Open the door to saving a lot of money with our mortgage refi.

Thursday, August 1, 2013

Salem Seaport Credit Union is committed to helping people get the most out of their finances. That’s why we want you to know that if your current mortgage is more than a few years old, we can save you thousands by refinancing.

Here's how we can save you even more by refinancing to a lower rate mortgage (based on the median home value in Essex County of $355,000):

  • If your monthly mortgage payment is around $1,990 per month, dropping your rate by just 0.7% will save you a little over $160 per month. That's a total savings of over $9,700 in just five years.*

To help you save even more, we’re also offering a limited time, flat-rate closing cost special of just $495**. If you consider the average closing costs on a refinanced mortgage are around $1,700 and compare that with the fees other lenders charge, you know right from the start that you’re going to keep at least $1,200 in your pocket with our deal.

Speaking of closing costs, let’s talk about something called “points.” Points are an upfront cash payment required by a lender as part of your closing costs. You may pay a little less for your mortgage rates, but you’ll need a bundle of money up front for the closing process.

In other words, the rate alone is not the only consideration when comparing loans. Check around to find out what other mortgage lenders are charging for closing costs, be aware of points and read the fine print. You’ll notice a lot of extra charges and fees that can dramatically raise the total amount you’ll need to bring to the table with you at closing.

With our flat-rate closing costs, you won’t pay anything else. And as you can see from the example above, refinancing to a lower rate with us will pay for itself in about three months.

Plus, the process couldn’t be easier. We’ll even come to your home or office to get the initial paperwork started, and everything else can be handled by phone, fax or secure email.

Mortgage rates are already starting to rise, so act quickly to take advantage of this limited-time offer. Contact Ann Marie Waugh or Peggy Boyle at 978.744.1153 to get started.

* Example is based on a $355,000 mortgage (the median home value for Essex County) with a 30-year, fixed term at 5.375% APR refinanced to Salem Seaport's 30-year fixed term mortgage at the current rate of 4.625% APR. APR=Annual Percentage Rate.

** $495 Flat Fee Closing Costs offer is available from June 15 through September 30, 2013 and applies only to mortgage refinances of at least $200,000 but not more than $417,000. Other terms may apply. Offer is subject to credit approval. Offer may change without notice. Applies to primary residences only. Existing Salem Seaport Credit Union mortgages are not eligible for this offer. Member eligibility is required.