The MSCU Best Rate Mortgage is available now until June 30 at an amazing 5.55%* rate for a 5 year term. As you consider a first time home purchase, a move to a new home to accommodate your growing family, or refinancing your existing home, remember that MSCU is committed to helping you achieve these goals.
Make your appointment with a member of our lending staff to discuss how you can benefit from this fantastic mortgage offer!**
Bringing more savings home to you!
As you are well aware, a mortgage is one of the largest financial commitments that you will make. MSCU offers flexible payment options that can help to decrease the length of time you have to pay your mortgage, and save substantially on interest costs.*** Using the following example, you can see how MSCU mortgage payment flexibility can save you money.
20/20 prepayment options put your money to work!
This means you can increase your mortgage payment by 20% of your original payment annually, and make annual lump sum payments of up to 20% of the remaining balance directly to your principal. These prepayment options can add up to thousands of dollars in interest cost savings. If you simply increase your monthly payment by 20%, or $122.66, you would be mortgage free in just over 20 years, and save $16,778 in interest! If you make lump sum payments to your mortgage on an annual basis, you can also save money. Consider, if you make only a 2%, or $2,000, lump sum payment annually you would save $34,416 in interest, and be mortgage free in just over 16 years!
Change your payments to suit your needs and save big!
MSCU offers easy payment solutions that can also help you save. Using the example above, we see that a monthly mortgage payment of $613 will result in significant interest payments over
25 years. If you simply change your payment to $307 bi-weekly accelerated (meaning you make 2 extra payments to your mortgage each year), and you do not take advantage of any of the pre-payment options, you would be mortgage free in just over 22 years, and you would save $14,660 in interest. MSCU offers monthly, semi-monthly, bi-weekly, weekly, and accelerated payment schedules. You should meet with your loans representative to discuss which payment option would work best for you.
Affordable Insurance
MSCU offers competitive and affordable insurance options. Mortgage insurance provides you with peace of mind knowing that your family’s home is safe should something unexpected happen to you.
The MSCU Difference
By choosing MSCU, you have chosen to be a part of a financial cooperative where one member’s deposit become another member’s loan. The interest paid on MSCU member mortgages becomes the interest earned on MSCU member investments. As a member of MSCU, you also receive a portion of each year’s profits through Ownership Benefit Shares.
With an MSCU mortgage, you are making a difference in the lives of others because Ownership Benefit Shares form part of MSCU’s capital pool which provides financial backing for Member Assistance Services. This important program provides interest relief for members experiencing financial difficulty. As an MSCU member, not only are you a member of a financial cooperative, you are also part of a caring mutual aid community. Make yourself at home!
* Rate subject to change. Relationship pricing rules apply.
** Normal credit granting rules apply, see you loans representative for details
*** Over the life of the mortgage, assuming constant interest rate throughout amortization period.
Click here for more information about mortgages at MSCU.
