Credit Unions Are Instrumental in Funding San Diego Bank Owned Homes.
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Published: Friday, November 21, 2008
With so many bank owned homes in San Diego, it is easy to get wrapped up locating the perfect property and overlook important issues like funding. One of the biggest mistakes a buyer can make when purchasing property is neglecting to shop for the best financing terms and rates. One source that is often overlooked by buyers are local credit unions. Why use a credit union? Credit unions have money to lend, competitive rates, and in some cases lower rates than other lenders. And although borrowing from a credit union requires plenty of documentation, it's pros far out weight the cons.
Many buyers are finding themselves in a precarious position. They have been successful in finding REO property in San Diego that is conducive to their investment goals and budgets, however they have not been able to secure funding. Joining a credit union is the smart solution to this dilemma because they have plenty of money to lend. Unlike other lending institutes, credit unions were never involved in sub prime lending. So through out the nations credit freeze they have remained unscathed. This is primarily due to how a credit union actually operates. They use their own money to fund loans to their members and never sell their debt to other institutions. The profits made are passed back to members who elect to pool their monies together specifically for lending.
In addition to having money to lend, credit unions offer their members competitive terms. Many members have found that not only were their credit unions able to match other lenders rates, they were in most cases able to beat them.
Richard Elias is one of the county's leading real estate agents. He specializes in the sales of bank owned property in San Diego. His expertise in this area has made him an asset to his clients and the 21 Century team. If you would like to learn more about financing your next purchase, or you would like to browse through the extensive inventory of bank owned homes in San Diego please visit www.sdbankhomes.richardelias.com or call 800-474-1919 ext 5001
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Credit Unions Are Instrumental in Funding San Diego Bank Owned Homes.
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