The Bay Area housing market has been crazy for the past year or so. The average home price in San Francisco is now just under $1 million, and home buyers are bidding well over the asking prices by hundreds of thousands of dollars.
Buying a home has always been the largest and scariest purchase we’ll ever make. And after the Great Recession with record mortgage foreclosures, most lenders have made it difficult to qualify for a home loan.
One of the experiences that makes me proud to be part of the not-for-profit credit union industry came out of the Great Recession. When people nationwide started losing their jobs and experiencing pay cuts, they contacted their financial institutions because they were struggling to make their loan payments. The big banks would not work with their customers, but credit unions immediately began workout loans to reduce interest and adjust the monthly payments so our members could stay in their homes.
In one of our recent member surveys, a KeyPoint member wrote, “Even when times were rough for me (lost job et al), you stood behind me when other institutions would have bailed. I have nothing but good things to say about you.”
Because KeyPoint is owned by our members, we have a lot more flexibility than the big lenders. Our goal is to find the right loan that meets your unique needs, not the loan that makes the most money for us. We are a full-service mortgage lender with jumbos up to $2 million, highly-competitive fixed-rate loans, ARMs, downpayments as low as 5%, cash-out refinances up to 85%, and personal service to help make the buying process less scary.
Since most of our members are located in the Bay Area, I hope each one of you is surviving the crazy!