State Employees’ Credit Union Offers Biweekly Mortgage Payment Option

Raleigh, NC (www.allCUnews.com) – On the heels of it numerous mortgage program additions and enhancements for 2007, State Employees’ Credit Union has added yet another great option to its mortgage portfolio in an effort to assist members with budgeting – Biweekly Mortgages. Three types of SECU mortgages are currently available with a biweekly repayment plan including the 2-year Adjustable Rate Mortgage (ARM), 15-year fixed rate mortgage and the AllSaver’s mortgage.

SECU’s biweekly mortgage program is based on the simple concept of taking the sum of 12 monthly payments and dividing the total into 26 equal payments, making it easier for those on a biweekly salary to prepare for expenses throughout the month. As with all SECU Mortgages, the biweekly products include an escrow account where funds are collected with each payment for annual property taxes and insurance and held until needed. As an added member benefit, the escrow account earns interest equal to SECU’s share account rate.

Phil Greer, Senior Vice President of SECU’s Loan Administration department states, “For many of our members, a mortgage payment is usually the largest monthly expense.

When one or both spouses receive income on a biweekly or semi monthly pay schedule, the mortgage payment is often too large to pay from one paycheck. The need for a biweekly payment option was very evident and much requested, and we are excited to have these products available.” The biweekly mortgage payment will be available to SECU members December 1, 2007. There will be no charge for this added convenient service.

About SECU
SECU is a non-profit financial cooperative owned by its members. SECU has been providing the employees of the State of North Carolina and their families with consumer financial services for 70 years. Currently serving 1.4 million members, SECU provides services through more than 215 branch offices, over 950 ATMs, two call centers and a website—www.ncsecu.org.