Category Archives: Mortgage

You’re Invited: Home Buying Seminar on June 4th

Sara Lasco and John Murphy

Are you interested in pursuing the American Dream of home ownership? Buying a home can be both exciting and enjoyable, and sometimes a little intimidating. Our goal with this seminar is to take the fear out of buying a home. This FREE lunch and learn home buyer seminar will take you through the home buying process, familiarize you with mortgage terminology, and provide you with an overview of our mortgage programs and services. Join us Wednesday, June 4 at our Downtown office (125 South Kalamazoo Mall, Kalamazoo) from noon to 1 pm to hear from our special guest speakers Sara Lasco, Mortgage Loan Officer, and John Murphy, Mortgage Manager. To reserve your seat for this educational seminar, please register here. Looking for more information on the home buying process? Check out our handy infographic timeline on what to expect.  

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Is Refinancing Right For You?

Couple argue about money

The information in this post is provided by our partner Accel Financial Counseling. Accel’s counseling services and educational programs are available free to all Consumers members. When you are considering refinancing, the first question to ask is why am I doing this? Lower Interest Rates In the best scenario, refinancing your current mortgage with a lower interest rate mortgage loan can lead to a lower monthly mortgage payment and increased cash flow. You can use the extra cash to pay down debt or save more. You’ll have to pay closing costs when you refinance so you have to consider if you will live in the house long enough to recoup those costs. Let’s say that your closing costs are $2,400 and your new monthly mortgage payment after refinancing is $100 less than your current mortgage payment. You would need to live in the house for at least 24 months, or … …continue

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I Wouldn’t Go Anywhere Else

Josh H., joined 2010

When Josh H. joined Consumers, he was looking to save money. “I was looking for a loan through local banks because I wasn’t impressed with my original bank,” he says. When he landed at Consumers, he ended up paying an interest rate that was half of what he’d been offered elsewhere. “Needless to say, they definitely won my vote,” he comments, adding, “I noticed it as soon as I started there. No matter what I had, what needed to be done, they always did a great job helping me out.” Because of the savings—and the service—Josh decided to refinance the loan on his four-wheeler through Consumers. When it came time to buy a car, he immediately turned to the credit union. Shortly after that, he refinanced his mortgage at Consumers. “It’s saving us a lot of money,” he says. “A lot of money.” Josh adds, “It’s that easy. With service … …continue

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It’s Been Smooth Sailing

Kelsey-E-9690

When you buy your first home, you’re likely experiencing a mixture of emotions. The excitement you feel as you picture what your life would look like in the homes you tour mixes with the concern that you choose just the right one. After all, you’re probably making the biggest purchase of your life so far! Member Kelsey E. and her husband recently purchased their first home after applying online for a mortgage pre-approval with Consumers. She says, “It was agonizing going up against three other buyers, but our offer won!” Kelsey’s convinced that having the pre-approval in hand when presenting their offer played a role in the sellers’ decision. Kelsey also appreciated the personal attention they received throughout the mortgage application process. “Brad emailed me all the time to make sure everything was good. It was reassuring and comforting.” “It’s been smooth sailing,” she adds. “We’re in our new house. … …continue

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What to Expect When You’re Buying a House

For Sale

Looking for your first – or next – home? You probably have many questions. How do you find the right house at the right price? What’s involved in making an offer? How do you apply for mortgage? Knowing what’s involved in the process and having someone you trust to guide you takes away the stress. This infographic gives you a detailed overview of what to expect. Have more questions? Our mortgage loan officers are here with answers. Give us a call at 800.991.2221.                                        

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Affordable Alternative Mortgage: Custom-Made at Consumers

Sharon A., joined 1993

Whether you’re shopping for your first home or moving on to your next, you want to work with the mortgage lender who understands your unique financial situation. At Consumers, our Custom-Made Mortgages are quick, seamless, and local—never one-size-fits-all. We offer many mortgage programs to bring you the financing that meets your needs. The most recent addition to our Custom-Made Mortgage programs, the Affordable Alternative Mortgage, combines the best features of low-cost conventional financing with the most popular characteristics of FHA financing—and eliminates many of the expenses typically required by similar loans. This mortgage program provides members with five-year mortgage insurance savings of $3,000 to $5,000 and lower monthly payments. It also does not require mortgage insurance for the life of the loan. Learn more about the Affordable Alternative Mortgage, as well as additional options in Custom-Made Mortgage online at ConsumersCU.org/Loans/Mortgages or by calling us at 800.991.2221 to speak with a … …continue

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What Documents Do I Need to Apply for a Mortgage?

Sharon A., joined 1993

When you’re looking to buy or refinance your home, you want to work with the specialists who understand where you’re coming from, the ones who can uncover the best financing options to meet your specific needs. At Consumers Credit Union, we offer a range of Custom-Made Mortgages to make your dream of home ownership a reality. As you begin the loan process, your mortgage loan officer will ask you for what may seem like a lot of documentation. It’s not because we want to test your ability to track these papers down—it’s because these documents contain the information that helps us help you make the best choices regarding your loan. If you’re thinking about applying for a mortgage or refinancing your current mortgage, you can get a head start on collecting the necessary documentation with these checklists: Documentation Needed for Purchase Documentation Needed for Refinance Documentation Needed for Construction Here’s … …continue

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Consumers Went to Bat for Me!

Member Sharon A. describes banking with Consumers as fun. Even the process of getting a mortgage, which many people dread, left her with a fun feeling. That’s because, as she says, “Consumers tried to help. They went to bat for me to get me that mortgage. I really give them credit for that.” When Sharon purchased her new home, she still owned the old one. She says, “When I went to a bank they told me, ‘We don’t do bridge loans, can’t do it.’” So she came to Consumers—and says the process was simple. “I came in, and we started working with it. They worked me through to where we can pay very little on the new mortgage until we sell the other house. The bank wasn’t even going to deal with me!” Sharon’s favorite part about banking with Consumers? “Everybody’s friendly. Here, there’s somebody who knows me. I like … …continue

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New Money Saving Options in Custom-Made Mortgages

In our continuous effort to bring you the best options for your mortgage, we are pleased to add the Affordable Alternative Mortgage to our options for Custom-Made Mortgages. The Affordable Alternative Mortgage allows financing up to 97% loan to value with the 3% down payment not obligated to be borrower funds. This new mortgage program offers members both a low monthly payment and potential savings of $3,000 to $5,000 with reduced cost mortgage insurance. To learn which mortgage programs are best for your purchase or refinance, visit ConsumersCU.org/Loans/Mortgages or call us at 800.991.2221 to speak with a Mortgage Specialist.

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What Is Home Equity: The Fifth Video in Consumers ConnectU’s April Home Series

Tim - rebrand

Throughout our ConnectU April home series, you’ve learned the answers to many questions: What’s a mortgage? Should I rent or buy? How much house can I afford? Can I save money by refinancing my mortgage? Today we’re answering another common question about your home and your finances: What is home equity and what can I do with it? Tim Kosak, Consumer Lending Manager at Consumers Credit Union, explains, “Home equity is the value of your home, minus your mortgage balance. You can borrow against this value at a lower rate than other traditional loans or credit cards, because it is secured.” To find out what you can finance with a home equity loan or line of credit, watch the video below, the fifth in the Consumers ConnectU April home series.

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