Real Estate News – Fall 2017

Tanya Robinson, AVP Real Estate

Tanya Robinson,
AVP Real Estate Lending


The season for home renovation is in full swing

Summer is over but the season for home renovations is in full swing. Higher property values have given people cash back in the form of increased home equity and they are putting that cash to work in more frequent and bigger remodeling projects.

Driving this trend are near-record low mortgage rates, which are enticing owners to refinance and potentially pull cash out to get things done. With homebuilders still producing far fewer homes than are necessary to meet current demand, owners of existing homes are also trying to make them new again.

All this work means growth in home improvement and repair expenditures are expected to reach eight percent this year.

Home equity – a smart tool

No matter the cost, finding the funds available to pay for these improvements may be difficult for those unwilling to tap their hard-earned savings. One of the best financial options available for homeowners may be their own property. Homeowners in a stable financial situation can use the value built up in their home to pay for renovations as well as other big expenses.

Travis Credit Union’s home equity financing lets you use your biggest asset to accomplish your renovation goals. Our home equity loans and home equity lines of credit allow homeowners to generally pay a lower interest rate than other financing methods, including credit cards. You can also use your home’s equity for other things such as paying for college and other life events.

Other features of a home equity loan include competitive fixed- and variable-rate options, flexible terms, easy access to your equity and automatic payments. Plus, your interest may be tax deductible (ask your tax advisor about it).

What to renovate

As a homeowner, you can use the value built up in your home to pay for expenses such as a new kitchen, a bathroom remodel, new flooring, a new roof or other project. These improvements may also add value to your home.

Kitchen and bath remodels are always popular. Backyards, patios and the home’s exterior are also desired projects. The most common budget range for a typical home improvement project is less than $5,000. Big ticket projects are usually between $10,000 and $20,000.

We’re ready to help

Are there one or two things on your home’s to-do list that you would like to get done before the holiday season? Why not use your property’s value to pay for those home improvements so everything will be picture-perfect for your holidays.

Travis Credit Union has a full-service real estate department staffed with professionals ready to help you with all of your lending needs. Our friendly and knowledgeable mortgage loan consultants can help you determine the best home equity product for you. They’ll also stay in touch with you throughout the application process so you’ll know where things stand every step of the way.


 

Use your home’s equity to get things done

Our loan process is fast – one point of contact – decisions are made locally.

  • Pay lower rates than other financing methods
  • Quick loan processing; local decisions
  • It’s the smart way to get things done

Rates are as low as 5.50% APR*+ for Home equity line of credit and 6.75% APR**+ for fixed rate 2nd Mortgage.

If a home improvement project is in your future, let us help you get it done. Stop by a branch, apply online at www.traviscu.org/home-equity or call us at (888) 698-0000.

Home Equity Financing


HELOC *+ APR=Annual Percentage Rate. Floor of 5.50% and the maximum is 18% APR. At 5.50%, the interest payment on a $50,000 loan balance would be $229. Interest-only minimum payments for the first 10 years, amortized over remaining 15 years. This offer is only for second liens. Liens in fi rst position will have additional costs. Annual fee on HELOC of $50 is waived if your balance is at least $5,000 on December 31, 2017. If account is closed within three years, a $500 early-closure fee applies.
Fixed rate 2nd Mortgage **+ APR as low as 6.75% on a fixed rate 2nd mortgage.
+Fully indexed APR is based on Prime Rate. Rate quoted as of August 1, 2017, is subject to change without further notice, and is based on 80% loan-to-value (LTV) or less and credit approval. Higher LTV and rate options are available. Owner-occupied primary residence and California property only. Consult a tax advisor regarding the deductibility of interest. Other restrictions and fees may apply. See account disclosure for complete details. NMLS #643926. Equal Housing Opportunity.