A member came in to our Redmond branch for assistance on filing card dispute paperwork, so I helped him with that and noticed he received an auto pre-approval offer from us. I asked if he saw the offer, and he didn’t think he had. When I told him he was pre-approved, he mentioned he needed an upgrade since his current car’s odometer reading is at 250k miles! I gave him my business card and told him to give me a call when he’s ready to get started.
A couple of months went by and I wanted to follow up on our previous conversation so I gave him a call. He answered and said he remembered discussing the auto loan pre-approval. My timing was great, because he said he was ready to buy so we did an application over the phone for his auto loan. In discussing his current debt, I discovered he owed less than $100,000 on his mortgage loan – I asked what his home loan rate was, and he thought it was over 5%. We talked about our equity loan options as well refinancing to a FastTrack to save some money and shorten his term. Since he had plenty of equity in the home, I also proposed a mortgage refinance with cash out to consolidate some of his other debt. He was interested in saving money by combining everything into one payment and told me he would like to talk it over with his wife. In the meantime, we finished up with his auto loan. A bit of time went by and I reached out to him again because I knew we could save him some money—he called me back soon after that. I calculated some payment scenarios and he quickly saw the value in doing a FastTrack loan refinance with cash out, so we submitted his application. We were able to lower his rate to 4.125% and paid off several credit cards, helping him save money on interest. His previous mortgage payment was $1,529.00 but with his new FastTrack he’s now paying $1,173.98 – saving over $350 a month! And, by refinancing his 1st mortgage into a shorter term FastTrack, he is saving about $40,000 in interest over the life of the loan—we for sure WOW’d this member!