Flex vs. MultiFlex

With our Flex program, your rate can be reduced which can translate into thousands saved on your real estate payment over the life of the loan.  Loans with the Flex Option have a feature that discourage prepayments during the first 3 or 5 years of the fixed pricing period.  In exchange, you will receive a lower rate and if you do prepay on your loan, you will be charged a penalty based upon interest rates at the time of the prepayment.

Assurance the loan will not be prepaid during the initial years allows us to fund your loan with lower cost debt and then we pass that savings on directly to you.  This option is available on 5, 7, 10 and 15 year adjustable products as well as fixed real estate products over 10 years.  After the 3 or 5 year initial lock-out period, any special principal payments are allowed.  

With a MultiFlex option, there is generally no prepayment conditions.

Talk to your financial services officer. They will be able to show you the benefits of considering this option on your loan rate.