TUKWILA, Wash., Aug. 4, 2011 /PRNewswire/ -- BECU announced today that it has introduced a new 12-Year No Fee Mortgage to help consumers who have been reluctant to refinance and take advantage of the historically low mortgage rates. With the BECU 12-Year No Fee Mortgage, members will be able to take advantage of the low interest rate environment and receive an interest rate comparable with a 10 year fixed rate mortgage without paying hundreds or even thousands of dollars in closing costs or fees.
"BECU's vision is that qualified homeowners should be able to access these historically low mortgage rates," said Bob Stroup, BECU's Vice President of Member Strategies. "The 12-Year No Fee Mortgage was designed for consumers with a low balance on their current mortgage who desire to have the financial freedom of owning their home in 12 years or less but have been reluctant to refinance to a lower rate because of closing costs and fees."
Many current mortgage holders have done the refinance math and come up short. When they factor in the low balance they maintain with their current mortgage, and the associated closing costs associated with refinancing, they are not refinancing. BECU wanted to give these consumers an easy way to make refinancing a reality.
Description of 12-Year No Fee Mortgage
- For the refinance of a primary residence
- Available to members in Washington, Oregon, California, Arizona, Illinois, Pennsylvania, Kansas, and Missouri
- Minimum loan amount of $35,000 with a maximum loan amount of $200,000
- Maximum loan to value of 80% including cash-out
- No prepayment penalties
- Borrower is responsible for paying all fees and charges imposed by an existing lender
- Borrower is responsible for payment of interim interest, property taxes and insurance premiums (if due)
Governed by a volunteer Board of Directors, BECU is a not-for-profit credit union owned by the members. Profits are returned to the members in the form of better rates and fewer fees. With more than 700,000 members and more than $9.5 billion in assets, BECU is the largest credit union in Washington and one of the top five financial cooperatives in the country. BECU currently operates over 45 locations in the Puget Sound region. All Washington state residents are eligible to join.