New Home Loan Options May Reduce Payments

As the median home price in San Diego County soars beyond $566,000, only 11% of San Diego households can afford to purchase a median priced home. In response to member requests for lower fixed monthly payments in an environment of rising home prices, San Diego County Credit Union expanded its home loan product offering.

The Credit Union offers a new adjustable rate home loan fixed for 7 years and a longer 40-year term on fixed and adjustable loans.

The 7-year adjustable rate is great for those wanting the stability of a fixed rate payment at a lower start rate than a traditional 30-year fixed home loan. This loan is ideal for those who do not plan on staying in the same home for more than seven years.

For those who have found the perfect home and want the stability of a fixed payment with a little more spending money in their pocket, a longer 40-year term may be the choice. By amortizing the loan over an additional 10 years as compared to a traditional 30 year loan, consumers can reduce their monthly payment allowing those funds to be used elsewhere.

Meet with a San Diego County Credit Union Real Estate Specialist today and find out which options are best for you.