PORTSMOUTH, Va. (WAVY) - Are you ready to accelerate your home loan so you can pay off your mortgage quicker? Whether you're preparing to retire or trying to eliminate large debt, you may have options. Tim Branson from BayPort Credit Union's CU Realty talked about how you can retire your mortgage.
Retire My Mortgage
-Primary Residence/Single Family Dwelling only
-We will do a cash-out loan up to 80 percent LTV (Loan To Value)
-No appraisal required if LTV is below 60 percent (savings of around $400)
-Max LTV is 80 percent (Appraisal required for loans with LTV greater than 60 percent)
-Term can be 15 years and below (12 years, 9 years, 7 years)
-Requirements: Must have BayPort Checking account and must setup automatic payment for this mortgage
-Fixed rate with no points, no origination fee and no application fee.
-Certified Events/Seasoned with at least 5 years of experience
-Member Rebate - can be used towards the closing costs (i.e. sale price is $200,000 - member rate approximately $1,200)
For more information about how you can retire your mortgage or for all your financial management needs, stop by any of the 15 BayPort Credit Union locations across Hampton Roads.
Click here to visit BayPort's website.
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