Merrimack Valley Federal Credit Union has introduced a new product that gives veterans and active military personnel discounts on loan rates and reduced closing costs on mortgages.
"The Merrimack Valley Federal Credit Union wanted to find some way to ease the minds of our military personnel and their families during this difficult time of war," said CEO Peter J. Matthews, Jr. "The last thing our active-duty service members and families should worry about is finances."
The program is called Freedom Loans and gives a one-percentage-point discount on consumer loan rates and $1,000 off closing costs for any mortgage program, said Roger Allard, VP of Lending.
A second product, "a vet credit card" is also in the works.
"We plan to offer additional bonus points and a rate reduction as well," Allard said, adding that he expects to introduce that in about three months. "We have a lot of veterans in the area. I'm a vet and my son is in Iraq... I see a real need for this type of financing."
With no other products on the market like this, Allard said, MVFCU is proud to offer them to the community.
Freedom Loans was introduced July 1, Allard said. While the inquiries have been promising, it's too early to measure results. But, with a field of membership that is full of veterans, he expects it will be successful.
"We've started talking to veterans' group, making presentations and handing out brochures and fliers," he said.
In addition, the CU with $382-million in assets and 38,000 members, is spreading the word via newspaper advertising, lobby merchandising and its website, said Raichelle L. Kallery, AVP-marketing.
