CONTRIBUTED CONTENT — If you’ve been thinking about buying a home or refinancing, there’s no better time than now. With interest rates hitting historic lows and home values skyrocketing, Chartway Federal Credit Union invites Southern Utahns to see how much money they can save by joining.
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With five locations in Washington and Iron counties, Chartway offers members conventional fixed-rate mortgages along with loans backed by the Federal Housing Administration and Department of Veterans Affairs. Other services include auto loans, personal loans, credit cards and checking accounts offering cash back incentives.
“Oftentimes, people don’t think of their credit union as a mortgage lender,” said Matt Yardley, market director for Southern Utah and Texas. “We carry some wonderful traditional mortgage products and very competitive options.”
Yardley said that among credit unions, Chartway is unmatched in their speed of obtaining loans for members. Most can be pre-approved in minutes, and the average closing timeline is relatively quick. The application process and initial disclosures can all be completed securely online.
Members can use Chartway’s equity program to qualify for a “piggyback” second mortgage. Made at the same time as the primary mortgage on a property, it allows homebuyers to borrow additional money for a down payment without the hassle of a second lender.
Chartway also offers a 97% financing option to support first-time buyers making the transition to homeownership. Southern Utah remains a desirable place to live, and Yardley said he doesn’t expect that to change anytime soon. Lenders, brokers and agents are experiencing a flood of new residents from surrounding states and beyond.
“The Southern Utah market continues to grow, so it’s an asset,” he said. “Rather than flushing money down the drain in rent, leverage that into an investment.”
Chartway’s HomeAdvantage program allows members to connect with local realty partners and receive automatic updates on properties they may be interested in. Members who buy a home through the program save an average of $1,500 on realtor commission fees, Yardley said, adding that there is no cost to enroll.
Low interest rates, combined with high property values in the area, bode well for refinancing now and in the near future. For homeowners who haven’t looked at their mortgage in awhile, Yardley said that continuing to make monthly payments “on autopilot” may cost them a lot of money in the long run.
Before the pandemic, 4% was considered an excellent interest rate. Other homebuyers who purchased for the first time or lacked the resources to put at least 20% down may be chained to a higher rate plus an expensive mortgage insurance premium.
“If you’ve been looking into home improvement or getting rid of your mortgage insurance, now’s the time to do it with these historic low rates and the value that we’re seeing in properties,” Yardley said. “If we can save you 1% in interest, the savings are going to be substantial.”
Yardley said that Chartway’s mortgage loan officers have also been able to help members consolidate their debt, allowing for more freedom with monthly cash flow.
In the wake of the pandemic, many Southern Utahns are re-evaluating their finances, grappling with the loss of a job or trying to better plan for the future. Yardley said that Chartway is committed to helping every homebuyer obtain a mortgage that fits their needs in the most cost-effective way.
“Chartway truly cares about the community,” he said. “We care about each member of the community. We care about how we serve them and take care of their needs.”
Established in 1957, Chartway is a not-for-profit credit union serving over 192,000 members across Utah, Texas and Virginia. Their charitable arm, the We Promise Foundation, is among the largest donors to the Make-A-Wish Foundation in the state. Chartway entered the Southern Utah market in 2009.
Written by ALEXA MORGAN for St. George News.
• S P O N S O R E D C O N T E N T •
Resources
- Chartway Federal Credit Union | Telephone: 800-678-8765 | Website.
- Locations:
- 1827 W. Sunset Blvd., St. George.
- 333 E. Tabernacle St., St. George.
- 1025 W. Red Cliffs Drive, Washington City.
- 85 N. 200 West, Hurricane.
- 444 S. Main St., Suite B-2, Cedar City.
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