What it's way with Angela Yee.

What it's way with Angela Yee.

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?

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?

Good? Thanks for having me.

Good? Thanks for having me.

I got to ask you about your name, Minoska. You're the only Minoska I know.

I got to ask you about your name, Minoska. You're the only Minoska I know.

Probably the only one you're gonna meet.

Probably the only one you're gonna meet.

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.

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.

But my mom's name is Mercedes.

But my mom's name is Mercedes.

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.

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.

See at least it means something, you know, that'stuff.

See at least it means something, you know, that'stuff.

And you're the only one because if we google I'm sure a Minoska, no one else is gonna.

And you're the only one because if we google I'm sure a Minoska, no one else is gonna.

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.

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.

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.

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.

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 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 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.

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 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 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.

And that's what started my role.

And that's what started my role.

Into community development officer and supporting the community in that way.

Into community development officer and supporting the community in that way.

I think that job is so important.

I think that job is so important.

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 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.

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 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.

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. 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.

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. 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.

And then sometimes exactly.

And then sometimes exactly.

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.

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.

Mm hm, really good.

Mm hm, really good.

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.

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.

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 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, PMI can save you two hundred dollars on a monthly you know basis.

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 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, PMI can save you two hundred dollars on a monthly you know basis.

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.

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.

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. 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 to get that home and be that first time home buyer.

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. 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 to get that home and be that first time home buyer.

Can you also tell me about the Access home Ownership program?

Can you also tell me about the Access home Ownership program?

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.

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.

Great.

Great.

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.

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.

They could.

They could.

It's just saving the cash to come up with at the end of the day.

It's just saving the cash to come up with at the end of the day.

That's what's hard.

That's what's hard.

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.

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.

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.

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.

Yeah. I mean.

Yeah. I mean.

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.

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.

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.

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.

You have to pay your pay attorney fees, you're going to pay pay bank fees, there's application fees, there's so many.

You have to pay your pay attorney fees, you're going to pay pay bank fees, there's application fees, there's so many.

You have to have money in your account too.

You have to have money in your account too.

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 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 and get you qualified so that you can go to the table and close. And they were able to do that.

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 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 and get you qualified so that you can go to the table and close. And they were able to do that.

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.

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.

You know.

You know.

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.

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.

So many months and weeks, and it's not a quick emotional roller coaster ride.

So many months and weeks, and it's not a quick emotional roller coaster ride.

I've been through this twice already.

I've been through this twice already.

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?

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?

What school? If you have kids? Like where do I want my kids to go to school?

What school? If you have kids? Like where do I want my kids to go to school?

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. I think that's that's really what we can do as a company to support people in this process.

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. I think that's that's really what we can do as a company to support people in this process.

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.

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.

Sure.

Sure.

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.

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.

That's amazing.

That's amazing.

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.

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.

People are like, oh.

People are like, oh.

I'm way already.

I'm way already.

Yeah, I was start from the beginning.

Yeah, I was start from the beginning.

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.

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.

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.

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.

We talk about.

We talk about.

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 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.

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 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.

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.

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.

You know.

You know.

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 are out there, you know, looking to buy a home.

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 are out there, you know, looking to buy a home.

And that's why I always feel.

And that's why I always feel.

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 things that are important for you to have and to know.

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 things that are important for you to have and to know.

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 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 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.

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 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 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.

They're going to have to go down eventually.

They're going to have to go down eventually.

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.

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.

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.

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.

I grew up with a dad that was very strict when it came to budgets and financing.

I grew up with a dad that was very strict when it came to budgets and financing.

He rarely took us out. You know.

He rarely took us out. You know.

He was always very you know, careful with his paychecks, and you know, didn't have a lot growing up.

He was always very you know, careful with his paychecks, and you know, didn't have a lot growing up.

So I was always.

So I was always.

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 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.

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 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.

Balance sheet and all that.

Balance sheet and all that.

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.

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.

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 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.

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 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.

There's a reason for all of that.

There's a reason for all of that.

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.

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.

All right, Well, thank you so much. I appreciate it and I'm looking forward to doing more.

All right, Well, thank you so much. I appreciate it and I'm looking forward to doing more.

With you guys.

With you guys.

So you're here, Thanks for having me righte his way up.

So you're here, Thanks for having me righte his way up.

Well,

Well,