Tuesday, September 2, 2014

Ask the Expert: Yolo Federal Credit Union

Whether it’s for personal or business needs, it’s likely you’ve either taken out a loan or have considered it in the past. When it comes to making large purchases, such as starting and running a business or owning your own home, securing a loan is a crucial part of the process. But, that’s not the only piece of the pie; finding a lender you trust, one that is willing to work with you throughout the life of the loan is equally as important.

Not all business owners or homeowners are alike and neither are their loan needs. When it’s time for you to find a lender for your large purchases, consider using a local lending expert. By using a local lender you ensure that your loan will be processed quickly, efficiently and with the quality and attention that you deserve.

Business financing
Q: What types of business loans does Yolo FCU offer?
A: Yolo FCU offers financing for almost any business need. From commercial real estate loans (including construction) to business vehicle loans, lines of credit to business VISA® cards, whatever the needs of your business, Yolo FCU can help.

Q: Does Yolo FCU have a minimum business loan amount?
A: No, Yolo FCU does not have any minimum loan requirements. Loan amounts are based on the needs of the business.

Q: What can Yolo FCU do for my start-up business?
A: Yolo FCU has various options available for start-up businesses. The excitement of working with a new business owner is second-to-none, and Yolo FCU loves to be involved at the beginning of a new business. Yolo FCU is also a SBA and USDA approved lender, which provides additional access to programs designed specifically for start-up businesses.

Mortgage services
Q: What types of home loan options does Yolo FCU offer?
A: Yolo FCU offers a variety of mortgage options, which are tailored to fit your individual needs. These include first and second mortgage loans with varying terms, home equity lines of credit (HELOC), mobile home loans and even green solutions to help reduce your carbon footprint through solar or energy-efficient purchases.

Q: What is Mortgage Insurance (MI) and why is it required?
A: This insurance is typically required for borrowers that are unable to provide a 20% down payment on a home purchase. As a result, MI can help a family purchase a home with a minimal amount of cash out-of-pocket, allowing the dream of becoming a homeowner to become a reality.

Q: What is the secondary mortgage market?
A: Think of mortgage lenders as retail stores where a borrower goes to obtain a mortgage loan. The secondary market is the supplier of money to the lender. Most single-family mortgages originated today are sold on the secondary market. Mortgages that are sold to the secondary market can retain servicing (mortgage activity that takes place after the purchase has closed escrow – monthly loan payments, property tax disbursements, etc.) by the original lender. Many home buyers who prefer doing business locally select a lender, such as Yolo FCU, who retains the servicing throughout the life of the loan.

If you’re looking to obtain financing for your home or business needs, look no further than Yolo Federal Credit Union – the only credit union exclusively serving Yolo County for 59 years.



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