Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
BECU introduces 12-year no-fee mortgage
TUKWILA, Wash. (8/8/11)--BECU, with $9.1 billion in assets, Tukwila, Wash., has introduced a new 12-year, no-fee mortgage. The 12-year mortgage offers an interest rate comparable with a 10-year fixed-rate mortgage without closing costs or fees. “BECU’s vision is that qualified homeowners should be able to access these historically low mortgage rates,” said Bob Stroup, BECU vice president of member strategies. “The 12-year no-fee mortgage was designed for consumers with a low balance on their current mortgage who desire to have the financial freedom of owning their home in 12 years or less but have been reluctant to refinance to a lower rate because of closing costs and fees.” Features of the 12-year mortgage include:
* Used to refinance of a primary residence; * Has minimum loan amount of $35,000, with a maximum loan amount of $200,000; * Has maximum loan to value of 80%, including cash-out; * Involves no prepayment penalties; * Makes borrower is responsible for paying all fees and charges imposed by an existing lender; and * Makes borrower is responsible for payment of interim interest, property taxes and insurance premiums (if due).


RSS





print
News Now LiveWire
.@PayPal co-founder launches payment-plan lending for online purchases via @CNBC http://t.co/c1FnZHaQya
5 minutes ago
Skimming remains biggest security threat for ATMs says @ATM_Industry global survey #NewsNow http://t.co/VIcX8yGqmY
29 minutes ago
Media outlets widely share @CUNA-CFA #holiday spending outlook #NewsNow http://t.co/9gBFwdfBKv
33 minutes ago
National #LouiseHerring awards for #creditunion philosophy in action selected #NewsNow http://t.co/two4z5lBAU
1 hours ago
#NewsNow: @CUNA-CFA survey results suggest 3-3.5% increase in holiday spending. http://t.co/GjcDvvwfzy
18 hours ago