Credit union buys former MBNA property in Dover

Dover Federal Credit Union said today it has purchased a former MBNA Corp. property in Dover that the credit union plans to use as a new headquarters.

• David Clendaniel, the credit union’s president and chief executive officer, declined to say how much the credit union is paying for the property, which includes more than 20,000 square feet of office space and more than 11 acres. He said the credit union, which now has its headquarters on Dover Air Force Base, hopes to move to the new location on Silver Lake Boulevard in March.

• Clendaniel said the credit union, which has 35,500 members, needs additional office space. He said the location will also accommodate growth of the credit union’s call center.

• The credit union draws much of its membership from civilian and military workers at the Air Force base. But workers at other employers, including Bayhealth Medical Center and Dover Downs, can belong as well, Clendaniel said.

• Wilmington-based credit card giant MBNA had used the office as a call center. Bank of America closed the call center earlier this year after acquiring MBNA.

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.