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Redwood CU offers discount on jumbo loans
SANTA ROSA, Calif. (4/19/10)--To assist local homebuyers, Redwood CU (RCU) is offering special pricing on adjustable rate loans over $417,000--commonly known as jumbo loans. Buyers can receive the same rate as they would on a lower-priced mortgage, making it easier and more affordable to buy or refinance properties that would otherwise only qualify for jumbo rates, the credit union said. Although home prices in general declined over the past few years, Northern California is a desirable geographic location with many modest properties still within the jumbo loan price range, making the offer particularly relevant for residents seeking to purchase or refinance and stay local, RCU said. Typically, jumbo home loans have interest rates averaging about 0.75% higher than standard or “conforming” loan rates. Under RCU’s current pricing, buyers would see lower monthly payments and lower interest paid over the life of the loan, resulting in thousands of dollars in savings, RCU said. “There are many desirable areas in the North Bay and San Francisco where home prices are high and sales can be facilitated only with jumbo loans,” said Michael Conway, RCU senior vice president of lending. “By offering jumbo loans at conforming rates, we are helping local buyers better afford the cost of home ownership in a responsible manner, whether they are purchasing a new home, or refinancing their existing property.” The limited-time pricing is available on loans for California properties up to $1 million.
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