Sunmark FCU Introduces PortableMortgages

Register now

SCHENECTADY, N.Y. - (07/12/04) -- Sunmark FCU said it has introducedportable mortgages, which allow lenders to take their loans to newproperties when they move. Portable mortgages could save borrowersthousands of dollars in closing costs and fees when they move tonew homes. Borrowers typically pay a premium for portablemortgages--usually higher rates. But they can use the outstandingbalance on the loan and combine it with any valuation on the saleof their home and a home equity loan to finance a new homepurchase.

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