April 2020 Newsletter

9th & Colorado Branch

Our Cherry Creek Branch located at 244 Milwaukee Street in Denver’s Cherry Creek North neighborhood is relocating to our new 9th & Colorado Branch on Monday, April 6. Our same friendly Cherry Creek staff will be there, ready to help members (temporarily by appointment only). Once our branch lobby closures and reduced hours are back to normal, you'll have access to new extended hours, including Saturdays:

870 N. Colorado Blvd, Denver, CO 80220
(Located within the new 9+CO development)

In addition to 24-hour ATM access and the latest self-service banking technologies, there will be plenty of FREE parking, which includes free street parking along 9th Ave. and 8th Pl. as well as a free parking garage located directly behind the branch (main entrance off Albion St.).

Big life events like weddings, college education, home improvement projects, or even paying down debt, are common family occurrences. 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 make these big-ticket items possible.

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. Please note, closing costs can affect this example.

A cash-out refinance limits how much you can borrow with a maximum of 80% of your home’s value. If your existing mortgage was originated at a high interest rate, you may be able to reduce your interest rate.

Take advantage of today’s low rates!

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.

If you are a first-time homebuyer or thinking about making the move to another home, we’re currently offering competitive rates on mortgages. For more information about any of our mortgage products or current rates, speak with an experienced Mortgage Loan Consultant 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.

To Recycle, or Not to Recycle

That is the question to ask and research periodically, as the “rules” sometimes change. We all want to help keep our planet clean and reduce waste, but the truth is that most people over recycle. They put materials in their bins that cannot be recycled or are not accepted by a recycler. As a result, waste and recycling companies are overwhelmed with materials. They spend significant time and money separating the non-recyclables from the recyclables, which inflates the cost of recycling. This leads to the question: What can be recycled?

The short answer is that it depends. It depends on where you live, who picks up your recycling, and ultimately, who processes the recycled materials. Let’s start with what most recyclers will NOT accept:
Electronics, cords, and cables
Paint and other household chemicals
Food and food-soiled items 
Plastic bags, plastic wraps, plastic film of any kind, bubble wrap
Aerosol spray cans 
Batteries, light bulbs, tires, automotive fluids, and other hazardous materials
Clothes hangers of any kind
Shredded paper 
Medical waste

Here is a list of safe-bet recyclable materials:
Flattened cardboard boxes of manageable size (about two feet by two feet)
Flattened paperboard boxes (cereal boxes, gift boxes, etc.)
Rigid plastic cups, bottles, containers, tubs with a #1 through #7 marked inside the triangular recycle symbol (rinse food and debris out before recycling)
Paper cups and containers without a plastic or wax lining and clear of food/liquid (No straws or plastic lids)
Office paper, newspapers, magazines/catalogs, junk mail, and gift-wrap (as long it doesn’t contain foil, special laminates, and glitter)
Tin and steel cans (i.e. soup and vegetable cans)

All of this said, you’ll want to check with your recycling center or service, as some may make exceptions. 

Lastly, do not be discouraged by what your service won’t take and don’t immediately toss it in the trash. Many municipalities and communities hold annual or bi-annual recycling events for electronics, hazardous waste, tires, batteries, paint, and more. It may be an additional charge, but it's a small price to pay to keep these materials out of the landfill.

Colorado Veterans Project

As a not-for-profit, Colorado-based financial cooperative, Bellco is passionate about providing tools and resources to help our members and the community feel financially empowered. One way we've done this is by collaborating with Denver 7 to provide communities across Colorado with helpful financial tips.

In a recent Denver 7 newscast, reporter Eric Lupher wanted to know how people were saving their hard-earned cash this year, and offered some new savings tips whether you're just getting started or looking for new strategies. You can view the segment below: