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Financial / Upcoming Events |
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Real Estate News
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It has been and will continue to be the policy of Colville Tribal Credit to help in development of local communities by encouraging home ownership by Tribal Members. It is Colville Tribal Credit’s desire to assist qualified members in their housing needs, home purchases, construction and remodeling. Colville Tribal Credit is pleased to announce that on August 2, 2007, the Colville Business Council passed resolution 2007-451, which reads:
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WHEREAS, it is the recommendation of the Management & Budget Committee to rescind resolution 1995-444, which approved the maximum amount for consumer real estate loans of $90,000, with an overall total of $1,800,000 in consumer real estate loans per fiscal year and to approve a maximum amount to lend per consumer real estate loan to $125,000 with an overall total of $2,800,000 in consumer real estate loans per fiscal year. The funding for these loans will come from existing cash at Colville Tribal Credit and/or repayment of existing loans and annual profits.
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If you have been considering home ownership, you may have heard the terms “buyers market” and “sellers market”. Today’s economy has driven interest rates to an all time low, and has forced the real estate industry into a “buyers market”. A “buyers market” is a result of there being more homes for sale than there are buyers, with the consequence of lower sale prices, and more room for price negotiation. This puts you as a Tribal Member looking to purchase a home at a great advantage. Not only will you probably get a great interest rate on a new home purchase, but you may also find your next home at a very good price. Sellers who watch their homes sit on the market for longer than expected are generally motivated to help you buy their home, and may sell at a lower than advertised price. You might also consider refinancing your current mortgage. Whatever your situation, we encourage you to contact Colville Tribal Credit to discuss your real estate goals.
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In all instances, sound credit analysis will be applied to the extension of any loan.
If you have questions or would like to speak with a loan officer, collector, or manager, please feel free to come into the office during our regular business hours of 9:00am to 4:00pm Monday through Friday, or call our office at 509/634-2664.
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