KALAMAZOO, Mich. – Consumers CU has rolled out a new mortgage refinancing program it says will help reduce monthly payments and increase cash flow for troubled homeowners.
The credit union’s “High Five Refi” is similar to the federal Home Affordable Refinance Program, or HARP, except the credit union said its version has no maximum combined loan- to-value, allows the new loan amount to include financed closing costs, transfers existing mortgage insurance to the new loan, and includes no lender’s fees.
The refis are aimed at borrowers whose homes are under water but have been making mortgage payments on time. “High Five is our response to the federal government’s HARP program,” said John Murphy, mortgage manager for the $375-million credit union.
The High Five Refi is designed for conventional mortgages only – specifically, Fannie Mae loans. First mortgage must have been originated prior to June 1, 2009.
Eligible property types include owner occupied, one-to-four family homes, second homes, and single family homes.
