Compass CU

Why a Credit Union is the Perfect Choice for Gen Z

Why a Credit Union is the Perfect Choice for Gen Z

Are you a member of Gen Z looking for the perfect financial institution to help manage your money? Look no further than a Credit Union! Credit Unions are not-for-profit organizations that exist solely to benefit their members and offer an array of services including checking and savings accounts, loans, and financial education. Unlike banks, Credit Unions are owned and operated by their members, which means they can provide better rates, fewer fees, and higher levels of personal service. In this blog post, we will explore why Credit Unions are the perfect choice for Gen Z.

Understanding Credit Unions
Credit unions are a type of financial institution that offers banking services to their members, who are typically part of a community or organization. These services include savings and checking accounts, loans, credit cards, and more. Credit unions also typically offer lower rates on loans and higher rates on deposits than other financial institutions, making them an attractive choice for those looking to save money.

For Gen Z, credit unions can be especially helpful in helping to build financial literacy and healthy money habits. Credit unions are usually smaller than banks and often have fewer fees, making them an ideal option for those who are just starting out and need to manage their finances. Additionally, many credit unions have a focus on education, offering resources and information to help members understand their financial options and make smart decisions about their money. With this kind of support, Gen Z can learn how to make better financial decisions for the long term.

The Advantages of a Credit Union
Credit unions are gaining in popularity with the younger generation and for good reason. Credit unions offer several advantages over traditional banks and other financial institutions that make them an ideal choice for Gen Z.

One of the main advantages of a credit union is lower costs. Credit unions are typically nonprofit organizations and as such, are not subject to the same fees and regulations as for-profit banks. This means that credit union members can benefit from lower loan rates, lower or even no annual fees on checking accounts, and fewer overdraft fees.

In addition, credit unions often offer higher interest rates on savings accounts than traditional banks. This can be particularly beneficial to young people who are just beginning to save money.

Credit unions also offer more personalized service than banks. Because they are smaller organizations, credit union employees are usually able to give customers more individual attention than they would at a large bank. This means that when members have questions or concerns, they will be able to get answers quickly and easily.

Another advantage of credit unions is that they are often committed to giving back to their communities. Many credit unions have programs to help low-income families, provide affordable housing options, and donate to local charities.

Finally, many credit unions have branches in multiple locations and offer 24/7 access to services like online banking and telephone banking. This makes it easier for members to manage their accounts on their own time.

For all of these reasons, credit unions can be an ideal choice for young people who want to manage their finances responsibly. They offer more personal attention, lower fees, and an opportunity to give back to the community, making them an attractive option for Gen Z.

Credit unions are an ideal choice for Gen Z, offering a wide range of benefits and advantages that aren’t available with traditional banks. With their commitment to personal relationships, competitive rates, and low fees, credit unions provide an accessible and convenient way for Gen Z to manage their finances. As members of a credit union, Gen Z can gain the financial knowledge and guidance needed to make informed decisions about their money. With the help of a credit union, Gen Z can easily start building their financial future.

Compass CU

Compass Mortgages: Newlywed Edition

Found that special someone, eh? Ready to take that next step and let them see you without the makeup on? Well, on behalf of Compass Credit Union, we think that’s just swell! Congratulations! And let’s not waste anytime as we get onto the boring adult stuff: it’s time to talk about your mortgage.

Buying a new home is one of those fun things that can go south real fast. Take our advice, identify your goals before you begin, create a plan of how you want to accomplish them, be ready to change your plan when (not if) life happens, and find people you can trust to help guide you through the process. 

Here are some helpful ideas to move you in the right direction:

To Do’s

  • Determine how much you can spend. Before you even start shopping, budget, budget, budget to find out what you can afford. If your significant other is a her, then you’ll probably find that she’s going to be a little more expensive than you initially planned for. If that other one is a him, then you should know that he’s going to be A LOT more expensive than you ever imagined. Leave room in your budget to be surprised because it’s going to happen. Tip: use an online mortgage calculator to figure out your budget. 
  • Decide what kind of home is right for you? This will be different for everyone. Do you want a fixer upper? Do you just want something you can live in and not have to worry about? Most people are trying to find a place that they can grow into and one day enjoy as a family. 
  • Figure out where you want to live. Talk about this before you get married… If she wants downtown sky-rise and he wants small town rural, you might have a problem. But overall, keep that old adage in mind—real estate value is all about location, location, location. Find a home in a place that will add value over time just because people want to be there.  
  • Who’s name will be on the loan? Maybe the answer isn’t as obvious as you think. If you already own your home and your significant other is moving in, then ask if it makes sense to refinance with both names on the mortgage. Why? Well, most mortgage rates are influenced by who is on the account. If you can show additional household income by putting both names on the mortgage note, then you might want to think about refinancing and getting a better rate. 
  • Work with people you can trust. The most important thing is probably finding a couple of voices who you trust to guide you through the process. It helps to have someone who can help you find what to buy, like a family friend or a good real estate agent, and you’ll also likely need someone to help you buy it, like a solid mortgage expert. 

Above all, find that special someone, develop your goals TOGETHER, and pursue those goals relentlessly. Whenever you need help along the way, your friends at Compass are here to help. Final tip: it’s a smart move to pick out your mortgage officer before you get too far in the process. They can help you get pre-approved, which will make everything go more smoothly. Call us today to see what we can offer.  

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7 Benefits of Owning a Home vs. Renting

1) Pay yourself, not your landlord – Each month you own a home, you build equity in your property. That means you own a little more with every payment you make. You also have the opportunity to see your home increase in value, especially if you take care of it and make improvements. Let’s compare your rent payment with the monthly interest you would pay on your mortgage. When you rent, it’s like 100% of your payment every month goes just to interest and you never own anymore of that property than you did before. When you invest in a home, you invest in yourself.

2) Mortgages are Cheaper – A monthly mortgage payment for a home is often cheaper than what you would expect to pay in rent for your typical apartment. Think about that. If you can own a 3 or 4 bedroom home for what many people pay to rent a 1 or 2 bedroom apartment, why not buy the house? You can have the house to yourself and you’ll be paying less!

3) Stability for your family – For most people, renting is viewed as a short-term solution. If you can afford to own a home and you’re not planning on moving anytime soon, then it’s really tough to make a case for renting in lieu of home ownership. On the other hand, a family is a long term commitment, and to go with that, you need a long term investment, such as a stable place to call home. Numerous studies argue that home ownership has a wide range of benefits on child and family development. When you own a home, you do something good for yourself and your family.

4) More freedom – If you’re renting a home and you decide to paint the walls or the floors, you’re increasing the value of the home, but you don’t get to enjoy it. You’re adding value for your landlord. You also will probably need his permission before you do anything to the property. Well that’s no fun! When you own the home, you get to make all those life choices yourself, and if you do a good job and increase the value of the home, then you get to keep the profits on the property when you sell it.

5) Create Community – One of the best parts of home ownership is being part of a community. At an apartment complex, you’ll have a ton of neighbors you never meet, and with everyone moving in and out so often, it’s difficult to find that sense of belonging. When you own a home, you get to put down roots in a neighborhood and form life long friendships with the people around you.

6) Builds your credit – You might not know that your credit score is impacted positively when you show your ability to repay different types of loans. So even though you’ve been paying your car loan or your credit card consistently, you might find that your credit score hasn’t changed all that much over time. You’ll build positive credit faster by adding consistent, on-time mortgage payments into the mix.

7) You deserve it – Most importantly, home ownership can be a wonderfully rewarding experience, and you deserve to be part of it. A good home can change a person and even set a family on the right track. When you rent, it’s like trying to make your home in someone else’s house. Take a chance on yourself, and invest in a home that will give you a place to belong to.

Compass CU

Refinance Your Auto Loan

Refinancing your auto loan is an easy, fast way to save some money in your monthly budget. But it’s important to understand the factors that help determine if the time is right for you. Here is a look at some of the leading reasons members choose to refinance their existing auto loans.

Lower Your Monthly Payment

Most people who choose to refinance do so because they want to lower that monthly payment. You can do this by extending the term of the loan or by lowering your interest rate. The first option, going from a shorter-term loan to a longer-term, is going to lower your payment the most, and sometimes we’re at a point in our lives where it makes sense to do that. The second option, lowering the interest rate, also can save a few dollars each month, and the less you pay in interest is always the best way to go.

Lower Your Interest Rate

Let’s be honest, there are times in our lives when we just don’t make the best financial decisions. Maybe you bought the car of your dreams at totally the wrong interest rate. Don’t beat yourself up! Those dealers make their money on not only the cars they sell but also the financing they can get you into. And if, by chance, that might be you, then your credit union is happy to help with a no-judgment auto-refinancing option that makes sense.

Furthermore, interest rates are an ever-moving target. They go up, and then they come down, and when they come down you might have a great opportunity to lower monthly payment by refinancing.

Your Credit Score Has Improved

You should be aware that your lender has charged you an interest rate that depends on your credit score. If you have a challenged credit history, then you are paying a higher interest rate. But if you’ve been paying on that loan for a year or two and have had good credit otherwise during that time, your score likely has improved, and it probably makes sense to contact a lender (like us) and see if we can save you some money!

Shorten the Length of Your Loan

Have you ever just wanted to be done? #Knowthefeeling. While extending the length of your auto loan can help lower your payment each month, refinancing to a shorter-term can help you get the loan paid off altogether, which is obviously what we all really want. And don’t knock it till you try it, meet with one of our loan experts to see if this would make sense in your budget. Just think how you’ll feel when it’s all paid off!

Not Happy With Current Lender

Sometimes in our lives, we all have pain… We all have sorrow… And if your lender is a pain and is causing you sorrow, then it’s definitely time to move on. There are lots of things to look out for: hidden fees, poor service, refusal to give an explanation on why a decision is made. Whatever. That’s all you need to say. Bad lenders are out there. Just be aware that many lenders will want to see some payment history before you move to your next financial institution.

Ready to Refi?

If you’re ready to move on from your current loan for these or any other reasons, then the Compass staff is standing by. You can complete the entire process online from a computer or your mobile device. Click below to get started. Find out if an auto refi makes sense for you!

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Mobile Payments at the Credit Union

Pay anyone anywhere with Apple Pay, Samsung Pay, or Google Pay.

Pay from any of your devices using one of these mobile wallets. Compass Credit Union offers all of these services free to west Michigan.

State of the Art Mobile Banking App

The Compass Mobile App allows you fast, secure access to your online banking on whichever device you choose to use.

Mobile App Features:

Easy Login: Facial recognition technology, fingerprint authentication, pin, or voice-activated logins are available. These features help provide you with a safe, easy login experience.

View Balances: Check loan and account balances fast and easy.

Apply for a Loan: Apply for and close your loan using only your mobile app.

Transfer Money: You can move money from one of your accounts to another. You can also send mom money for her account at the credit union. Or you can even send Cousin Eddy money at his account at Bank of America (or wherever else he mistakenly chooses to bank).

Pay Bills: Compass offers a free bill pay service to help you stay on top of your monthly budgeting.

Deposit your checks: You can use your phone to deposit your checks. So if Nanna Jean still sends you a $5 check on your birthday every year, you can use the mobile app to make your deposit. Don’t just throw it away!

Debit and Payment Controls: Debit card security is the name of the game. You can turn your card on and off in real-time, set up push notifications to alert you to spending activity, and even view recent transactions made by each debit card on your account.

Remote Loan Closings

Close your loan from anywhere using Compass Credit Union’s eSign technology. Thanks to the credit union technology, you can complete your entire loan process, from start to finish, using your mobile app and never even setting foot inside a branch.

Not Happy With Current Lender?

Sometimes in our lives, we all have pain… We all have sorrow… And if your lender is a pain and is causing you sorrow, then it’s definitely time to move on. There are lots of things to look out for: hidden fees, poor service, refusal to give an explanation of why a decision is made. Whatever. That’s all you need to say. Bad lenders are out there. Just be aware that many lenders will want to see some payment history before you move to your next financial institution.

Ready to Refi?

If you’re ready to move on from your current loan for these or any other reasons, then the Compass staff is standing by. You can complete the entire process online from a computer or your mobile device. Click below to get started. Find out if an auto refi makes sense for you!

Compass CU

Membership Eligibility

Who can join?

Who can join a credit union? YOU can. Credit unions are just groups of people who decided to come together and share their money in a way that offers them the best in financial services.

Membership at Compass Credit Union is open to anyone who lives, works, or worships in any of these 13 west Michigan counties: Allegan, Barry, Ionia, Kent, Lake, Mason, Mecosta, Montcalm, Muskegon, Newaygo, Oceana, Osceola, and Ottawa.

Not living in one of those counties? That’s okay. You can also join if you are in the immediate family of a current member. And if that doesn’t work, anyone who works for Compass Credit Union is eligible too (in case you love credit unions as much as we do and want to enjoy beautiful west Michigan with us).

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