Whether you are looking to build a new home, remodel one you just purchased or upgrade your existing home, the Olympia Master Builder’s BIG Home and Garden Show taking place on April 22 and 23 at Saint Martin’s University, Marcus Pavillion, is the place for you. Visit with over 150 vendors and decide whether you want to buy, build or remodel. Then, learn about the latest in banking from Olympia Federal Savings to help you achieve your dream.
Olympia Federal Savings (Oly Fed) has had a booth at the OMB Home Show for more than twenty years and is also a member of Olympia Master Builders.
“We love working with OMB and supporting the local builders,” says Barbara Whitlow, Residential Relationship Manager for Oly Fed. “They are a like-minded organization that also supports affordable housing. This year’s home show is more on-point than ever considering the current market conditions.”
Current Housing Shortage is Spurring People to Build
Currently, Thurston County and the immediate surrounding areas are experiencing a housing shortage, explains Ryan Betz, marketing and public relations manager for Oly Fed. Realtors only have about one or two months’ worth of inventory.
When that happens, people turn to building. “In 2015 and 2016, we saw a forty-five percent increase in the number of construction loans,” says Ryan. The other option people turn to is updating their current home, often using a home equity loan to make it happen.
Helping You Get the Home You Want
Along with the increase in construction loans, Oly Fed has expanded their service area and offers several unique products to help customers.
“Construction loans have always been our niche product,” says Barbara. “We offer simplicity and security in a time that can be stressful for borrowing. Our customers receive some substantial benefits from our construction loans.”
These benefits include:
- Most lenders charge a higher rate on a construction loan. Oly Fed’s rate is the same whether you are buying or building.
- Oly Fed locks in the interest rate at the time of application on a construction loan for the entire 15, 20, or 30 year term. Most lenders readjust the interest rate when the loan is converted from a construction to permanent mortgage. This almost always results in an interest increase, raising monthly payment.
“We can offer this because we don’t sell our loans,” Barbara adds. “We keep all our loans local, which is why we can lock in the interest rate. We are passionate about supporting a sustainable community – that’s why we keep everything local.”
- No conversion costs when the construction loan rolls over into the mortgage loan.
A Green Focus
The OMB Home Show has plenty to offer those looking to “green” their home. From sustainable materials to green architecture, the latest innovations will be on display with experts available to answer your questions.
“A lot of builders are coming to this market and offering these products to their consumers,” Barbara says. “Fifteen years ago these products were impossible to find, but they are now readily available at prices that are much more affordable.” For example, Lexar Homes, a main event sponsor of the OMB Home Show, focuses on energy efficient homes with affordable options.
To help Oly Fed client’s further, the organization created “Green Choice Loans.” These offer additional benefits to people who are buying, building or refinancing with energy efficiency in mind. Energy Efficient Mortgage (EEM) loans offer a discounted fee, higher loan to value benefits and more borrowing power. Barbara says these loans have steadily increased since they introduced them six years ago.
At the show, Oly Fed will be on-hand to answer any questions you have about their range of unique products. In addition, several OMB Home Show specials will be offered including coupons for $500 off closing costs on all single family, owner occupied loans for the purchase or construction of a residence. Oly Fed will also offer giveaways including an Amazon Echo, a planter box, and $150 to spend at the Olympia Farmer’s Market.
“We are very fortunate to have so many high quality builders, suppliers and professionals in the industry here and the home show really highlights that,” Ryan says.
The OMB Home Show is also a great place to get information for the DIYers out there – the experts are happy to give tips. There are events for the kids, including a Lego Building Contest, as well. This year’s contest includes adult-age categories as well, so the young-at-heart can have fun, too. You will also be able to view doghouses designed and constructed by master builders before they are auctioned off as a fundraiser for Concern for Animals.
Admission to The OMB Home Show is $5 and the show is open from 10 a.m. to 5 p.m. daily. Kitchen demonstrations, bouncy houses, food vendors and more will be included. For more information visit the Olympia Master Builder’s website where you’ll also find a coupon for $2 off admission. Parking is free. For more information about Olympia Federal Savings, visit their website or drop by their booth at the show.