Accelerated Mortgages TakeHold

Register now

BURNSVILLE, Minn. - (01/03/04) -- US FCU said it has generated $6million in new loan volume from a new mortgage campaign that haspromoted short-term, low-fee refinancings. The 'Free-in-10Mortgage' is designed to allow homeowners to pay principle at anaccelerated rate, and own their home free and clear in a decade orless. The program also saves members up to tens of thousands ofdollars in interest. The product debuted at a fixed 4.5% rate, andpresently is at 4.75%. Because an appraisal is often not required,closing costs are typically as low as $499.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER