Northland Area Federal Credit Union’s “Mortgage Specials” Not so Special

If you happen to reside in northern Michigan and are in the market for an adjustable rate mortgage with either a three year or five year reset period, you may have seen the “special offers” advertised by your neighborhood credit union – Northland Area Federal Credit Union.

Currently they are offering a promotional set of adjustable rate mortgages with APR’s as low as 3.20% for three years and 3.60% Read more…

How Much Equity is Required to Refinance an Existing Mortgage?

BankVibe.com reader Kendra emailed us this week and asked, “How much equity do I need in my home to refinance with today’s low interest rates?” We’ve seen many variations of this question pop-up as refinance rates sit at such attractive levels, so below is our break-down of what to expect and where to go for refinancing.

First, home equity can be gained in one of two ways – by paying down a Read more…

Reverse Mortgages in 2012 – Popularity Dwindling

image from allrmc.com.

It appears that popularity in the often controversial “reverse mortgage” is subsiding even as interest rates hover slightly above all time lows. For those that are new to (or researching) these products they are exactly what their name insinuates – the opposite of a conventional mortgage.

They are offered to people over the age of 62 only, which in and of itself has been the center point for a lot Read more…

“Free-in-10-Mortgage” Deals – Worth Considering?

We’ve seen a few “Free in 10 Mortgage” promotions being offered by a number of credit unions lately and depending on your individual financial circumstance these products may be worth the consideration. The top offer we’ve come across is from a regionally based credit union out of Minnesota called US Federal Credit Union. And although their name might lead one to think their customer base stretches across the country, they actually Read more…

Lowest Mortgage Rates in Nevada (2012) Local Institutions Onlys

In our recent 2012 survey of mortgage rates found in locally based banks and credit unions in Nevada, we found that in most instances you’d be better off (from an APR standpoint) in going with direct or online lenders. The lowest rates offered in Nevada from our mortgage rate database sits at roughly 3.71% APR assuming a 30 year fixed rate loan of a value no more than $165k (rate survey Read more…