Mortgage Time with Bob Green

Bob Green, VP of Lending at Tropical Financial Credit Union, explains why home sales in Florida are on the rise. Mortgage interest rates are at all time lows but are increasing due to expected economic growth.

Lending is Up, No Thanks to the Bailout

Lending is up, but it's not an effect of the bailout. Smaller financial institutions are driving the lending market singlehandedly. 

In fact, lending has grown more slowly among financial institutions who received a bailout than those who were uneligible. Some of the largest banks (Bank of America, JP Morgan Chase and Citigroup) have even reported declines in loans given on their latest financial statements. 

Smaller banks and credit unions have boosted lending in part by diverting business away from larger financial institutions which offer fewer lending options and higher rates. 

People are looking toward credit unions and small, local banks when they are unable to finance what they need at a larger institution. 

Smaller, local banks and credit unions are able to understand local markets and react to the financial crises occuring in places like Florida and Nevada. Larger banks tend to treat all communities the same and do not offer reasonable lending options in states experiencing financial troubles. 

Obama Tightens Restrictions on Bank Bailouts

Obama is offering a fresh approach to the all-familiar bank bailouts. He aims to tighten the oversight of banks and make sure any aid given is not used frivolously. 

Obama noted that many banks, after recieving billions of dollars from the government, immediately renovated offices instead of putting the money toward providing consumers and companies with credit. 

Congress has cleared the Obama administration to tap into the second wave of $350 billion dollars in an effort to stabilize the financial industry. It is clear that the first $350 billion was ineffective and spent unnecessarily. Hopefully, with adequate oversight and restrictions, this second wave will be enough to stimulate the industry and get banks lending again.

Free yourself from your banking fears, borrow from Tropical Financial Credit Union. We offer lower rates than major banking institutions and we are still lending!

Credit Union Lending Rises as Bank Lending Freezes

More people are turning to credit unions for their lending needs as banks reject mortgages and loans.

Major banks are experiencing a general lending freeze, virtually eliminating the possibility for a mortgage or auto loan. Thankfully, your local credit union may be able to fulfill your lending needs - and for a lot less!

Because credit unions are smaller institutions with fewer members, they are able to evaluate loans on a case-by-case basis and decide if a member is eligible for a loan.

If your home was recently foreclosed or you have less than perfect credit, a loan from a credit union, like Tropical Financial, is a great option. TFCU will work with you to get the perfect mortgage or auto loan.