| KeyCorp's Commitment to Cleveland Neighborhoods Increases to More Than ...
(CSRwire) KeyCorp announced today that its Retail Banking subsidiary, KeyBank National Association, has signed a third consecutive four-year agreement with the City of Cleveland for local community reinvestment. The latest $400 million commitment increases Key's funding for community reinvestment in Cleveland to more than $1 billion. In Key's previous agreements, it committed more than $580 million between 1992 and 1999. Its actual investment exceeded those commitments by $34 million. The agreement focuses on six major lending areas: home purchase and home improvement loans; consumer lending; small business loans; community development lending; and equity and philanthropic contributions. In many cases, the financial terms will be more favorable than would be possible without the agreement, such as loans for small businesses tied to the prime rate, and a home loan of up to 97 percent of value, plus closing costs.
Pulaski Financial Names Matthew Locke Mortgage Lending President
ST. LOUIS, MO -- 10/15/07 -- Pulaski Financial Corp. (NASDAQ: PULB) announced today that Matthew Locke, 38, will be the new president of the company's mortgage lending division. In this role, he will be responsible for managing all facets of Pulaski Bank's mortgage business, including the company's appraisal and title divisions. Locke will also join Pulaski's executive officer team, which is responsible for the development and implementation of the company's business policies and strategies. "Matt joined Pulaski in 1997 and has a proven track record of success over the past ten years in the bank's mortgage, home equity and consumer lending areas," said William A. Donius, Pulaski's Chairman and CEO. "He has successfully built several of our existing programs from the ground up. He initiated our consumer lending program over ten years ago, launched our home equity program almost five years ago, and established our Kansas City loan production operation in 2002.
Home equity loan avoids fees of refinancing mortgage
Q. I would like to refinance my adjustable-rate mortgage to lock in one of today's low rates. But I don't want to pay a lot of fees for a new mortgage that would actually make my monthly payments bigger over the next year. Refinancing would cost thousands, which seems like an awful lot for a loan of only about $80,000. What should I do? A. You might consider a home equity loan instead of an ordinary mortgage. Many home equity loans are unusually attractive now. Yours is a dilemma that confronts many homeowners with adjustable mortgages, or ARMs: They may be happy with the low interest rates they're paying today - in many cases only 4 percent or so - but they worry their rates will rise in the future. It would be nice to lock into a low fixed rate, but refinancing fees can total thousands.
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