March 13, 2008 Dollars & Sense
March
Mortgage rates have fallen recently and refinancing is in the news. If you don’t have one of SLFCU’s smart, economical mortgages, now’s the time to get one. If you qualify, you can buy or refinance with SLFCU and get a $400 instant rebate at closing.* If you already have an SLFCU SmartARM or Smart Value mortgage, you have two options.
The first choice is to relax and simply watch the index for your mortgage. It is based on the slow moving Ten Year Treasury Security and recently, it has declined. As your mortgage reaches periodic adjustment dates (determined by your closing date) your rate may drop. Your second choice, may be to modify your mortgage – lower your rate, monthly payment and rate cap immediately – for only $249.** You also may have the option to extend your loan to the original term and take cash out up to the original loan amount. Use the equity you’ve built up to renovate, pay tuition, or buy a new car. As always, your interest may be tax deductible.
Make sure you have the best mortgage for your needs. SLFCU loan advisors work for you, not for commissions. Call a trusted loan advisor at 505-293-0500 or 800-947-5328 or apply online.
*$400 rebate applies to SmartARM/SmartValue owner occupied first mortgages. Rebate will appear as a Lender Credit at closing, reducing your closing fees by $400. Offer expires May 31, 2008. Your monthly principal and interest payments on a 30-year SmartARM mortgage with a variable 5.0% APR as of 3/14/08 would be $55 for every $10,000 borrowed. Rate and payment may increase after loan origination. Subject to credit approval.
**Mortgage Modification Disclosure: For $249, we will modify your rate to the current rate for the same type of loan. If the new rate causes your payment to decrease, we will modify your payment, too. You can draw out your equity up to the original loan amount and you can extend the loan maturity date. Total term is limited to a maximum of 40 years. Modification offer applies to SmartARM 20 and 30-year mortgages only. Your monthly principal and interest payments on a 30-year SmartARM mortgage with a variable 5.0%APR as of 3/14/08 would be $55 for every $10,000 borrowed. Rate and payment may increase after loan origination. Subject to credit approval.
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