American First Credit Union Offers Assistance to Members Facing Mortgage Rate Adjustments
La Habra, Calif., January 31, 2011— As a true illustration of the credit union difference, American First Credit Union recently reached out to members facing higher payments with pending mortgage interest rate adjustments. Recognizing the mortage payment increase may be challenging, the credit union offered select members the opportunity to participate in its Interest Only Relief Loan. The loan allowed members who had five years of interest-only payments on their 30 year adjustable rate mortgage loans, to continue their interest-only payments for five additional years, while extending their loan terms to 40 years.
One member, Susan Papiri of La Habra Heights, CA saved over $500.00 a month by participating in the Interest Only Relief Loan.
“The credit union called and offered me this loan, knowing that it would help me financially, said Papiri. “ I have two kids in college and this loan significantly reduced my payment. I’ve been a member of the credit union for over seven years, and it is programs like this that illustrate American First’s individual interest in me just because I’m a member.”
“American First Credit Union recognizes the financial impact an adjustable rate mortgage can cause when interest rates adjust,” said Pam Easley, American First President/CEO. “By creating the Interest Relief Loan, we’ve been able to help members maintain affordable payments and in some cases, avoid foreclosures.”
American First Credit Union (AFCU) is a member-owned, full-service financial cooperative established in 1952. AFCU has over $570 million in assets and serves more than 50,000 members. Membership is open to anyone who lives, works, worships or attends school in Orange County or 16 surrounding cities, including Whittier. To determine credit union eligibility or to find branch locations, visit www.amerfirst.org or call 800/ 290-1112.