SAN JOSE, Calif., June 26, 2008 (PRIME NEWSWIRE) -- Technology Credit Union (Tech CU), among the Bay Area's leading mortgage lenders, has announced an affordable Jumbo Conforming Loan Program offering qualified homebuyers competitive financing on home loans up to $729,750*. This program is ideal for would-be homebuyers looking to finance a first-home purchase and homeowners who are interested in refinancing their existing high-interest mortgages.
"Buyers in the Bay Area are facing some of the highest home prices in the country," said Steve Donahue, AVP of Loan Origination for Tech CU. "Unfortunately, the jumbo loans that have traditionally financed our Bay Area-sized mortgages have come with an equally high price tag -- much higher than smaller sized loans that met a 'conforming loan' designation."
In May 2008, the median price of a home in the Bay Area was $517,000, more than 2.5 times the $196,000 median price of a home nationally. Homebuyers have been waiting for lower rates on jumbo loans since spring, when Congress passed an economic stimulus bill that included a provision to raise the limit on conforming jumbo loans to $729,750 in the country's highest-priced markets, such as Santa Clara county. Because of this mandate, financial institutions like Tech CU are now able to offer lower rates on jumbo mortgages because they carry lower risk with Freddie Mac and Fannie Mae guaranteeing a market for them.
In addition to its Conforming Jumbo Loan Program, Tech CU also offers a comprehensive line of mortgage loan products, including loans for first-time buyers, existing homeowners interested in refinancing, and individuals looking to finance real estate investment properties such as apartment and multi-unit properties. Tech CU's mortgage consultants work one-on-one with borrowers and the credit union offers:
* Faster approval with local decision making -- application package
to funding in as little as 10 days (Earn a $100 Visa gift card if
Tech CU doesn't close your purchase loan in 10 days+)
* Lender fees as low as $138** after credits and rebates
* Hassle-free online application process
* Competitive rates and options -- including interest-only payments
For more information on Tech CU's Jumbo Conforming Loan program or other mortgage products, go to www.techcu.com.
ABOUT TECHNOLOGY CREDIT UNION
Technology Credit Union is a full-service, financial institution serving individuals who work, live, go to school or regularly worship in Santa Clara, Alameda, Contra Costa, Santa Cruz, San Mateo and San Francisco counties. Tech CU was started in 1960 and is now among the top 1 percent of the nation's largest credit unions. With more than 78,000 members, over $1 billion in assets and 10 full-service branches around the Bay Area, Tech CU is a leader in the credit union industry. For more information, visit www.techcu.com.
The Technology Credit Union logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=5217
*Jumbo-conforming pricing up to $729,750 is available on 6-month, 1-year, 3-year, and 5-year ARMs and on 15-year and 30-year fixed loans. Not available in all California counties. Ask a Tech CU mortgage consultant for details. **Closing cost discounts based upon Premier Relationship Rewards level, which includes an aggregate loan and deposit balance of $100,000 or higher. All loans require Tech CU membership and credit approval. Additional conditions and restrictions may apply. +Quick-Close Guarantee available on purchase transactions only. 10-day close is for the purchase of a primary home in California and this is dependent on the borrower and third parties providing the credit union the required information to fund the loan. If the borrower and third parties provide Tech CU with all required information on time and Tech CU does not fund the loan in 10 days (from application to close), Tech CU will give a $100 Visa gift card to the borrower. $100 Visa gift card not redeemable for cash. Tech CU is not responsible for replacing lost or stolen gift cards. All loans require Tech CU membership and credit approval. Additional conditions and restrictions may apply. For details, please speak to a Tech CU mortgage consultant.