Key Benefits of Our Rate Reduction Mortgage
Mortgage Term Stays the Same
Reduce Your Rate Twice Over the Life of Your Loan
No Rate Reduction Fees
Are you looking to buy a home but worried about the current rate environment?
Our Rate Reduction Mortgage can help!
Rate Reduction Mortgage
With our rate reduction program, you can easily lower your mortgage rate without any fees when market rates drop. Whether for a new purchase or refinance, you’re eligible to reduce your rate up to two times during the life of your loan, with a total reduction of 1.50% (up to 0.75% per adjustment).
Best of all, your mortgage term remains unchanged, allowing you to save money on interest while maintaining the same loan schedule. All it takes is a simple phone call when rates go down!
Rate Reduction Mortgage
DISCLOSURES*
30 Year Fixed Rate Mortgage at 6.500% (6.592% APR): 360 monthly payments of $6.32 per $1,000 borrowed
DISCLOSURES
30-year Fixed Rate Reduction Mortgage. Borrower may reduce the rate twice over the life of the loan via phone call or branch visit. Each reduction may lower the rate to the then current People’s Credit Union 30-year Fixed Rate Mortgage rate with no points, subject to a maximum decrease of .75% per change; up to 1.5% over the life of the loan. First rate reduction can be made as early as 12 months after loan origination; second request must be at least 12 months after the first reduction. No fees for exercising rate reduction feature; this feature is different from paying points to reduce the interest rate at loan origination. Rate as of 9/19/24 and subject to change without notice. Loan subject to individual approval. 1-4 family, owner-occupied, primary and secondary residence properties only; condos ok. Conditions and/or restrictions may apply. Rate does not consider possible adjustments based on applicant credit score, loan-to-value, combined loan-to-value, subordinate financing, occupancy, appraised value, down payment, property type, property use and loan purpose. Property insurance and flood insurance (if applicable) required. Mortgage insurance required if loan-to-value exceeds 80%. Repayment example: 30 Year Fixed Rate Mortgage at 6.625% (6.711% APR): 360 monthly payments of $6.40 per $1,000 borrowed. Payments do not include amounts for taxes and insurance premiums; if applicable, and that the actual payment obligation will be greater.
30 Year Fixed Rate Mortgage at 6.625% (6.711% APR): 360 monthly payments of $6.40 per $1,000 borrowed
Meet our Mortgage Advisor Team
Still have questions? Schedule a free consultation with one of our Mortgage Advisors.
Whether you are buying or refinancing, our Mortgage Advisors are available to assist you in finding the program that’s right for you. Check the background of your professional Mortgage Advisors by visiting NMLS® Consumer Access.
Frequently Asked Questions
Typically, the Mortgage process takes from 45 to 60 days for purchase and refinance loans. The closing date on a purchase transaction is dictated by the purchase and sale agreement.
First and foremost People’s does not collect any fees for you to apply. Closing costs vary depending on the type of mortgage and the amount of the mortgage you apply for, and will vary based on your situation. Fees are broken down into categories. For example, fees may be charged by outside venders for the Credit Report, Appraisal, Attorney Fee, Tax Service, or a Flood Certificate. There are also fees collected by the town such as recording fees and taxes. The only fees collected by People’s Credit Union are for underwriting the loan.
People’s Credit Union offers a full range of fixed and variable interest Mortgage Loans. Please visit our Mortgage page to learn more about our products and meet our Mortgage Lenders..
When you apply for a mortgage we must verify every statement made on the application relative to your income, debts, bank accounts, properties owned. We have a team of knowledgeable mortgage professionals that will help you every step of the way.
We do sell and underwrite to secondary market (Fannie Mae) guidelines. However, we will service your loans, so you will always pay your mortgage directly to us.
