Delta credit union branch under construction

WHAT IS IT?

The three-story building rising on the east side of Ga. 74 will be home to Delta Community Credit Union's Wisdom Road Branch and the Peachtree City Financial Center.

The credit union will occupy 15,000 square feet, and the remaining 24,000 square feet will be available for lease as Class "A" office space.

WHAT IMPACT WILL IT HAVE?

In 2006, the 46-year-old credit union, formerly known as Delta Employees Credit Union, opened its membership to residents of Fayette, Cobb, Fulton and Henry counties, and began adding branches to service those areas.

DCCU recently opened a branch in Stockbridge on Mount Zion Parkway and another is under way in Cobb County on Riverwood Parkway, bringing the credit union's total branches to 13.

"Before we were just focused on Delta Air Lines, but now that we are reaching out to the community, we have to be where people live and work," said Mary Olson, vice president of marketing.

Olson said the credit union hopes the Peachtree City Financial Center will draw tenants in industries that would be complimentary to the credit union.

WHEN WILL IT BE DONE?

The building, at 315 N. Ga. 74, is scheduled for completion during the first quarter of 2007. The project's developer is Atlanta-based Level5.

Wondering about a project under way in your neighborhood? Contact us with the location and we'll find out what's going up. Call 404-526-5317, or e-mail horizon@ajc.com.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.