Rate Drop Protection
Time to move into another home? Maybe you've outgrown the one you're living in now. Perhaps you're in a better financial position than you were when you bought your last house. Maybe you're moving to a new town with a new job. While it really doesn't matter why you need a new house, it does matter how you go about purchasing it.
No one likes the hassle of buying a home the old way, including us. That's why we've invested our energy into streamlining and updating the entire mortgage process. We're pleased to bring you a faster, more technologically advanced way to finance your home.
PLUS, make sure you ask about our Rate Drop Protection, which can help cut the cost of refinancing your home down the line! With Rate Drop Protection you'll have the option to refinance* your home at a new, lower rate at NO ADDITIONAL COST if the market conditions alter to your benefit within 2 years of the date your mortgage was funded. For full details, talk with our Mortgage Department.
*Verification and product requirements: Mortgage must be existing Credit Union in-house mortgage loan. Mortgage must be current and have no payments 30 days or more late since inception. Property taxes must be current and Home-Owners insurance in force. Member must produce Mortgage Refinance Certificate from original closing date of mortgage to the mortgage department at 1199 S. Euclid Ave., Bay City, MI 48706. Member has 2 years from mortgage funding date to present refinance request to the FinancialEdge Mortgage Department. Loan will be modified by the Credit Union to new rate at time of presentment of Refinance Certificate based on the current rates and terms of the Credit Union based on the original mortgage loan term in 2023. No cash-out will apply to this request. Mortgage Refinance Certificate can only be applied once since the initial loan funding and is non-transferable. Appraisal of property must not be more than 30 months old at time of presentment of Refinance Certificate. Credit Union will use original qualifying credit score at time of the initial mortgage. Applicable on new mortgage loans beginning January 24, 2023. Mortgages funded prior to this date do not qualify.
FIND A LITTLE Joy WITH OUR
We know juggling family, friends, and finances during the busy holiday and winter season can be hard, so let FinancialEdge Credit Union help make things a little easier this year! Find joy in skipping your qualifying* loan payments with our Holiday Skip-A-Pay. Keep the cash that would’ve been your November OR December loan payment for your personal and/or vehicle loans, and do something fun or help pay for extra expenses during this holiday season!
It’s easy to request your Holiday Skip-a-Pay for a small fee on your qualifying loan(s). Just complete and mail, or bring the form below to any FinancialEdge Credit Union office, and we’ll process your request right away. All eligible requests must be received by the 31st of October (for November payments) or the 30th of November (for December payments).
We encourage financial responsibility, so your loan needs to be in good standing to use Skip-a-Payment. Ensure you meet the following criteria:
- All of my loans are current
- I am not trying to skip my very first payment on any loan
- The loan(s) I am trying to skip are at least 3 months old
- I have the $25 skip-a-pay fee(s) available
- I am not trying to skip the same loan payment more than 2 times in a calendar year
- Credit Cards
- Home Equity Loans (any type)
- Any Loans with CPI
- Revolving/Open End Loans (any type)
- Troubled Debt Restructured Loans
When you're ready to get started, download and print the skip-a-pay form below and mail it in when complete. If you'd rather complete one in-person, we have some available at either of our office locations.
*Eligibility requirements include all loans must be current, first payment on any loan cannot be skipped, eligible loans must be at least 3 months old, $25.00 skip-a-pay fee(s) must be available. Non-eligible loans include mortgages, credit cards, home equity loans, any loans with CPI, revolving/open end loans of any type and troubled debt restructured loans.
** To skip a holiday payment(s), the 2023 Holiday Skip-A-Payment Program form must be filled out and received by October 31, 2023 (for November Payments) or November 30, 2023 (for December payments). Forms received after the November 30th deadline will not be eligible for skips.