Redwood Credit Union - Not-For-Profit Lender is Creative and Nimble

Our clients have scored some huge home purchase wins recently thanks in part to our partners at Redwood Credit Union.

As a relatively small lender, they've got managers and mortgage underwriters who are able to look at each client's loan application holistically. Compared to big banks, this gives them more authority for make-sense decisions, and more opportunities for flexibility and speed in the loan process. 

Some of their creative and highly functional loan options:

• HELOCs on investment properties

• Equity line of credit on non-owner occupied properties (rare!)

• Rate roll down

• If you buy and then rates go down - you can lower your rate for an $800 fee 

• Buy now, sell later

• Buy your next house before selling your current one - without a higher rate on the purchase loan

• Fast closings - 14 days or less 

• Helps you compete with all-cash offers

Some recent Pacific Edge/Redwood CU client success stories - go team!

The Saved Deal:

We negotiated a sweet $40,000 seller concession for our buyers while in escrow (yay!), but their lender wouldn't approve it (booo!). The deal was on the rocks until RCU stepped in, approved the loan with the concession, and even closed on time. 

The Move-Up:

Our clients' starter home was bursting at the seams after their household added two beautiful kiddos. They needed more space but it was tricky to qualify for a bigger home with their current home still on the debt sheet. RCU approved them for the move-up home, knowing our team will sell their departing home quickly after they move. 

The Winning Offers:

When sellers have multiple offers to choose from, a buyer's ability to close swiftly becomes an important bargaining chip. Even more so when macro-economic conditions become capricious. RCU's ability to close in 14 days or less has helped us position our clients' to win in several competitive offer situations, meaning our folks got the right home at the right price. 

The Local Business Factor:

Redwood Credit Union has been a Northern California local business for 75 years. And as a credit union, they are member-owned and not-for-profit. Did you know…?

"Credit unions are cooperatives where each member is also an equal owner. While for-profit financial institutions exist to generate profits for a small number of private stockholders, credit unions return their earnings to members in the form of better rates, fewer and lower fees, and added services such as new branches and technology. By nature of the cooperative model, the funds you deposit at Redwood Credit Union stay in your community to help family, friends, and neighbors to finance a new car, get their first home loan, or even start their dream business."

• From the RCU website

Need a good mortgage partner by your side? Contact us for an intro to our favorite Redwood Credit Union loan officer. You'll be in good hands!