President's Message

Getting In On the Refinance Boom!

It’s no secret in the financial biz … rates are historically low and consumers are reaping big benefits! If you’re not part of the refinance boom, you should be. You could be missing opportunities for saving hundreds of dollars a month, and thousands of dollars over the life of your loan!

Mortgages

In October 2011, the Federal Government announced a revised version of the Home Affordable Refinance Program (HARP) that changed the game for millions of homeowners. The new and improved HARP program, known as HARP 2.0, can refinance borrowers with a loan-to-value ratio greater than 125 percent. For many homeowners who purchased a home in the last decade, this program could save them thousands over the term of their mortgage.

Additional benefits of the HARP 2.0 program include:

  • No underwater limits
  • May not require an appraisal
  • Modified fees Certain risk-based fees for borrowers who refi into shorter-term loans will either be eliminated or modified.
  • Extended deadline HARP 2.0 refinancing will be available until Dec. 31, 2013.

While not everyone will qualify for HARP 2.0, many of our members will, and you may be one of them. HARP 2.0 is available for borrowers with mortgages owned by Fannie Mae. If you’re uncertain if you have a Fannie Mae mortgage, visit http://www.knowyouroptions.com/loanlookup, or call us to help you find out. We can get you started today!

Vehicle Loans

There’s never been a better time to shop auto loan rates, even if you’re not in the market for a new car, and love the car you have. Just like with mortgages, auto rates are at their lowest in years. In fact, our refinance rates start as low as 1.99% APR for up to 60 months. Just dropping your interest rate from 4.00% APR to 1.99% APR for 48 months on a $10,000 loan could mean saving $426 on payments, and reducing the interest paid on the loan by $425. And that’s just one example… there is money to be saved in refinancing your vehicle and we can help!

Balance Transfers

Credit card rates may be the one consistently high rate we’ve seen in the last few years. There are options for lowering your rate on balances. Savvy borrowers know that balance transfers can seem like a good deal, but typically cost more than one might expect. Balance transfer offers tout an incredibly low rate on the balance, but usually include a 3% or 4% transfer fee that could add another $300 or $400 to your balance!

Dort Federal is proud to offer a Visa Platinum Credit Card program that includes competitive rates and NO BALANCE TRANSFER FEE! In fact, beginning this month, we’re offering a balance transfer promotion for qualifying members at just 2.9% APR and no balance transfer fee.

At Dort Federal Credit Union, “We Love to Loan…and Refinance Too!” We love saving our members money and we can’t wait to talk with you about our refinance options! Please call us at 810.767.8390, complete our online application, or stop by any of our seven locations.


 

The mortgage must be owned or guaranteed by Fannie Mae, must have been sold to Fannie Mae on or before May 31, 2009, cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009, current loan to value (LTV) must be greater than 80%, borrower must be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the last 12 months. Terms and conditions may change.

All mortgage, auto, and Visa Balance Transfer rates mentioned above are subject to credit worthiness. Other restrictions may apply. Dort Federal Credit Union’s 1% Vehicle Rebate offer is not available with the 1.99% APR auto rate. First vehicle payment will be due within 30 days from loan closing. 1.99% APR rate based on 60 month term. 2007 or newer with 85,000 miles or less.