Nation's largest credit union to open an office in Redlands

The nation's largest credit union for school employees will open three offices in San Bernardino County this fall.

Santa Ana-based OCTFCU, formerly known as Orange County Teachers Federal Credit Union, will open offices in San Bernardino, Redlands and Rancho Cucamonga in October, said Darin Woinarowicz, vice president of development.

The credit union has assets of more than $6 billion, 20 branches and 340,000 members. Without a physical location, the credit union has more than 7,600 members in San Bernardino County.

OCTFCU was recently chosen to serve as a third-party administrator of retirement plans for most of the school districts in San Bernardino County.

"We want to show people in the school districts that we are here. And more importantly, that we are in the county to serve them more," Woinarowicz said.

The specific city locations were selected because the credit union has very strong concentrations of members in those areas, he said.

OCTFCU was founded in 1934 by 126 school employees who pooled $1,200 to establish a financial institution to help improve one another's lives.

Although originally based in Orange County, the credit union has expanded throughout Southern California to also serve school employees in Imperial,

Kern, Los Angeles, Riverside, San Diego, San Luis Obispo, Santa Barbara, Ventura and most recently, San Bernardino counties.

As a financial institution that caters to schoolteachers, OCTFCU offers products and services specifically catered to meet their needs.

Specialized programs include a classroom supplies loan, in which teachers can borrow, at zero interest rate, to pay for items they feel are essential for their classes.

"There's never been a problem with repayment on these loans," Woinarowicz said.

Another program, the summer saver account, allows teachers to put aside a certain amount from their paycheck to pay for the two months a year they don't work, Woinarowicz said.

Money in this account typically earns an above market rate of interest, he said.

"Teachers are wonderful members. They pay bills and are good savers," Woinarowicz said.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.