Montgomery County EFCU Rolls Out HarmonyLoan Mortgage
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.