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CUs prominent in Good Morn. Americas savings advice
MADISON, Wis. (1/14/11)--Credit unions were given prominent mention as a good resource for consumers looking to refinance their home mortgages to obtain better interest rates or to procure auto loans in a recent segment of ABC’s Good Morning America. Show host Elisabeth Leamy gave advice on how to save on expenses one might otherwise consider nonnegotiable. The show’s consumer reporter has reported several savings makeover segments on Good Morning America that have featured credit unions in New York and New Jersey. She coordinated with the leagues in both cases and with the Credit Union National Association (CUNA) on the New Jersey segment. Leamy has been a past guest on CUNA’s Home & Family Finance Radio show (use the links for these segments). Her story segment also told consumers how to find a credit union. Use the link. With interest rates at historically low levels homeowners want to know if they are in a position to refinance, she said. “I argue that it’s worth refinancing if you can get half a point off your rate and if you will add no more than five years to the length of your mortgage and can still pay your closing costs off in five years or less--preferably much less,” Leamy said. “That’s my Refinancing Rule of 5s. Can’t get approved at a big bank? Try a credit union. Credit unions pay attention to your situation, not just your score.” The same holds true for car payments, she added. “If car payments are a burden and your vehicle is not too old and you are not underwater on the value, did you know you can refinance it?” Leamy said. “Yup. Once again, credit unions are the place to turn. They do more of these auto loan refinances than anybody else.” To read a transcript of the segment, use the link.
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