July 17, 2018

Solution to your Mortgage

The current rates on mortgages cannot allow low-income citizens to afford them. This leads to a housing crisis for low-income citizens. NexBank provides a solution where residents can get mortgages at low rates. After the project, the bank will have helped more than 100 residents from selected zip codes in southern Dallas. NexBank partnered with Dallas Neighborhood Homes to make the whole setup a success.

The Dallas based bank has set aside 50 million dollars to give out loans. Dallas Neighborhood Homes then uses the proceeds to lend those with low income and limited access to mortgages. The Dallas Area Habitat for Humanity was also a crucial partner. The institution will offer financial counselling services to prepare beneficiaries for home ownership. North Texas at present has the lowest rate in terms of people who own homes. Mortgage Operations Senior Vice President at Dallas Area Habitat for Humanity lauded efforts by NexBank to make home ownership a reality.

The Chief Operating officer at NexBank Capital explained the commitment of the firm to improve homeownership. Both organizations in the partnership have a strong record when it comes to matters housing for low-income earners. Dallas Area Habitat for Humanity constructs more than fifty homes per year. It is the largest nonprofit home builder.

Growth rate at NexBank is always rising. This has been signaled by the acquisition of the College Savings Bank. It is located in New Jersey, Princeton. The details of the transactions were not disclosed. The savings bank offers 529 college saving programs. College Savings Bank, however, retains the name and its current operations will not change. The bank will operate as a subdivision of NexBank. Combining resources for the two companies is expected to breed success.

A bank can grow by creating new products and diversifying markets. NexBank strategy to acquire College Savings Bank was in line with this technique. College savings was formed in 1987. Since then it has committed to helping parents prepare for their children’s higher education. The firm is also the program manager for the Indiana CollegeChoice CD savings plan and the Arizona Family College Savings Program.