Finding the right mortgage for your next home purchase

ARE YOU IN THE MARKET FOR A NEW HOME? MAYBE YOU ARE BUYING FOR THE FIRST TIME ARE LOOKING TO UPSIZE ARE DOWNSIZED — THERE IS A LOT THAT GOES INTO THE PURCHASE OF A HOME AND TODAY WE HAVE SCOTT DOBSON FROM CONSUMERS CREDIT UNION TO TALK ABOUT OUR MORTGAGE OPTIONS LET'S TALK ABOUT CONSUMERS CREDIT UNION BECAUSE YOU HAVE BEEN AROUND FOR A WHILE

YOU ARE FOUNDED LOCALLY YEP WE WERE FOUNDED IN 1952 FROM EMPLOYERS OF CONSUMERS ENERGY AND NOW WE HAVE 19 OFFICES AND ARE GROWING QUICKLY LET'S TALK ABOUT MORTGAGES BECAUSE THAT IS A DECISION THAT MOST OF US MAKE, AND PEOPLE MAY NOT REALIZE THAT GETTING YOUR MORTGAGE THROUGH A CREDIT UNION IS A NICE OPTION A LOT OF PEOPLE DO NOT EVEN KNOW THAT CREDIT UNIONS OFFER MORTGAGES

WE HAVE A LOT OF PEOPLE, WILL CREDIT — WE DO EVERYTHING FROM CHECKING ACCOUNTS, BUSINESS LOANS, BUT MORTGAGES — IT IS SUPER EASY TO APPLY YOU CAN STOP IN TO ANY ONE OF OUR OFFICES, YOU CAN GO ONLINE AND TALK TO A REAL PERSON IN WEST MICHIGAN AND THEY GET YOUR MORTGAGE LOAN APPLICATION, AND YOU CAN CALL US, TOO RACHEL: HOW IMPORTANT IS THAT PREAPPROVAL? THERE A PREAPPROVAL AND PREQUALIFICATION RACHEL: WHAT IS THE DIFFERENCE? PREQUALIFICATION IS MORE LIKE, YOU CALL ME AND SAY I'M GOING TO BUY A HOUSE, AND I SAY, YOU SHOULD BE LOOKING FOR SOMETHING LIKE THIS YOU ARE PREQUALIFIED TO GO LOOK

PREAPPROVED MEANS WE HAVE PULLED YOUR CREDIT SCORE, WE KNOW EXACTLY WHAT YOU CAN AFFORD AND WHAT YOU SHOULD BE LOOKING FOR WHEN YOU ARE HOUSE SHOPPING, YOU CAN FIND YOUR HOUSE AND MAKE AN OFFER THAT DAY INSTEAD OF SAYING, I THINK THIS IS SOMETHING I AM INTERESTED IN WITH THE HOUSING MARKET LIKE IT IS TODAY, IT COULD — HOUSES, THEY ARE SELLING QUICKLY IF YOU ARE IN THE HOUSE MARKET, IF YOU ARE NOT READY TO MAKE AN OFFER, IT COULD BE GONE BEING PREAPPROVED COULD MAKE IT MUCH EASIER TO GO SHOPPING AND WHEN YOU FIND YOUR HOME, MAKE AN OFFER

RACHEL: WHO IS ELIGIBLE FOR CONSUMER ZERO DOWN MORTGAGE? ANYONE WHO LIVES IN WEST MICHIGAN CAN APPLY YOU DO NOT HAVE TO BE A FIRST-TIME HOMEOWNER YOU JUST HAVE TO HAVE AN COME TO BE A BUT THE PAYBACK ALONE AND THE HOUSE THAT YOU'RE GOING TO LIVE IN RACHEL: ONE OF THE BENEFITS? ONE OF THE BEST BENEFITS IS YOU DO NOT HAVE TO HAVE A DOWN PAYMENT SO CASH YOU HAVE IN YOUR POCKET — IT IS GREAT TO HAVE WHEN I MOVED IN, I WANTED TO REPAINT THE WALLS AND PUT IN NEW CARPETS, AND BY FURNITURE — I'VE JUST TAKEN ALL THE MONEY I'D SAVED FOR TWO YEARS AND SENT IT ON MY DOWN PAYMENT

BEING ABLE TO KEEP THAT MONEY IN YOUR POCKET ANOTHER DIFFERENCE IN OUR MORTGAGE IS WE DO NOT REQUIRE PRIVATE MORTGAGE INSURANCE IT IS A PREMIUM YOU PAY EVERY MONTH THAT YOU HAVE A LOAN WE DO NOT ADD THAT TO CONSUMERS RACHEL: YOU ARE LOOKING AT SAVINGS ALL AROUND WHICH MAKES THE PROCESS EASIER

SOMETIMES PEOPLE ARE BUYING FOR THEIR FIRST HOME THEY GO, NOW I NEED A LAWNMOWER IT ALWAYS NICE TO HAVE A LITTLE BIT — RIGHT ALWAYS NICE TO HAVE A LITTLE BIT pOF MONEY RACHEL: WHAT OTHER LOAN PROGRAMS YOU HAVE IT CONSUMER CREDIT? CONSUMERS — WE HAVE A FULL SUITE OF SERVICES

WE DO EVERYTHING FROM MILLION-DOLLAR BUSINESS LOANS TO $500 CREDIT CARDS FOR FIRST-TIME APPLICANTS RACHEL: WE ARE SEEING A LOT OF PEOPLE MOVE OVER TO CREDIT UNIONS AND SOMETIMES SAYING, I AM INVOLVED WITH A BIG TANK, I'M GOING TO START AND HAVE THAT MEMBERSHIP AND THEN MOVING OVER THERE ARE SO MANY FEES INVOLVED WITH BIG BANKS TODAY SOME OF THEM HIDDEN, SOME OF THEM NOT I FEEL LIKE THERE IS A GROWING FRUSTRATION WITH THAT AND WHEN YOU ARE PART OF A CREDIT UNION, THERE ARE BIG ADVANTAGES IN SAVING MORE MONEY

FOR SURE WE ARE NOT-FOR-PROFIT AND WE RETURN ALL OF OUR PROFITS BACK TO OUR MEMBERSHIP SO WE CAN DO MORTGAGES AT A LOWER COST OUR BIGGEST DIFFERENCES ARE PEOPLE WE ARE REAL PEOPLE, WE LIVE HERE IN WEST MICHIGAN YOU'RE GOING TO RUN INTO NORMAL PEOPLE WHO UNDERSTAND, MAYBE IT IS YOUR FIRST HOUSE AND YOU DO NOT UNDERSTAND HOW EVERYTHING WORKS AND THAT IS VERY COMPLICATED — WE HAVE REGULAR NICE PEOPLE THAT WILL REALLY HELP YOU AND THE BEST TECHNOLOGY TO BACVK I — BACK IT UP

RACHEL: THAT IS WONDERFUL YOU HAVE 19 LOCATIONS , THROUGHOUT WEST MICHIGAN SO THAT CAN BE USEFUL YOU CAN HEAD ONLINE AND START LEARNING A LITTLE BIT MORE THANK YOU, SCOTT THANK YOU FOR HAVING ME