Consumers members benefit from home and lot loan options that keep costs low.

Did you know that Consumers offers custom mortgages that keep out-of-pocket costs very low for homeowners? Advanced Medical, At Your Service and 0% Down mortgages for existing homes and 5/5/5 Lot Loans are some of our most popular custom options. Today, we share two member stories and the loans that helped put them in the homes of their dreams.

A mortgage designed for those in public service

Brenda Frost is a paramedic who works in the prebilling department at American Medical Response. She learned about specialty home loans for borrowers like her when Consumers Mortgage Loan Officer Pam Kemp visited her workplace (pre-pandemic).

Pam explained that At Your Service* home loans are one way Consumers thanks members who work in public service. They require no down payment, no PMI and save members $800 in lenders fees. Eligible members include full-time police officers, firefighters, EMS providers, teachers, and RNs.

“What really caught my attention when talking to Pam was no PMI,” Brenda said. “I hate that PMI!”

No homebuyer likes PMI. However, it’s usually required whenever someone has less than a 20% down payment. The cost of PMI adds up: a $100,000 loan with a 1.00% PMI, for example, adds $83 to the monthly payment—that’s nearly $1,000 a year.

After hearing about the Consumers At Your Service mortgage, Brenda called the lender who had financed her two prior homes. “I’d stick to that one if I were you,” he told her. “I can’t find anything that would be a better deal for you.”

Brenda wanted the lowest monthly payment she could get. “The combination of low interest and no PMI was a very good deal,” she said.

Since financing her Holland home with Consumers, Brenda has referred her daughter and son-in-law who also qualify for a no-PMI loan.

A lot loan with a low down payment

Kelsey and Travis Eisen of Ada already own a home financed with a Consumers mortgage, but desire to build a new one that better suits their needs. However, most lenders require a down payment of 20% to 25% on lot loans.

“We didn’t think we could build our dream home and stay in our current home until we heard about the 5/5/5 plan Consumers offered,” Kelsey said.

A 5/5/5 lot loan requires just 5% down at 5% APR; the mortgage interest rate is fixed for 5 years at 5%, but amortized over 30 years. These loans put new home construction within reach for many Consumers members. To get a 5/5/5 lot loan, a member must have a credit score of 700 or higher; the lot must be less than 10 acres; and if the lot price exceeds $100,000, a larger down payment is required.

Great terms aren’t the only reason Kelsey and Travis chose Consumers for their lot loan. “We currently bank through you guys and love your service,” Kelsey said. “All our prior car loans have been through you—great rates and customer service!”

The couple also finds it easy to work with the Consumers mortgage team. “You guys are fast and efficient,” said Kelsey. “You worked closely with us the whole time and always answered our questions fast!”

Kelsey is a police officer with the city of Wyoming which makes them eligible for an At Your Service Loan. Once construction is complete on their new home, they will talk to their Mortgage Loan Officer Gregg Teegardin about switching over to keep saving money.

Kelsey says, “I recommend Consumers mortgages for others who work in public service, because you guys treat your members like family. You always try your best to help and give us the best opportunity to use our money in the best way possible.

“You allow your members to buy their first homes or build their first homes with ease. You truly appreciate the service that some people do for their jobs! It means a lot.”

It means a lot for us to help members get the homes they want and help them save money. Learn more about Consumers’ custom mortgage programs online or give us a call at 800-991-2221.

Consumers helps more than 2,000 members finance land, first and second homes, and home improvement projects each year. We’d love to help you with a mortgage or home equity line of credit; contact us online or call us at 800-991-2221.

 

 All loans subject to approval. Rates, terms, and conditions are subject to change and may vary based on credit worthiness, qualifications, and collateral conditions. *Program available on purchase of single-family primary residence on less than 5 acres.