Members Allowed To 'Design Your OwnMortgage'

Register now

ST. PAUL, Minn. - (10/01/04) -- Affinity Plus FCU said Thursday itis now offering a mortgage that allows members to define the lengthof the loan based on their individual goals and needs. TheAccelerated Mortgage will offer low fixed rates based on the 10yearbond, terms from five-to-seven years, and a flat $999 fee toprocess and close the loan. Fixed rates for terms from five-to-nineyears are 0.25% over the current 10-year bond rates; while loansfrom 10-to-12 years are 0.50% over the 10-year rate. The creditunion has made 321 Accelerated Mortgages worth $34 million sinceintroducing them in April.

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