April 4, 2008 Dollars & Sense
April If you don’t have a safe, stable SLFCU SmartARMTM or SmartValueTM mortgage, now may be the time to get one. If you buy or refinance with SLFCU before May 31, you’ll get a $400 instant rebate on closing costs.* SLFCU rates are based on a slow moving index, the Ten Year Treasury Security.
Is it worth moving to SLFCU?
First, you need to understand the terms of your current mortgage. An SLFCU Mortgage Loan Advisor can help you understand the terms of your agreement and whether it may be to your advantage to switch. If you are planning to stay in your home for another three to five years, it may be to your advantage to refinance. You’ll need to factor in closing costs, prepayment penalties, and how often your loan can adjust in order to decide. SLFCU mortgages have low up front costs, no pre-payment penalties, no escrow account to tie up your funds and a wide choice of terms. And, SLFCU Loan Advisors work for you, not for commissions.
Already have an SLFCU 1st Mortgage?
From now until May 31, you can lower your rate, monthly payment and rate cap by modifying your current SLFCU 1st SmartARM immediately for only $249**. You also may have the option to extend your loan to the original term and take cash out to the original loan amount.
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 4/14/08 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 4/14/08 would be $55 for every $10,000 borrowed. Rate and payment may increase after loan origination. Subject to credit approval.
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