TUKWILA, Wash. (8/8/11)--BECU, with $9.1 billion in assets, Tukwila, Wash., has introduced a new 12-year, no-fee mortgage. The 12-year mortgage offers an interest rate comparable with a 10-year fixed-rate mortgage without closing costs or fees. “BECU’s vision is that qualified homeowners should be able to access these historically low mortgage rates,” said Bob Stroup, BECU vice president of member strategies. “The 12-year no-fee mortgage was designed for consumers with a low balance on their current mortgage who desire to have the financial freedom of owning their home in 12 years or less but have been reluctant to refinance to a lower rate because of closing costs and fees.” Features of the 12-year mortgage include:
* Used to refinance of a primary residence; * Has minimum loan amount of $35,000, with a maximum loan amount of $200,000; * Has maximum loan to value of 80%, including cash-out; * Involves no prepayment penalties; * Makes borrower is responsible for paying all fees and charges imposed by an existing lender; and * Makes borrower is responsible for payment of interim interest, property taxes and insurance premiums (if due).