April 24, 2024 • 15 mins
Minoska Mateo Of Columbia Bank On Homeownership, Advancing Access Program + More
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Speaker 1 (00:02):
What it's way with Angela Yee.
Speaker 2 (00:05):
I'm Angela Gee, and I have a special guest here
today talking about one of my favorite things to talk about,
and that is about home ownership. This is going to
be about Columbia Bank. We have Minoska Matale here. What'sp
How are you Minoska?
Speaker 3 (00:17):
Good? Thanks for having me.
Speaker 2 (00:20):
I got to ask you about your name, Minoska. You're
the only Minoska I know.
Speaker 3 (00:23):
Probably the only one you're gonna meet.
Speaker 4 (00:26):
So I'm Dominican and my mom used to like this
band's group from Dominican Republic and one of the drummers
her name was Ninoska with an N.
Speaker 3 (00:35):
But my mom's name is Mercedes.
Speaker 4 (00:37):
Okay, So for her, she was like, I like the name,
but I wanted to have an M. So she took
the N out and put the M in it, and
now it's Minoska.
Speaker 1 (00:43):
See at least it means something, you know, that'stuff.
Speaker 2 (00:46):
And you're the only one because if we google I'm
sure a Minoska, no one else is gonna.
Speaker 4 (00:50):
You'll usually find Ninoska with the N okay M is
usually I mean you'll probably find one or two here
and there, but very rare.
Speaker 2 (00:57):
Well, let's talk about what it is that you do
for Colia Bank, because I love your journey. How you
started off working at the bank to where you are today.
Speaker 4 (01:04):
Yeah, I started off as a teller. I worked my
way up throughout the bank. I joined a program that
we have that's called the Associate Development Program, which allows
college graduates to rotate throughout the entire bank learn about
the processes that we have in place, really just understand
the basics of banking and of how to run a business.
And from there I was able to do project coordinating
(01:26):
with our CEO in the executive division, and I really
got to know a lot about the bank and get
involved into a lot of strategic projects with our company.
And one of the special projects I got was to
run the foundation. I remember the CEO came up to me.
It was like, I just have a quick favor for
you to do for me. I just needed to go
take pictures with the big check for the foundation, and
(01:48):
that quick favor turns into like a whole year of me,
you know, overseeing our foundation and getting to know nonprofit
organizations in the community, providing funds for those that needed it.
Speaker 3 (02:00):
And that's what started my role.
Speaker 4 (02:01):
Into community development officer and supporting the community in that way.
Speaker 1 (02:06):
I think that job is so important.
Speaker 2 (02:07):
You know, I recently got my real estate license, which
is exciting for me, But why I did that was
because I really wanted to help people get into home ownership,
especially for people who it's like their first time buying
a home and there's so many things and so many
programs that we may not even know about, and so
to be able to direct people to the right resources
(02:28):
that are available for them, but also helping them get
a home that they're going to love. And one thing
I always talk about is your first home is not
necessarily going to be your dream home. Sometimes it is
an investment that's going to be valuable for you so
that you can eventually be able to have your dream home.
What was your thought process when it comes to home ownership.
Speaker 4 (02:47):
I felt the same way. So personally, my first home
was a two family home. Okay, me too, And when
I remember my husband and I were going back and
forth like, oh, I want my dream home, like I
want my single family, and he kept tell me we
got to do the two family. It's an investment. I'm
telling you, you're going to get the rental income from
the first floor. You know, it's a better option for us.
(03:08):
So my first home was the two family home, and
I just think investing in a home really provides that
equity for people having an asset that you can say, look,
i'd be if I ever need to sell it, I
can sell it and get my money back essentially.
Speaker 1 (03:21):
And then sometimes exactly.
Speaker 4 (03:23):
Especially in this market right now, the houses are through
the roof. You know, you can make a good buck
right now if you sell your home.
Speaker 3 (03:29):
Mm hm, really good.
Speaker 2 (03:30):
Now what do you tell people who are actually trying
to buy their first home right now? There's so much
information out there when it comes to interest rates, when
it comes to even what bank that you're working with
and being able to obtain a mortgage. And tell me
what Columbia Bank does to help people who are first
time home buyers.
Speaker 4 (03:48):
For sure, I mean, first and foremost, always do research.
I tell people, always really understand what exactly it is
that you want. What can you get yourself into if
you know you can afford that million dollar home, scale
down a little bit and then you can work your
way up because you want to be able to sustain
the mortgage payments. Right in this interest rate environment, it's
really important for you to really understand how much you
(04:10):
can and can't afford. Always look at different banks, scout
different interest rates, because not every bank is going to
have the same rate, and there's always banks that have
special programs. So for example, at Columbia, we have an
Advancing Access Program, which is a special purpose credit program
where we have a discounted interest rate on it compared
to whatever's at the market. We don't require PMI, which honestly,
(04:33):
PMI can save you two hundred dollars on a monthly
you know basis.
Speaker 2 (04:37):
And I didn't know about PMI when I bought my
first home. I didn't know what it was until I
was like, actually, my reltor was telling me. She was like,
you know, the more you put down, if you put
down a certain percentage, you won't have to pay pm
I think it was twenty five percent or something.
Speaker 4 (04:52):
Like that, between twenty or anything above twenty percent you
won't have to pay PMI. Also knowing any company that
have a lesser credit score requirement. There's banks that have
really high credit score requirement and there's other banks that
have it below six hundred. So doing your research and
understanding what's the best product that fits for you, is
what's the best solution when you're looking for your first home.
(05:14):
At Columbia, we really try to have a one on
one type of relationship, really understanding the client's goals, talking
to them if they're not ready yet based on what
we're seeing. You know, we partner with nonprofit organizations to
have them doing first time home buyer. That's great and
really understanding. Look, this is how you create a budget.
This is what you need to do whenever you get
a paycheck, save this percentage so that you are prepared
(05:37):
to get that home and be that first time home buyer.
Speaker 2 (05:39):
Can you also tell me about the Access home Ownership program?
Speaker 4 (05:42):
Yes, So, the Access home Ownership is a down payment
assistance program that we created at the bank. And it's
not just one down payment assistance program. There's so many
out there, but at our company, we provide grants of
up to ten thousand dollars towards down payment or closing costs.
Speaker 1 (05:58):
Great.
Speaker 4 (05:58):
So what we do is we look at our clients
portfolio and we see, hey, do you really need the assistance.
We can help you with that and meet your goals
into getting your house. Because at the end of the day,
what you realize is that not everyone can save a
lot of money to come up with the twenty percent, Right.
A lot of people look patrick to paycheck, but that
doesn't mean that they can't afford a mortgage.
Speaker 3 (06:19):
They could.
Speaker 4 (06:20):
It's just saving the cash to come up with at
the end of the day.
Speaker 3 (06:24):
That's what's hard.
Speaker 4 (06:25):
So as a company, what we try to do is say, Okay,
how can we help our communities. What are ways that
we can contribute to ensure that there's home ownership and
having a down payment assistance program helps clients to do that.
Speaker 2 (06:38):
Menessca, can you tell us some moments that you've had
with clients and of course obviously not naming any names,
but things that you've seen happen that maybe have been
great success stories for you.
Speaker 3 (06:51):
Yeah. I mean.
Speaker 4 (06:54):
Every home ownership is a success story. Every time we
see a client come through the door applying is a
success story. I remember that there was a client that
came in and they weren't sure if they were going
to be able to get home because the closing cost
was too high.
Speaker 2 (07:09):
Right, And that's another thing people have to take into
a consideration. It's not just a percent is down, but
it's also closing costing costs.
Speaker 4 (07:16):
You have to pay your pay attorney fees, you're going
to pay pay bank fees, there's application fees, there's so many.
Speaker 1 (07:22):
You have to have money in your account too.
Speaker 4 (07:24):
Exactly when you have to have reserves. That's something people
don't know about the reserves. Some banks require two months
in advance of reserves, which basically for those that may
not know, is you have to have at least two
months worth of payments, so in case it's a month
where you're short, we at least know that you have
a reserve in the backup. Right, So some people don't
know that that you have to have more than just
that twenty percent or ten percent, right, you have to
(07:45):
have the reserves. The closing costs all this extra cash.
So I remember they weren't they weren't too sure if
they were going to be able to close because they
didn't have enough. And then we were able to come
in and tell them, look, we have our own down
payment assistance program. There's other state wide and federal wide
down payment assistance program. Let's apply to all these grants
(08:06):
and get you qualified so that you can go to
the table and close. And they were able to do that.
Speaker 2 (08:10):
You know, I love talking to you because, like you said,
this is a personal experience for people who are going in.
You want to have that experience with somebody who you
actually trust, who you like speaking to, because it's a
process and it can be really stressful.
Speaker 3 (08:26):
You know.
Speaker 2 (08:26):
I just think about the closings that I've done, and
it's so much paperwork involved, it's a lot of patience, it's.
Speaker 4 (08:33):
So many months and weeks, and it's not a quick
emotional roller coaster ride.
Speaker 3 (08:38):
I've been through this twice already.
Speaker 4 (08:39):
And from the beginning of you trying to figure out
where am I going to buy this house? First of all,
like what city, what state, Where am I going?
Speaker 3 (08:46):
What school? If you have kids? Like where do I
want my kids to go to school?
Speaker 4 (08:50):
And then going through the offering process, because lately it's
been like people are outbitting you with cash or like
everyone's offering ten percent over asking price. That's all in
a roller coaster, right, So when you have a bank
that's there that you know, this is the bank that's
going to really help me through the whole loan process
and really be caring about what I need and putting
me on the right product that's best fitted for me.
(09:13):
I think that's that's really what we can do as
a company to support people in this process.
Speaker 2 (09:17):
And it's that's an important People do get a chance
to see you out and about in the community with
so many different events, So can you tell us about
different programs that you're involved in and things that you've
helped to develop as well.
Speaker 3 (09:26):
Sure.
Speaker 4 (09:27):
So, we have a Team Columbia, which is our volunteer program.
We actually have all of our employees go out every
single year and do and volunteer work. We have an
annual Week of Giving which we usually do during the
holiday season in November where we go out. Last year,
we did over one hundred events during one week in November.
Speaker 1 (09:45):
That's amazing.
Speaker 4 (09:45):
We gave turkeys out to nonprofit organizations so that they
can provide it to low income families. We also have
financial literacy presentations that we do, so we talk about
money management and how you should learn how to create
a budget and you're saying, brings account and the importance
of having a bank account. We talk about retirement planning
because it's never too early to start planning for retirement.
Speaker 3 (10:07):
People are like, oh.
Speaker 1 (10:08):
I'm way already.
Speaker 3 (10:10):
Yeah, I was start from the beginning.
Speaker 2 (10:12):
One thing people always ask me about if I could
go back in time, But what I do. I'm like,
start saving for retirement earlier because the way that compounded interests,
like in the earlier you start, the more money that
you end up having, even if you're only putting in
fifty dollars a month, you know, super early on exactly.
Speaker 4 (10:28):
So we educate our community in different things obviously, and
things that we are experts at. We talk about loan
products that are available to clients.
Speaker 3 (10:37):
We talk about.
Speaker 4 (10:39):
You know, employee development, and how we have our own
internal programs we provide you know, the education to the
community as best as we can. We also have our
you know, our Advancing Access program which I just spoke about.
We have our regular affordable housing program as well, which
is also another you know, flexible mortgage product that we
offer our our communities. We have a foundation that gives
(11:03):
about three million dollars every year to non profit organizations
in the community. Clients can come in and apply for
the foundation for grants, for sponsorships in a way where
we can support our communities in any way that we can.
Speaker 2 (11:17):
You know, that's so important right now because people talk
a lot about this housing crisis that's been going on,
and interest rates, like we've discussed, are a lot higher
than they have been as of late. So but it
is important to know that you can still buy a
home and that there are programs out there that can
assist you.
Speaker 4 (11:36):
You know.
Speaker 2 (11:38):
It's just interesting because I also think about when interest
rates do come down, it will be a lot more competitive,
and so depending on what your situation is. While there's
not as many homes on the market, because people feel
kind of locked in if they have a low interest rate,
but when things do start to open up, and if
interest rates when they do at some point, you know, fall,
it is going to be extremely competitive with people who
(12:00):
are out there, you know, looking to buy a home.
Speaker 1 (12:02):
And that's why I always feel.
Speaker 2 (12:03):
Like, if you're thinking about it, at least just start
looking at knowing what's available for you so you can
be educated. Because one thing that was important for me
was also to know what I could put down and
to get pre approved and to know what that amount
was because I had really underestimated what I could do
and then when I went to the bank and actually
got my pre approval, and to have that ready in
case you want to put it in an offer. Those are
(12:25):
things that are important for you to have and to know.
Speaker 4 (12:28):
Yeah, for sure. I mean that's something that not a
lot of people know. That you should get pre approved
or pre qualified before you even start putting in an
offer because now real estate agents and sellers they want
to see that. They want to see that the client
is actually qualified and they're actually serious about buying the home.
I think it's really important right now with the interest
rate being so high. I don't think people should be
(12:50):
afraid as much as they are, because you can always
refinance when the interest rates drop right and at that
point then you can reduce your mortgage payment and it
you'll be an even a better situation because if you
were able to afford it now at a higher interest rate,
you're going to feel like a relief when those rates
go down and you refinance. So I always look at
it like that you have the option to refinance. So
(13:11):
if you do have the opportunity to buy now and
you qualify with these high interest rates, don't discourage yourself
just because everyone's like, oh, the rates are too high,
you can still buy it and then refinance at a
later time.
Speaker 3 (13:23):
They're going to have to go down eventually.
Speaker 4 (13:25):
I think we can sustain the way the economy is
going with these rates so high, either they have to
stable or drop a little bit so that we can
continue minusco.
Speaker 2 (13:36):
What has been your experience growing up with finances, because
it's always interesting to me to hear how people got
into the field of financial literacy. For you leading the
community programs at the bank, I just would love to
hear what your experience was like growing up.
Speaker 4 (13:53):
I grew up with a dad that was very strict
when it came to budgets and financing.
Speaker 3 (13:59):
He rarely took us out. You know.
Speaker 4 (14:01):
He was always very you know, careful with his paychecks,
and you know, didn't have a lot growing up.
Speaker 3 (14:06):
So I was always.
Speaker 4 (14:07):
Conscious of that in my background. And then all of
a sudden, I actually was going to school for accounting,
and I was I did a few classes for accounting,
and for some reason, I was like, I don't know
if this is it. Like I always thought banking was
like all numbers, numbers, numbers, and I actually got the
opportunity to work as a teller for the bank, and
(14:29):
then I started to realize that it's not just numbers.
There's more behind a banking industry than just you know,
crunching down your bank account and you know, the whole.
Speaker 3 (14:38):
Balance sheet and all that.
Speaker 4 (14:40):
There's so much more banks can do through community work,
through the foundation, through creating programs that actually support the community.
Right we are the ones that give out these loans,
so we have to make sure that when we create
the programs, we're actually supporting the communities through our products.
Speaker 2 (14:57):
You know, so much of our emotions are tied and
so our finance too. And I think you've been doing
amazing work. So I do want to just thank you
for coming and sitting down with me and for Columbia Bank.
You know, you'll hear a lot more about Columbia Bank
on way Up with Angela Yee, which I'm really excited
and proud of, you know, just to talk about the
different programs again, Like I want people to make sure
(15:19):
they know about advanced access, access, home ownership grants, the
different programs that you guys have going on. You're also
a recipient of the forty under forty Emerging Community Bank
Leader Awards and the New Jersey Bankers Rising Star Award.
Speaker 1 (15:34):
There's a reason for all of that.
Speaker 4 (15:36):
Yeah, I mean, I'm so proud of everything we've been
able to accomplish as a company, and the fact that
I've been able to help lead the company through these
changes and innovative products, I couldn't be more more excited.
Speaker 2 (15:48):
All right, Well, thank you so much. I appreciate it
and I'm looking forward to doing more.
Speaker 1 (15:51):
With you guys.
Speaker 4 (15:52):
So you're here, Thanks for having me righte his way up.
Speaker 3 (15:57):
Well,
What it's way with Angela Yee.
Speaker 2 (00:05):
I'm Angela Gee, and I have a special guest here
today talking about one of my favorite things to talk about,
and that is about home ownership. This is going to
be about Columbia Bank. We have Minoska Matale here. What'sp
How are you Minoska?
Speaker 3 (00:17):
Good? Thanks for having me.
Speaker 2 (00:20):
I got to ask you about your name, Minoska. You're
the only Minoska I know.
Speaker 3 (00:23):
Probably the only one you're gonna meet.
Speaker 4 (00:26):
So I'm Dominican and my mom used to like this
band's group from Dominican Republic and one of the drummers
her name was Ninoska with an N.
Speaker 3 (00:35):
But my mom's name is Mercedes.
Speaker 4 (00:37):
Okay, So for her, she was like, I like the name,
but I wanted to have an M. So she took
the N out and put the M in it, and
now it's Minoska.
Speaker 1 (00:43):
See at least it means something, you know, that'stuff.
Speaker 2 (00:46):
And you're the only one because if we google I'm
sure a Minoska, no one else is gonna.
Speaker 4 (00:50):
You'll usually find Ninoska with the N okay M is
usually I mean you'll probably find one or two here
and there, but very rare.
Speaker 2 (00:57):
Well, let's talk about what it is that you do
for Colia Bank, because I love your journey. How you
started off working at the bank to where you are today.
Speaker 4 (01:04):
Yeah, I started off as a teller. I worked my
way up throughout the bank. I joined a program that
we have that's called the Associate Development Program, which allows
college graduates to rotate throughout the entire bank learn about
the processes that we have in place, really just understand
the basics of banking and of how to run a business.
And from there I was able to do project coordinating
(01:26):
with our CEO in the executive division, and I really
got to know a lot about the bank and get
involved into a lot of strategic projects with our company.
And one of the special projects I got was to
run the foundation. I remember the CEO came up to me.
It was like, I just have a quick favor for
you to do for me. I just needed to go
take pictures with the big check for the foundation, and
(01:48):
that quick favor turns into like a whole year of me,
you know, overseeing our foundation and getting to know nonprofit
organizations in the community, providing funds for those that needed it.
Speaker 3 (02:00):
And that's what started my role.
Speaker 4 (02:01):
Into community development officer and supporting the community in that way.
Speaker 1 (02:06):
I think that job is so important.
Speaker 2 (02:07):
You know, I recently got my real estate license, which
is exciting for me, But why I did that was
because I really wanted to help people get into home ownership,
especially for people who it's like their first time buying
a home and there's so many things and so many
programs that we may not even know about, and so
to be able to direct people to the right resources
(02:28):
that are available for them, but also helping them get
a home that they're going to love. And one thing
I always talk about is your first home is not
necessarily going to be your dream home. Sometimes it is
an investment that's going to be valuable for you so
that you can eventually be able to have your dream home.
What was your thought process when it comes to home ownership.
Speaker 4 (02:47):
I felt the same way. So personally, my first home
was a two family home. Okay, me too, And when
I remember my husband and I were going back and
forth like, oh, I want my dream home, like I
want my single family, and he kept tell me we
got to do the two family. It's an investment. I'm
telling you, you're going to get the rental income from
the first floor. You know, it's a better option for us.
(03:08):
So my first home was the two family home, and
I just think investing in a home really provides that
equity for people having an asset that you can say, look,
i'd be if I ever need to sell it, I
can sell it and get my money back essentially.
Speaker 1 (03:21):
And then sometimes exactly.
Speaker 4 (03:23):
Especially in this market right now, the houses are through
the roof. You know, you can make a good buck
right now if you sell your home.
Speaker 3 (03:29):
Mm hm, really good.
Speaker 2 (03:30):
Now what do you tell people who are actually trying
to buy their first home right now? There's so much
information out there when it comes to interest rates, when
it comes to even what bank that you're working with
and being able to obtain a mortgage. And tell me
what Columbia Bank does to help people who are first
time home buyers.
Speaker 4 (03:48):
For sure, I mean, first and foremost, always do research.
I tell people, always really understand what exactly it is
that you want. What can you get yourself into if
you know you can afford that million dollar home, scale
down a little bit and then you can work your
way up because you want to be able to sustain
the mortgage payments. Right in this interest rate environment, it's
really important for you to really understand how much you
(04:10):
can and can't afford. Always look at different banks, scout
different interest rates, because not every bank is going to
have the same rate, and there's always banks that have
special programs. So for example, at Columbia, we have an
Advancing Access Program, which is a special purpose credit program
where we have a discounted interest rate on it compared
to whatever's at the market. We don't require PMI, which honestly,
(04:33):
PMI can save you two hundred dollars on a monthly
you know basis.
Speaker 2 (04:37):
And I didn't know about PMI when I bought my
first home. I didn't know what it was until I
was like, actually, my reltor was telling me. She was like,
you know, the more you put down, if you put
down a certain percentage, you won't have to pay pm
I think it was twenty five percent or something.
Speaker 4 (04:52):
Like that, between twenty or anything above twenty percent you
won't have to pay PMI. Also knowing any company that
have a lesser credit score requirement. There's banks that have
really high credit score requirement and there's other banks that
have it below six hundred. So doing your research and
understanding what's the best product that fits for you, is
what's the best solution when you're looking for your first home.
(05:14):
At Columbia, we really try to have a one on
one type of relationship, really understanding the client's goals, talking
to them if they're not ready yet based on what
we're seeing. You know, we partner with nonprofit organizations to
have them doing first time home buyer. That's great and
really understanding. Look, this is how you create a budget.
This is what you need to do whenever you get
a paycheck, save this percentage so that you are prepared
(05:37):
to get that home and be that first time home buyer.
Speaker 2 (05:39):
Can you also tell me about the Access home Ownership program?
Speaker 4 (05:42):
Yes, So, the Access home Ownership is a down payment
assistance program that we created at the bank. And it's
not just one down payment assistance program. There's so many
out there, but at our company, we provide grants of
up to ten thousand dollars towards down payment or closing costs.
Speaker 1 (05:58):
Great.
Speaker 4 (05:58):
So what we do is we look at our clients
portfolio and we see, hey, do you really need the assistance.
We can help you with that and meet your goals
into getting your house. Because at the end of the day,
what you realize is that not everyone can save a
lot of money to come up with the twenty percent, Right.
A lot of people look patrick to paycheck, but that
doesn't mean that they can't afford a mortgage.
Speaker 3 (06:19):
They could.
Speaker 4 (06:20):
It's just saving the cash to come up with at
the end of the day.
Speaker 3 (06:24):
That's what's hard.
Speaker 4 (06:25):
So as a company, what we try to do is say, Okay,
how can we help our communities. What are ways that
we can contribute to ensure that there's home ownership and
having a down payment assistance program helps clients to do that.
Speaker 2 (06:38):
Menessca, can you tell us some moments that you've had
with clients and of course obviously not naming any names,
but things that you've seen happen that maybe have been
great success stories for you.
Speaker 3 (06:51):
Yeah. I mean.
Speaker 4 (06:54):
Every home ownership is a success story. Every time we
see a client come through the door applying is a
success story. I remember that there was a client that
came in and they weren't sure if they were going
to be able to get home because the closing cost
was too high.
Speaker 2 (07:09):
Right, And that's another thing people have to take into
a consideration. It's not just a percent is down, but
it's also closing costing costs.
Speaker 4 (07:16):
You have to pay your pay attorney fees, you're going
to pay pay bank fees, there's application fees, there's so many.
Speaker 1 (07:22):
You have to have money in your account too.
Speaker 4 (07:24):
Exactly when you have to have reserves. That's something people
don't know about the reserves. Some banks require two months
in advance of reserves, which basically for those that may
not know, is you have to have at least two
months worth of payments, so in case it's a month
where you're short, we at least know that you have
a reserve in the backup. Right, So some people don't
know that that you have to have more than just
that twenty percent or ten percent, right, you have to
(07:45):
have the reserves. The closing costs all this extra cash.
So I remember they weren't they weren't too sure if
they were going to be able to close because they
didn't have enough. And then we were able to come
in and tell them, look, we have our own down
payment assistance program. There's other state wide and federal wide
down payment assistance program. Let's apply to all these grants
(08:06):
and get you qualified so that you can go to
the table and close. And they were able to do that.
Speaker 2 (08:10):
You know, I love talking to you because, like you said,
this is a personal experience for people who are going in.
You want to have that experience with somebody who you
actually trust, who you like speaking to, because it's a
process and it can be really stressful.
Speaker 3 (08:26):
You know.
Speaker 2 (08:26):
I just think about the closings that I've done, and
it's so much paperwork involved, it's a lot of patience, it's.
Speaker 4 (08:33):
So many months and weeks, and it's not a quick
emotional roller coaster ride.
Speaker 3 (08:38):
I've been through this twice already.
Speaker 4 (08:39):
And from the beginning of you trying to figure out
where am I going to buy this house? First of all,
like what city, what state, Where am I going?
Speaker 3 (08:46):
What school? If you have kids? Like where do I
want my kids to go to school?
Speaker 4 (08:50):
And then going through the offering process, because lately it's
been like people are outbitting you with cash or like
everyone's offering ten percent over asking price. That's all in
a roller coaster, right, So when you have a bank
that's there that you know, this is the bank that's
going to really help me through the whole loan process
and really be caring about what I need and putting
me on the right product that's best fitted for me.
(09:13):
I think that's that's really what we can do as
a company to support people in this process.
Speaker 2 (09:17):
And it's that's an important People do get a chance
to see you out and about in the community with
so many different events, So can you tell us about
different programs that you're involved in and things that you've
helped to develop as well.
Speaker 3 (09:26):
Sure.
Speaker 4 (09:27):
So, we have a Team Columbia, which is our volunteer program.
We actually have all of our employees go out every
single year and do and volunteer work. We have an
annual Week of Giving which we usually do during the
holiday season in November where we go out. Last year,
we did over one hundred events during one week in November.
Speaker 1 (09:45):
That's amazing.
Speaker 4 (09:45):
We gave turkeys out to nonprofit organizations so that they
can provide it to low income families. We also have
financial literacy presentations that we do, so we talk about
money management and how you should learn how to create
a budget and you're saying, brings account and the importance
of having a bank account. We talk about retirement planning
because it's never too early to start planning for retirement.
Speaker 3 (10:07):
People are like, oh.
Speaker 1 (10:08):
I'm way already.
Speaker 3 (10:10):
Yeah, I was start from the beginning.
Speaker 2 (10:12):
One thing people always ask me about if I could
go back in time, But what I do. I'm like,
start saving for retirement earlier because the way that compounded interests,
like in the earlier you start, the more money that
you end up having, even if you're only putting in
fifty dollars a month, you know, super early on exactly.
Speaker 4 (10:28):
So we educate our community in different things obviously, and
things that we are experts at. We talk about loan
products that are available to clients.
Speaker 3 (10:37):
We talk about.
Speaker 4 (10:39):
You know, employee development, and how we have our own
internal programs we provide you know, the education to the
community as best as we can. We also have our
you know, our Advancing Access program which I just spoke about.
We have our regular affordable housing program as well, which
is also another you know, flexible mortgage product that we
offer our our communities. We have a foundation that gives
(11:03):
about three million dollars every year to non profit organizations
in the community. Clients can come in and apply for
the foundation for grants, for sponsorships in a way where
we can support our communities in any way that we can.
Speaker 2 (11:17):
You know, that's so important right now because people talk
a lot about this housing crisis that's been going on,
and interest rates, like we've discussed, are a lot higher
than they have been as of late. So but it
is important to know that you can still buy a
home and that there are programs out there that can
assist you.
Speaker 4 (11:36):
You know.
Speaker 2 (11:38):
It's just interesting because I also think about when interest
rates do come down, it will be a lot more competitive,
and so depending on what your situation is. While there's
not as many homes on the market, because people feel
kind of locked in if they have a low interest rate,
but when things do start to open up, and if
interest rates when they do at some point, you know, fall,
it is going to be extremely competitive with people who
(12:00):
are out there, you know, looking to buy a home.
Speaker 1 (12:02):
And that's why I always feel.
Speaker 2 (12:03):
Like, if you're thinking about it, at least just start
looking at knowing what's available for you so you can
be educated. Because one thing that was important for me
was also to know what I could put down and
to get pre approved and to know what that amount
was because I had really underestimated what I could do
and then when I went to the bank and actually
got my pre approval, and to have that ready in
case you want to put it in an offer. Those are
(12:25):
things that are important for you to have and to know.
Speaker 4 (12:28):
Yeah, for sure. I mean that's something that not a
lot of people know. That you should get pre approved
or pre qualified before you even start putting in an
offer because now real estate agents and sellers they want
to see that. They want to see that the client
is actually qualified and they're actually serious about buying the home.
I think it's really important right now with the interest
rate being so high. I don't think people should be
(12:50):
afraid as much as they are, because you can always
refinance when the interest rates drop right and at that
point then you can reduce your mortgage payment and it
you'll be an even a better situation because if you
were able to afford it now at a higher interest rate,
you're going to feel like a relief when those rates
go down and you refinance. So I always look at
it like that you have the option to refinance. So
(13:11):
if you do have the opportunity to buy now and
you qualify with these high interest rates, don't discourage yourself
just because everyone's like, oh, the rates are too high,
you can still buy it and then refinance at a
later time.
Speaker 3 (13:23):
They're going to have to go down eventually.
Speaker 4 (13:25):
I think we can sustain the way the economy is
going with these rates so high, either they have to
stable or drop a little bit so that we can
continue minusco.
Speaker 2 (13:36):
What has been your experience growing up with finances, because
it's always interesting to me to hear how people got
into the field of financial literacy. For you leading the
community programs at the bank, I just would love to
hear what your experience was like growing up.
Speaker 4 (13:53):
I grew up with a dad that was very strict
when it came to budgets and financing.
Speaker 3 (13:59):
He rarely took us out. You know.
Speaker 4 (14:01):
He was always very you know, careful with his paychecks,
and you know, didn't have a lot growing up.
Speaker 3 (14:06):
So I was always.
Speaker 4 (14:07):
Conscious of that in my background. And then all of
a sudden, I actually was going to school for accounting,
and I was I did a few classes for accounting,
and for some reason, I was like, I don't know
if this is it. Like I always thought banking was
like all numbers, numbers, numbers, and I actually got the
opportunity to work as a teller for the bank, and
(14:29):
then I started to realize that it's not just numbers.
There's more behind a banking industry than just you know,
crunching down your bank account and you know, the whole.
Speaker 3 (14:38):
Balance sheet and all that.
Speaker 4 (14:40):
There's so much more banks can do through community work,
through the foundation, through creating programs that actually support the community.
Right we are the ones that give out these loans,
so we have to make sure that when we create
the programs, we're actually supporting the communities through our products.
Speaker 2 (14:57):
You know, so much of our emotions are tied and
so our finance too. And I think you've been doing
amazing work. So I do want to just thank you
for coming and sitting down with me and for Columbia Bank.
You know, you'll hear a lot more about Columbia Bank
on way Up with Angela Yee, which I'm really excited
and proud of, you know, just to talk about the
different programs again, Like I want people to make sure
(15:19):
they know about advanced access, access, home ownership grants, the
different programs that you guys have going on. You're also
a recipient of the forty under forty Emerging Community Bank
Leader Awards and the New Jersey Bankers Rising Star Award.
Speaker 1 (15:34):
There's a reason for all of that.
Speaker 4 (15:36):
Yeah, I mean, I'm so proud of everything we've been
able to accomplish as a company, and the fact that
I've been able to help lead the company through these
changes and innovative products, I couldn't be more more excited.
Speaker 2 (15:48):
All right, Well, thank you so much. I appreciate it
and I'm looking forward to doing more.
Speaker 1 (15:51):
With you guys.
Speaker 4 (15:52):
So you're here, Thanks for having me righte his way up.
Speaker 3 (15:57):
Well,
Way Up With Angela Yee News
Host
Angela Yee
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