July 29, 2011

No Closing Costs. No Appraisal Costs. Quicker Closings.

Now there’s a great way to take control of your mortgage that may save you money and allow you to pay off your mortgage sooner! Introducing the SmartMove Mortgage from LMCU, an innovative and intelligent approach that allows you to switch your current mortgage over to LMCU with zero out-of pocket costs. Plus, you can set the term based on what makes the most sense for you…from one year, up to 15, all at an exceptionally low rate.

What makes the SmartMove Mortgage so smart?
  • No out-of-pocket costs
  • No appraisal costs
  • You set the term - up to 180 months!
  • No closing costs
For details, or to see if the SmartMove Mortgage may be right for you, visit any branch location or call (616 or 800) 242-9790 or click here.

*APR=Annual Percentage Rate. This credit union is federally insured by the National Credit Union Administration (NCUA).

2 comments:

JP said...

I'm wondering how this is better than doing a conventional refinance with a 15-year mortgage @ 3.55% APR. Seems like the 1% difference in rates more than makes up for the waiving of the various costs.

Lake Michigan Credit Union said...

Thanks for your comment JP. We designed the program primarily for those borrowers who have limited terms left in which case they may not recoup the closing costs through the lower rate as they may have a low balance outstanding or an already relatively low rate. In addition, it provides the freedom to choose the term, which is not always an option with traditional mortgages. Another scenario would be someone who refinanced in the last couple of years (and paid closing costs) who still hasn’t recouped those closing costs through lower rate so they’re hesitant to pay closing costs again as payback of two sets of closing costs would be significantly longer.

In addition some people just don’t like paying closing costs. Finally this is a quick close product, there is value in being able to close the loan within two weeks.

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