TAMPA, Fla., Aug. 18 (allCUnews.com) -- According to Tampa Bay Federal Credit Union, now is a great time for first time homeowners to buy, but what does courage have to do with buying your first home you ask?
Dale Schumacher, CEO, said, "Historically speaking, recessions get worse because people are afraid and cut all their spending with drastic measures. Naturally, fear is contagious; I stop spending and you stop spending. However, part of our management philosophy is to lead by example and that means having courage and faith in tough times. Faith and courage are contagious as well; and that's what will stop this recession."
For the most part, banks are simply afraid to make new loans right now. Over the past year or two, businesses have been reducing expenses, avoiding new investments and laying people off. Foreclosures, bankruptcies, job loss and various other recession-based activities effects people and all leave an aftermath of a decline in home values.
Dean Clark, Manager of Real Estate Lending/Servicing for TBFCU said, "The housing market remains under distress because the mortgage sub-prime market collapse brought down the average sales price of homes for first time buyers; qualifying people for homes that would otherwise been 'out of their reach'."
TBFCU mortgage products can help the first time buyer to the seasoned buyer financing their next purchase or even refinance an existing home. TBFCU has competitive rates and lower closing cost than most banks and mortgage brokers offer as they are "non-profit", no "junk fees" and are exempt for Florida State Intangible tax.
As a not-for-profit organization, advantages of a credit union like TBFCU are simply having a local lender, local servicer and local decision makers. Add lower closing costs, exemption from intangible state tax, no origination fees, no underwriting fees, no processing fees, and no third party broker fees and very competitive interest rates.
For more information on Tampa Bay Federal Credit Union, please visit their Web site at www.tampabayfederal.com [1] or call (813) 247-4414 Ext: 7601.
SOURCE Tampa Bay Federal Credit Union
Links:
[1] http://www.tampabayfederal.com
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