August 27, 2012
LGFCU members can find more variety and lower rates thanks to recently added fixed rate and adjustable rate mortgage loans.
The 10-year fixed rate mortgage is designed for members who want to accelerate repaying their mortgage and who can afford the loan's shorter term. The competitively low interest rate is making this a particularly attractive product for Baby Boomers nearing retirement.
LGFCU added new two-year Adjustable Rate Mortgages (ARM) featuring lower rates. Now, there are four different loan-to-value (LTV) tiers. The changes ensure these loans can re-price appropriately in the future, based on the loan-to-value at origination.
There are two tiers for loans less than 80% LTV, offering a competitive price for members with a lower LTV. The addition of the 100.1% to 110% LTV tier allows LGFCU to assist members who are underwater on their loans, owing more on their home than the property is worth. Many of these members have faithfully repaid their loans (possibly at higher rates), but have been unable to refinance, due to the decline in property values.
"LGFCU is dedicated to offering sound financial choices for our members, like these new products with competitive rates and features," said Sherry Bear, Vice President of Consumer Lending.
For more information on these loans, visit Mortgages or call the Contact Center toll-free at 888.732.8562.