Advantage Mortgage

*Advantage Mortgage Loan is a 30-year fixed rate mortgage loan with a one-time no-refinance rate reduction throughout the life of the loan. To receive an Advantage Mortgage Loan, you must meet the following criteria: (1) The Advantage Mortgage loan is available for the purchase or refinance of single family, primary residences only. The refinance of existing AODFCU mortgage loans must be CASH OUT. (2) Members are responsible for monitoring AODFCU’s rates and deciding when to exercise their no-refinance rate reduction. (3) To be eligible for the no-refinance rate reduction you must exercise the following: (a) You must contact AODFCU and request the rate reduction option. (b) Your loan must be current with no more than 30 days past due. (c) You do not have an active bankruptcy case pending or you have not filed for bankruptcy protection within 6 months of your request. (d) You must pay a $250.00 rate reduction fee. (4) Mortgage loan interest rates are determined by Member’s qualifying credit score at the time of application (risk-based pricing). The interest rate for the Advantage Mortgage Loan rate reduction will be determined by one of the following: Member’s qualifying credit score at the time of the original loan or, the Member may elect for AODFCU to obtain a new tri-merged residential mortgage credit report at the time of the request for reduction of rate to be determined if Member qualifies for a better rate than rate based on the original qualifying credit score (meaning the qualifying credit score has improved to a higher tier for pricing since the original credit report). If Member opts for new credit report, the rate will be based on the new report (whether qualifying score is higher OR lower) and the Member agrees to pay for the report. (5) The one time no-refinance rate reduction will reduce your interest rate, and the remaining principal and interest payments on your loan. It will not modify any other terms contained in your original loan documents. Including but not limited to: Principal balance, maturity date, and additional amounts due for escrows. Consult a tax adviser for further information regarding the deductibility of interest and charges. Loans are subject to credit approval. Membership required. Limited Time Offer and may be withdrawn without notice. Certain Restrictions may apply.