Rate Saver Program

With this product, your rate can be a quarter to a half-a percent lower which can translate into thousands saved on your mortgage payment over the life of the loan.

By agreeing not to make early principal payments during the first 3 or 5 years of your loan contract (depending on the product you choose), your interest rate will be reduced. 

For example, a 15-year fixed rate loan priced at 6.85% becomes a 6.55% rate with the Rate Saver option.  Using a $150,000 loan amount, the difference in payments is $25 a month; $300 a year; and $4,484 less over the life of the loan.

In return for the savings, you forego the opportunity to make prepayments on your loan. But after the 3 or 5 year initial lock-out period, any special principal payments are allowed. 

If interest rates do go down, you can convert your loan, but there would be a penalty.  Your financial services officer can explain the program in detail, or we will be happy to send you a brochure if you send us an email requesting one.