BECU Rolls Out 12-Year, No-Fee Mortgage As Rates Plunge

Register now

TUKWILA, Wash. – BECU introduced a new 12-year, no-fee mortgage today as rates plummeted toward new lows.

The 12-year loan will allow member to take advantage of the low interest rate environment and receive a rate comparable with a 10-year fixed-rate mortgage.

Introduction of the new mortgage product comes as average rates fell near record lows this week; the 30-year loan to 4.39% and the 15-year loan to a new low of 3.54%, according to Freddie Mac.

"The 12-Year No Fee Mortgage was designed for consumers with a low balance on their current mortgage who desire to have the financial freedom of owning their home in 12 years or less but have been reluctant to refinance to a lower rate because of closing costs and fees,” said Bob Stroup, vice president of member strategies for the $9 billion BECU, originally Boeing Employees CU.

The loan is available for a minimum of $35,000 and a maximum of $200,000, with a maximum loan-to-value ratio of 80%, including cash-out. There are no prepayment penalties. It is available to BECU members in Washington, Oregon, California, Arizona, Illinois, Pennsylvania, Kansas, and Missouri.


For reprint and licensing requests for this article, click here.