WEST JORDAN, Utah – Mountain America CU said it has saved its members almost $7 million in interest payments by refinancing, consolidating and otherwise eliminating high-interest debt by converting it to reasonable, low-interest loans in just the last four months.
From April to July this year, all Mountain America branches used the internally developed “Value Analyzer” tool to show members actual amounts being saved.
For example, one couple recently visited Mountain America to discuss refinancing a mortgage from another local financial institution. They also had an RV loan with the same financial institution, and they were interested in saving what they could. Using the Value Analyzer, the credit union showed the couple they could refinance the loans, reducing the term by several years and saving them nearly $60,000 in interest.
“The Value Analyzer was developed to show our members what they can accomplish when they take advantage of the current low interest rate environment, as most people do not realize how quick and easy it can be,” said Jason Rogers, senior vice president of branch administration at the $3-billion credit union. “The Value Analyzer can quickly demonstrate the value of refinancing the higher interest loans that our members may have with other institutions. It continues to help thousands of members make sound financial decisions.”