Leamy shopped around for the N.J. family for better prices on things such as tech and cell phone providers and groceries. She also gave the family tips on saving on credit cards, student loans, and medical procedures. On big expenses such as their car loan, credit card debt, and mortgage, Leamy turned to what she called the “unsung heroes” of McGraw-Hill FCU. With Leamy’s guidance, the Shoblock family refinanced their car loan through the credit union, a move that will save them $1,995 over the next four years. When it came to their credit card debt, McGraw-Hill FCU approved the couple for a low interest balance transfer credit card, which Leamy suggested they pay off using their savings so they didn’t have to continue making minimum payments and “bleeding interest.”
When McGraw-Hill FCU's underwriters looked at the Shoblock's finances, they could see that they had accrued some debt, but that they always paid their bills on time and never missed a payment, despite their troubles. So the credit union approved them for a new adjustable rate mortgage (ARM). Leamy explains that ARMs got a bad rap during the bubble years, but the initial interest rate is lower than that of a fixed rate mortgage, so consumers can save big money if they know they are going to sell before the ARM adjusts.
"I'm speechless," Robin Shoblock said after McGraw-Hill FCU refinanced her mortgage. "It's just so hard to come up with ways to thank you guys for your help."
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