... and financing!
You read about that extra $9,000+ PMI fee you'll pay [link] if SECU sticks you with a 30-year fixed rate mortgage without a @20% down payment. With the typical "starter" home price in North Carolina now @ $300,000, that means first time home buyers need to cough up @ $60,000 - well beyond the means of most young SECU members!
Since the 1980's SECU has been making and managing 100% first-time home buyers mortgages to SECU member-owners. It was a struggle to get the Board to approve such a "risky" mortgage - it was different, it certainly wasn't "industry standard". SECU started with a trial program and the program proved exceptionally successful and created member loyalty a hundred times better than a Super Bowl ad!
😎 Try this basic logic which finally won the Board over: 1) the member borrowers both have steady jobs, 2) a mortgage is a low-risk loan [link] with the home as collateral if something goes wrong, 3) the borrowers have been reliably paying monthly rent that is about the same as the mortgage payment, 4) mortgage interest payments are tax deductible, 5) home prices are rising @3% a year which lowers the lending risk, 6) SECU earns more on a mortgage loan than on an idle T-bill investment, 7) home-ownership is "The American Dream", 8) the 100% mortgage will change the lives of two young SECU members - for the better ...
✅ 9) Isn't this what State Employees' Credit Union was created to do !
😎 Hope SECU members still agree with those principles - and purpose!
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