Montgomery County EFCU Rolls Out HarmonyLoan Mortgage

Register now

GERMANTOWN, Md. – Montgomery County Employees FCU announced yesterday it is now offering members a HarmonyLoan mortgage, which adjusts its interest rate at the member’s call.

The HarmonyLoan is a consumer-initiated, interest rate-resetting mortgage that aligns the interests of the consumer and credit union in a way that is unprecedented in the industry, its developers said. It allows homeowners to adjust their interest rates with the market without the cost and hassle of a traditional refinance or new mortgage.

Montgomery County Employees is one of several Washington-area members of the CU Mortgage Association to offer the HarmonyLoan, which was developed by Mortgage Harmony Corp. in Tysons Corner, Va.

 

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