CU 2.0 Podcast Episode 361 Takara on How to Solve the Mortgage Lock In Effect and Originate More Mortgages
Description
About 55% of outstanding US home mortgages have interest rates below 4% and a byproduct is that those homeowners are deeply reluctant to move because it would usually mean taking out a new mortgage at 6% or more.
Enter Takara which says it has a way to resolve what it calls the mortgage lock in effect.
On the show is Takara CEO Jonathan Arad who says the solution is to use a Danish-style mortgage payoff model to the U.S. market.This gives credit unions a way to offer principal discounts that unlock member mobility while creating new revenue opportunities and balance sheet flexibility.
This is not hocus pocus.
But I’ll let Arad explain it in the show.
It’s for you if you want to light a fire under your mortgage originations.
It also may be for you if you currently have a 30 year fixed rate mortgage with a very low interest rate and that’s stopping you from moving.
Understand this: the 30 year fixed rate mortgage is a US product. It just isn’t common around the globe. But yet mortgages and home purchases flourish globally.
Just maybe it’s time for a change.
Listen up.
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