Capital Credit Union

Strum

After a boom in mortgages in 2020 (and continuing into 2021), Capital Credit Union promoted Home Equity Loans as their primary campaign. North Dakota is full of do-it-yourselfers, and spring is an ideal time to obtain a Home Equity Loan for all types of home improvements—new kitchens, remodels, additions—and even second properties. Many people don’t fully understand the benefits of Home Equities. Capital wanted to get people in the door with an idea of what it can be used for.

Home Equity Loans were under budget in 2020. Capital’s current rates are not as competitive as others in the market, and there was also the problem of competing with low mortgage rates – refinancing a mortgage can seem more attractive than taking out a home equity loan. To appeal to potential Home Equity users, Capital used a competitive rate of 2.99%. This rate, combined with high loan-to-value, quick processing, and a fixed rate option on a line of credit set Capital apart.

Capital offers home equity loans and lines of credit, with fixed or variable interest rates.


Key Messages
• 2.99% rate special for loans
• Fixed rate option on a line of credit
• High loan-to-value (90%) rate
• Quick process – apply online
• Local financing and decision-making. CCU is a place you already know and love, you can trust us.

Through data analytics and lifestyle segmentation research, we understand that Capital’s highest priority target audiences for home equity loans are:
• established millennials, and
• Additionally, older members are the ones often using Home Equities for funding second properties – a lot, a cabin, a new house – before they sell their existing home.
• Members & non-members who do not already have a Home Equity Loan (this offer does not apply to refinancing home equities)

The main objectives of this campaign:
• Get members and non-members in the door/in contact with Capital to open a Home Equity Loan or Line.
• Increase number of Home Equity loans
• Make Capital top-of-mind for Home Equity loans in Bismarck-Mandan and Fargo this spring.