Member Saving Stories

Sam proves she is a TRUE member advocate!

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This member called us to get pre-approved for an auto loan and while processing her application, I noticed she had quite a bit of unsecured debt. In fact, she had over $20,000 in other credit cards, an interest only Home Equity Line of Credit, some student debt, and a first mortgage she was paying almost 7% on! She was a perfect candidate for our FastTrack home loan.

After completing her application, I asked if she would like to apply for a FastTrack as well, in order to consolidate the rest of her debt. When I told her there were no fees and we could drop her rate to 5.375%, she thought it was a good idea. The loan was approved, and we paid off every single piece of debt she had – the big savings was not only in the total interest she will be saving, but we dropped her total monthly payments by over $1300 per month! She was beyond happy…but wait, there’s more…

On top of lowering her monthly payments, interest rates on our FastTrack dropped after we finalized her loan and since the loan funded on a Friday, I asked our Lending Manager if we could honor the new rates and she agreed! So on top of all of her savings, we went above and beyond and lowered her rate even further!