BOK Financial’s Post

Concerned about the risk of rising housing cost? Homeownership can help you manage your housing expense and build generational wealth.

Credit unions play a significant role in facilitating homeownership for their members. Here are a few ways in which credit unions support homeownership: Mortgage Loans: Credit unions offer mortgage loans to their members to help them purchase homes. These loans often come with competitive interest rates and terms, making them an attractive option for prospective homebuyers. Down Payment Assistance: Some credit unions offer down payment assistance programs to help members afford the upfront costs associated with buying a home. These programs may include grants, low-interest loans, or other forms of financial assistance. Educational Resources: Many credit unions provide educational resources and counseling services to help members navigate the homebuying process. This can include workshops, seminars, one-on-one counseling sessions, and online resources to help individuals understand the steps involved in purchasing a home and managing their finances effectively. Specialized Loan Programs: Some credit unions offer specialized loan programs designed to meet the needs of specific groups of borrowers, such as first-time homebuyers, veterans, or low-income individuals. These programs may offer more favorable terms or eligibility requirements tailored to the target demographic. Refinancing Options: In addition to helping members purchase homes, credit unions also offer refinancing options for existing homeowners looking to lower their monthly mortgage payments, reduce their interest rate, or tap into their home equity for other financial needs. Overall, credit unions serve as valuable resources for individuals and families seeking to achieve homeownership by providing access to affordable mortgage financing, down payment assistance, educational resources, and other support services. #creditunion#homeowner#house#mortgage#support#refinance

SPCPs can be an effective way to help people who historically have not been able to qualify for a mortgage, such as homebuyers with lower credit scores, limited credit histories, or homebuyers who live in low-income communities. https://lnkd.in/eNsYWDTx #Newrez #Mortgage #Homeowner #AffordableLending #SPCPS

Thinking about buying a home in today's market? Staying up to date on available mortgage options (yes, there are more than many homebuyers may think) can help more borrowers understand that homeownership could be accessible!

Thinking about buying a home in today's market? Staying up to date on available mortgage options (yes, there are more than many homebuyers may think) can help more borrowers understand that homeownership could be accessible!

Thinking about buying a home in today's market? Staying up to date on available mortgage options (yes, there are more than many homebuyers may think) can help more borrowers understand that homeownership could be accessible!

Thinking about buying a home in today's market? Staying up to date on available mortgage options (yes, there are more than many homebuyers may think) can help more borrowers understand that homeownership could be accessible!

The Largest Asset that Does Nothing ~ For the "mass affluent". Home Equity is the single largest contributor to household wealth. As an asset, it is also illiquid unless sold or financed. As retirees (with limited income) look for supplemental funds for lifestyle expenses, under what circumstances does it make sense to leverage this asset? Enter the Reverse Mortgage: A reverse mortgage is a financial product primarily designed for homeowners 62 and older with limited income. This allows them to convert a portion of their home equity into cash while retaining ownership of the property. Reverse Mortgages are sometimes misunderstood and in the past have had a shadow cast over them, but they are perfectly fine. The Home Equity Conversion Mortgage (HECM) is the only reverse mortgage insured by the FHA, and available through FHA-approved lenders. If the homeowner dies or moves out permanently (this is when the borrower has not lived in the house for 12 consecutive months) the lenders are repaid through the sale of the house. Since the loan is insured, the lender is reimbursed, should the sale fall short of the loan amount. Financial Professionals if you have clients looking to explore this product, feel free to DM or call me. 786-721-1825 https://lnkd.in/ePyg5S9p

Thinking about buying a home in today's market? Staying up to date on available mortgage options (yes, there are more than many homebuyers may think) can help more borrowers understand that homeownership could be accessible!

Thinking about buying a home in today's market? Staying up to date on available mortgage options (yes, there are more than many homebuyers may think) can help more borrowers understand that homeownership could be accessible!