Technology Credit Union, San Jose, this week launched a new super jumbo product, offering borrowers a 30-year fixed rate loan on balances of up to $3 million.
"It's no secret Bay Area housing prices and the cost of living are amongst the highest in the nation," said Steve Donahue, vice president of mortgage originations for the $1.4 billion credit union.
The lender said the new product was created for CU borrowers with good credit who want to refinance or purchase an upper end home and enjoy the benefits of fixed payments.
To promote the loan, Tech CU is offering a 'Quick Close Guarantee,' paying buyers a $100 gift card if the credit union is unable to close their purchase loan within 10 business days.
The San Jose area is home to the largest concentration of technology companies in the U.S. According to the city, roughly 6,600 technology firms employ more than 254,000 people have offices in the area.
