We're Ready to Spring Into Lending!

As many of our members spent the winter months shoveling snow or heading south to escape Maine's harsh winter, Midcoast's Lending Team was hard at work strengthening our loan program. "We have money to lend. It is the best use of our deposit dollars and fulfills our mission of providing low-cost financial services to our members," states Joe Gervais, President/CEO. To that end, numerous initiatives were completed to make borrowing easier at your Credit Union.

1. LOAN UNDERWRITING POLICY REVIEW
The first step was a thorough review of the Credit Union’s loan approval process. "Our goal was to enable our employees to make more good loans to good members in the most efficient manner," shares Debra Madigan, SVP Retail Services. "We relaxed some lending requirements and empowered our employees to make quicker decisions to meet our members' service expectations.

2. MOVE IT TO MIDCOAST BENEFITS ARE NOW EVERYDAY BENEFITS.
What were once just special springtime incentives of cash rebates and a rate match guarantee for moving your auto loan to the Credit Union are now part of our everyday auto refinance program. Now these benefits can be taken advantage of year-round and have been expanded to allow our members to be payment-free for sixty days when refinancing. "We know that when getting auto financing at the dealership, most members are focused on the sale price, add-ons and the monthly payment, and less about the interest rate. "By moving it to Midcoast, we will ensure you have the best terms and the most convenient repayment options for the life of your loan. We are confident that your loan will be very happy here!" adds Susan Clark, VP of Loan Operations.

3. LENDING IS GOING MOBILE!
In early April, a new version of the Midcoast Mobile application will be available for download that will allow our members to apply for auto loans, personal loans and credit cards. The new streamlined application will be secure and integrated with your account to make the borrowing process even easier! Fewer fields to complete and pre-populated fields with known information will make the borrowing process a snap.

4. THERE IS NO BETTER TIME FOR OUR HeLOCK!
With the improving economy comes higher interest rates, but also rising home values. If you have a long to-do list this spring, our fixed rate, home equity line of credit may be the right solution. With an initial five year draw period with interest only payment requirements, you benefit from the flexibility of its use and lower monthly payments. After the initial draw period, the payment converts to a 15 year repayment schedule. The best part of our HeLOCK is that the interest is locked for the entire life of the loan to protect you from rising interest rates. So whatever your borrowing needs might be this spring, we are at the ready with low rates, competitive terms and super incentives to make Midcoast your loan solution.

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