Press Release
BCU Launches New 40-Year Fixed Rate Mortgage
For immediate release:
April 6, 2004
Contact: Astrid Perez
(847) 522-8723
astrid.perez@bcu.org
Vernon Hills, IL—April 6, 2004— Baxter Credit Union (BCU) is pleased to announce it is one of the first credit unions in the nation to close a 40-year, Fixed-Rate Mortgage. In February of 2004, BCU became the first credit union in Illinois to introduce to its membership this new 40-year Mortgage, a fixed-rate product, which is designed to make the American dream of homeownership more attainable for first-time homebuyers in high-cost areas.
The 40-year Fixed Rate Mortgage increases the standard loan term from 30 to 40 years, which makes monthly payments lower and thereby increases purchasing power. The mortgage is ideal for first-time or trade-up borrowers who are living in areas where home prices are less affordable and create a barrier to homeownership. In addition, the 40-year Fixed Rate Mortgage may help members achieve their overall financial management goals by providing them with an opportunity to use their monthly payment savings to pay off higher-cost debt, or for investments.
“BCU is pleased to be able to offer the 40-year Fixed Rate Mortgage, which delivers an innovative solution to our members. Through partnerships, we can make the goal of homeownership a reality for more of our members”, said Bob McKay, Senior Vice President and Chief Operating Officer.
BCU is one of 16 credit unions in the country that is offering this unique product. The 40-year Fixed-Rate Mortgage supports the National Credit Union Administration’s (NCUA) “Access Across America” initiative to increase credit unions’ efforts to lend in underserved communities.
This mortgage is geared toward individuals who are first-time home buyers; face affordability issues in high-cost housing areas; want to refinance for lower payments; are financially conservative and want the stability of a long-term, fixed-rate mortgage with lower payments; and want to increase their purchasing power. “Because it provides stability, security and predictability, the 40-year fixed-rate mortgage is ideal for members who are challenged by affordability issues and think homeownership is beyond their reach,” said Mary Bentley, Manager of Mortgage Origination.
With over $900 million in Assets, BCU currently serves more than 110,000 members throughout the United States and Puerto Rico. Formed in 1981, BCU is a not-for-profit, member-owned credit union offering a full range of financial products and services, in English and Spanish. Known for competitive rates, low fees, and state-of-the-art services, BCU is headquartered in Vernon Hills, Illinois. Membership is open to anyone who lives or works in Lake, McHenry, DuPage, and Kane counties in Illinois as well as Kenosha County in Wisconsin. BCU also serves over 70 Select Employee Groups nationwide. Call 1-800-388-7000 or visit www.BCU.org for more information.
