FERNDALE, Mich. – Credit Union ONE has introduced the Debt Buster Mortgage, a hybrid loan that allows a borrower to lock into a fixed-rate mortgage that will allow them to receive up to 100% financing, including the opportunity to consolidate home equity loans and consumer loans and/or pull cash out for major purchases such as home improvements.
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The credit union said the new mortgage allows homeowners to regain equity by offering shorter-term payoffs in 10-, 15- and 20-year terms, and to pull cash up to 100% of their home’s value.
Another feature of the Debt Buster Mortgage is private mortgage insurance is not required.
The loan can be obtained with a bi-weekly payment option, which further accelerates balance reduction.
