Financial Spring Cleaning:
Securing your mortgage or home equity line of credit
Financial Tea in the Morning is back with a new season, new hosts, and spring cleaning tips to refresh your money mindset. Where better to start than at home? Hosts Andrea Klunder and Josh Stringer discover strategies for turning one of life’s biggest investments into instant cash. They also learn how credit unions ensure that members get the best fiscal fit––with guests Marco Padilla, Chief Lending Officer, Del Norte Credit Union, and Ever Acosta, home equity loan specialist, Del Norte Credit Union.
Home is more than walls and a roof; it’s where we create memories and plan for the future. Home is also a major source of collateral that can be tapped to meet long-term financial goals or cover life’s unexpected expenses. Two of the most popular options at a homeowner’s disposal are the home equity loan and home equity line of credit, or HELOC.
A home equity loan allows borrowing at a fixed rate with a locked-in monthly payment. This loan is great for major home renovations and even debt consolidation. “They’re really good for fixed costs that you want to pay off over a certain amount of time,” explains Marco.
On the other hand, HELOCs are attached to fluctuating or variable interest rates. These funds remain accessible via a line of credit, allowing folks to plan, within reason, for the unexpected. “With HELOC, you don’t have to be constantly using it in order to keep it active,” Ever says. “You have a five-year draw period in which you can use it or leave it there just for emergencies.”
No home yet? No problem! Credit unions provide first-time mortgage applicants with competitive rates and community-focused financial literacy. “Even if you don’t do the loan with us, I’ll actually sit with members and say, ‘Let’s go over the paperwork, so you make sure you understand what you’re getting,’” says Marco. “That’s not a sales technique; that’s just us. We want our members to get the best.”
Financial Tea Hot Sip: Now’s the time to spring into economic action! Pick up the phone or visit your local credit union to learn how you can become a member. At DNCU, you can get started with as little as a $5 deposit. Already a member? Let one of our loan specialists recommend the best home loan product to suit your needs. You might be closer than you think to securing that mortgage!
Home Equity Loan Specialist
Chief Lending Officer
“I like to say that I make dreams come true” – Ever Acosta
“When you’re able to help someone, it’s great, and it’s one of the things that we do best.” Ever Acosta
“Just living our mission is very rewarding, and it’s just the best part. It’s been the best part for years, and it continues to be the best part till this day.” – Ever Acosta
“If you don’t think you’re ready for your mortgage, you just kind of have to start paying yourself or saving some money every month, almost like if it was your mortgage.” – Ever Acosta
“Having that home equity line is just…it’s just the right thing to have because it allows you to call that roofer and offer cash, you know, on the spot versus having to wait to get the financing and get the approval.” – Marco Padilla
“At DNCU, we have equity products that don’t actually require a lot of equity in the house. So you won’t need to have paid your house down to a certain level to qualify for our home equity program.” – Marco Padilla
“Let’s talk about where you are today. Let’s talk about where you want to be. And let’s put a timeframe on that, and let’s start offering solutions. That’s what credit unions are all about is really having those conversations with each other because we’re going to guide you to the best option. Sometimes that’s not with us––and that’s okay too.” – Marco Padilla
Financial Tea in the Morning is brought to you by Del Norte Credit Union.
Produced and Edited by Andrea Klunder at The Creative Impostor Studios
Technical Director: Edwin R. Ruiz
Recording Engineer: Kabby at Kabby Sound Studios in Santa Fe
Production Support from Kirstin Smith and Brian Sanchez
Theme music by Ricardo Lambert
Del Norte Credit Union is Federally insured by NCUA and is an Equal Housing Opportunity Lender, NMLS ID 500583. Content in this episode is for entertainment purposes only and not financial advice.
Rates effective as of 3/28/2022 are subject to change. APR may vary. Stated rates are based on the following scenario: Home purchase transaction, $300,000 purchase price, 20% down payment, 45-day lock period, 740+ credit score, and estimated prepaid finance charged by the lender ($1,250). Estimated prepaid finance charges do not include all costs associated with originating a mortgage and may vary. Not all borrowers qualify for all programs, must meet underwriting guidelines, and are subject to credit review and approval. This does not constitute a commitment to lend. For mortgage loans other than fixed rate loans, it is possible that the borrower’s payment may increase substantially after consummation. The information contained is subject to change without notice. For an exact quote, contact Del Norte Credit Union.