consolidate debt, fund a wedding or tuition bill, or complete that dream kitchen or basement remodel, this is an excellent mortgage option to consider.  

To help illustrate this, let’s take a look at an example scenario. If your home is valued at $200,000 and your existing mortgage balance is $100,000. You have $100,000 of equity in your home. If you need $50,000 to pay for any of the aforementioned life events, your new home loan would be $150,000. You would receive the $50,000 in cash and you would still have $50,000 of home equity.

A cash-out refinance limits how much equity you can access to 80–85% of your home value. In addition, since the new loan will be a higher amount, the interest rate may be slightly higher as well. However, if your existing mortgage was originated at a high interest rate, you may be able to reduce your interest rate.

Amazing rates on our ChoiceLine and mortgages!
Another great option for accessing your well-earned home equity would be leveraging a home equity line of credit. This option allows you to keep your first mortgage intact, and with our Home Equity ChoiceLine, you can access up to 95% or 97% of your home's value if behind a Bellco first mortgage. Plus, for a limited time, you can take advantage of this amazing offer:

GET A FIXED RATE AS LOW AS 3.99% APR 
ON A HOME EQUITY CHOICELINE ADVANCE 
OF $10,000 OR MORE.

Get the full details at Bellco.org/ChoiceLinePromo. Plus, if you are a first-time home buyer or thinking about making the move to another home, we’re currently offering amazing rates on mortgages:

FIRST MORTGAGE RATES
AS LOW AS 3.75% APR

For more information about any of our mortgage products, promotions, or current rates, reach out to any of our experienced Mortgage Loan Consultants or call us at 1-800-BELLCO-1. 

Equal Housing Opportunity Statement: We are pledged to the letter and spirit of the U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.

Hudson Gardens Summer Concert Series

Bellco is proud to sponsor the popular Hudson Gardens Summer Concert Series. Hudson Gardens features a state-of-the-art concert stage located at the base of a gently sloping hill, which creates incredible acoustics and unobstructed views. Bring a blanket and cooler (no alcohol, please) and spread out for a fun evening under the stars.

Here is this year’s lineup:

Sunday, June 9—Tommy James & The Shondells

Sunday, June 16—America

Sunday, June 23—Howard Jones/Men Without Hats

Sunday June 30—Ozark Mountain Daredevils

Wednesday, July 3— Super Diamond (with fireworks)

Sunday, July 7—Melissa Etheridge

Sunday, July 14—Don Felder

Sunday, July 21—Seal

Saturday, August 3—Oak Ridge Boys

Sunday, August 4—Styx

Saturday, August 10—Atlanta Rhythm Section/Blackfoot/Black Oak Arkansas

Saturday, August 17—Chris Isaak

Sunday, August 25—WAR

Throughout the summer, Bellco will be offering several ways to win a VIP upgrade package or tickets to future Hudson Garden summer concerts. Keep a lookout for updates on Bellco’s Facebook page.

For more information about the concert series, visit hudsongardens.org.

How To Avoid a Gift Tax When Gifting Your Kids

By The Hughes Law Firm

John and Mary have two children and four grandchildren. They have done well and now wish to share their wealth with the family. However, they are concerned about gift taxes. Because there are two sides to the gift-tax coin, many people struggle with the question of how much they can give without a tax.  

On one side of the coin, there is the annual gift-tax exclusion of $15,000. This means that people can gift up to $15,000 per person, per year, without having to report the gift or pay any gift tax. So, people can give away $15,000 to not only family members, but also their mailmen, mechanics, or neighbors!  In addition, a married couple can double the $15,000 gift-tax exclusion. This means they can gift up to $30,000 to anyone they choose with absolutely no gift tax, no gift-tax reporting, and no tax consequences to the recipient.

The other side of the coin deals with another benefit called the lifetime gift-tax exclusion. This exclusion allows an individual to give away $11,400,000 in a lifetime (over and above the $15,000 per year gifts!) with absolutely no gift tax due and no tax consequence to the recipient.  

Because all of this may sound too good to be true, we anticipate you may have questions. If so, please call us at The Hughes Law Firm on our special credit union phone line at (303) 4-ADVICE. At no charge, we will be happy to answer questions about the gift tax, wills, trusts, powers of attorney, estate settlements, and other related matters.  

Girls on the Run of the Rockies

In May, Bellco will collect donations for Girls on the Run of the Rockies, a transformational activity-based youth-development program developed for girls in grades 3–8. Participants learn life skills through interactive lessons and running games, and the program culminates with the girls being physically and emotionally prepared to complete a celebratory 5k running event. The goal of the program is to unleash confidence through accomplishment while establishing a lifetime appreciation of health and fitness.

For ways you can donate to this worthwhile cause, visit Bellco’s Charity of the Month page. To learn more about Girls on the Run, just visit their website.

In addition, all Bellco branches will help raise money and awareness through Running Shoe Icons! Just stop by any Bellco branch, donate $1 or more, and write how running makes you feel on the Running Shoe Icon. Everyone who donates will have their Icon proudly displayed to show support for the girls and families in our community!