SAN JOSE, CA--(Marketwire - January 31, 2011) - Today's tight credit market paired with higher-than-average home prices in the Bay Area often make it difficult for individuals to obtain financing for a new home loan or refinance an existing mortgage through traditional banking channels. Now there is an alternative. Technology Credit Union recently launched a new jumbo 30-year fixed rate home loan program intended to boost the buying power of homebuyers and homeowners up to $3 million.
"It's no secret Bay Area housing prices and the cost of living are amongst the highest in the nation," said Steve Donahue, vice president of Mortgage Origination for Tech CU. "This loan product was created for members with good credit who want to refinance or purchase an upper end home and enjoy the benefit of fixed payments."
According to DataQuick Information Systems, which monitors real estate activity nationwide, 33.2 percent of all sales in the Bay Area for the month of December were for $500,000 or more; over the past decade, a monthly average of 44.9 percent of homes sold for $500,000 or more.
Donahue also points out that even though housing prices in the Bay Area are higher than other parts of the country, they are still at historic lows for the region. DataQuick reports a median price of $375,000 in December 2010 paid for all new and resale houses and condos in the Bay Area. This is down 1.3 percent from $380,000 during both November and December a year ago. A peak of $665,000 was reached in June/July 2007, while the median hit a low of $290,000 in March 2009. In addition, interest rates remain low, making it an optimal time to buy.
Headquartered in Silicon Valley, Tech CU's Mortgage Consultants are able to offer faster turnaround time on loan approvals with decisions being made locally. This contrasts with larger, national banks that refer loan approvals to regional offices in other areas of the country. In fact, Tech CU offers a unique Quick Close Guarantee. Buyers receive a $100 gift card should the credit union be unable to close their purchase loan in 10 business days.*
Tech CU's Mortgage Consultants are known for working closely with their clients, providing dedicated one-one-one service geared toward helping home buyers find an affordable mortgage that works with their lifestyle. Tech CU also offers online application processing, competitive loan rates with no rate adjustment for 3 or 5 years, and lender closing costs as low as $895.*
*For more information on Tech CU home mortgages and home equity lines of credit, and for disclosure information, go to www.techcu.com and click on "Home Loans."
ABOUT TECHNOLOGY CREDIT UNION
Founded in 1960 by the employees of Fairchild Camera and Instrument Semiconductor Division, Technology Credit Union has served the high tech workforce in Silicon Valley for 50 years. Today, Tech CU has extended its membership benefits to small businesses and individuals who live and work in the greater Bay Area. The credit union is recognized as one of the best-managed and strongest financial institutions in the country. Tech CU's 74,000 members have access to 60,000 surcharge-free ATMs nationwide, online and mobile banking, 9 full-service branches in the Bay Area, and comprehensive wealth management and small business services. To learn more, visit www.techcu.com.
Contact Information:
Contact Information:
Tawnya Lancaster
Public Relations
Phone: 408-205-1618
tlancaster@lancaster-group.com