Saving Your Family Money

June 12, 2014

For years, Goldenwest has touted the fact that we can help families save money with our low mortgage loan rates and competitive fees. Recently, I was talking to my brother-in-law and his wife about a home they were selling. They had a prospective buyer whose offer was contingent on the seller pay the closing costs. The proposed closing costs included a one-percent origination fee, an $895 processing fee, and a $400 underwriting fee. The buyer was pre-approved for a 30-year mortgage for $128,000 with 4.375% interest rate. I mentioned to my brother-in-law if he was going to pay the closing costs as the seller, he should encourage the buyer to get her mortgage at Goldenwest with lower fees and better rates. In comparison to the mortgage broker, Goldenwest charged half-of-one-percent origination, zero processing fees, a $375 underwriting fee, and a 30-year mortgage rate of 4.250%. The buyer went to her mortgage broker, who also happened to be her father, to ask if he could match Goldenwest’s lower closing costs and rates. He told her no, and advised her to get her mortgage with Goldenwest.

In the end, Goldenwest saved my brother-in-law $1400 in closing costs and saved the home buyer $3,385 in interest payments over the life of the loan. Furthermore, we saved the new buyer hundreds of dollars in premiums when she obtained her homeowners insurance policy through Goldenwest.

This money-saving scenario is repeated each day with our mortgage services. How does Goldenwest charge lower fees and rates and remain in business? It’s the credit union philosophy of “people helping people” in action. Goldenwest is a not-for-profit financial cooperative. We are not motivated by excessive profits because we are not accountable to stockholders demanding high-paying dividends.

Don’t miss out on the many money-saving opportunities available as a Goldenwest member. Visit any Goldenwest or USU Credit Union branch, or explore our websites, to learn more about our products and services.

I hope you’re enjoying summertime activities with your family and friends. Whether you’re far away on vacation, or enjoying the great outdoors in your own backyard, you can be connected to your credit union 24/7. For the latest credit union news and updates, I invite you to follow me on Twitter at @GoldenwestCUCEO.