FOR IMMEDIATE RELEASE
May 21, 2012
Kalamazoo, Mich. – Consumers Credit Union announces its High Five Refi Program , a unique home loan that can help reduce monthly payments and increase cash flow for qualifying homeowners; it’s similar to the federal government’s Home Affordable Refi Program (also called HARP loans.) The program is available to interested homeowners with a mortgage either at Consumers Credit Union or elsewhere.
Questions to ask:
- Do you owe more on your mortgage than your home’s appraised value?
- Have you been making payments on schedule?
- Do you want to refinance at today’s lower rates to save money or reduce your monthly payments?
If the homeowner answers yes, Consumers Credit Union has the solution to help them get into a more affordable mortgage. It’s called the High Five Refi*, and it’s designed to help those who are upside down in their mortgage – or owe more than their home is worth on paper.
High Five Refi Loans can offer assistance to homeowners who have been making their mortgage payments regularly and on time, but have been unable to refinance at the current rates due to a loss of equity.
The loan fits many needs and circumstances:
- No maximum combined loan- to-value or CLTV
- Designed for conventional mortgages only – specifically, FannieMae loans (no Federal Housing or Veteran’s Administration, FHA/VA, loans)
- Eligible property types include owner occupied 1-4 family homes, second homes, single family homes, condos, manufactured homes, and investment properties
- First mortgage must have originated prior to June 1, 2009
- Existing mortgage insurance transfers to new loan
- New loan amount may include financed closing costs
- No lender fees
Interested homeowners are encouraged to call Consumers Credit Union’s mortgage department at 800.991.2221 to see if the High Five Refi can fit their needs. The credit union will look at each person’s unique situation and offer solutions for a more affordable mortgage and payment.
*Applicants are always encouraged to consult with a a tax advisor first.