CARLISLE, Pa. (6/7/13)--Cornerstone FCU in Carlisle, Pa., launched its Win the Race to Become Mortgage Free promotion and received an "overwhelming" response from members in less than one week, the credit union said.
The promotion helped homeowners lower rates on mortgages with smaller balances or shorter terms that may not otherwise benefit from a mortgage refinance program (Life is a Highway June 6).
"We knew there was a need for such a promotion, but we were very surprised and impressed with the immediate response received," said Dave Keffer, Cornerstone CEO.
Cornerstone received about $7 million worth of inquiries and had more than 60 applications in the cue in less than a week, Keffer told News Now. The number of applications and dollar amount to be refinanced had exceeded the allotted program amounts. Due to the overwhelming response, the promotion ended almost as quickly as it had begun.
The program offered terms of 10, 15, and 20 years, with no closing costs, points, or fees usually incurred during a refinance. The promotion advertised that limited funds were available for loans, so members knew to respond quickly.
For members who did not get their applications to the $94 million asset credit union before the lending limits were reached, a waiting list of names has been started in case the promotion is reinstated.