A home is the largest purchase most of us will ever make, and every dollar at the closing table counts. What a lot of members don’t realize is that your AFGE membership can put real money back in your pocket at three different points in the process: the mortgage, the agent’s commission, and the legal work.
Members who leverage their AFGE benefits at each part of the process can easily save more than $6,000 – although actual savings will vary based on your loan, sale price, and location.
“When you look at one home sale returning more than $6,000, that’s real money going straight back to the member,” AFGE National Benefits Coordinator Chester Bullard said. “This is just one more example of how AFGE membership more than pays for itself, and many people don’t even know these benefits are sitting there waiting for them.”
Here’s how you can save thousands when buying or selling a home through your AFGE membership:
Start with the mortgage
Through the Wells Fargo Home Mortgage program, AFGE members can access up to $2,500 in exclusive value that isn’t available to the public. That includes a $500 closing gift when you buy, or $300 when you refinance, and members who are military veterans may qualify for an additional $1,000 grant.
There’s also a protection built in that most mortgages don’t offer. If you lose income because of a government shutdown, layoff, or disability after your loan closes, the program includes payment assistance to help you stay in your home. It’s the kind of benefit you hope you never need and are glad is there if you do.
Let the rebate work for you
This benefit often surprises members. When you buy or sell a home with a referred agent through Mutual of Omaha’s Real Estate Rewards program, you receive 25% of the agent’s commission back. On a $450,000 sale, that’s about $3,375 returned to you at closing.
Even better, you can take advantage of this rebate both when selling your home and when purchasing another. The rebate stacks, so you collect on both sides of the move. There’s no cost to enroll and no catch. You just work with a participating agent, and the cash back follows.
Save money at closing
Attorney fees are part of the package when closing on the purchase of a new house or the sale of your existing property. Yet your union membership can save you money here, too. Members who carry the MetLife Legal Plan save an average of $500 on legal fees at closing. On its own, it’s a nice number. But when layered on top of the mortgage value and the commission rebate, it’s the difference between covering your closing costs and paying them out of pocket.
Don’t leave money on the table
Before your next move, take five minutes to review your AFGE benefits and see how they can help you save when buying or selling a home.
Visit www.afge.org/member-benefits or www.unionplus.org/realestate to get started.
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