SPOKANE, Wash.–Horizon Credit Union has introduced a campaign offering homebuyers who finance or refinance qualified home loans the option of lowering their rate within 18 months of the loan funding date if rates go down.
The promotion will run April 1-June 30. There is a one-time fee of $575 for the refinance.
“While nobody knows for certain where rates will go or has a Magic 8 ball to forecast what the future holds, Horizon is helping make the home buyer’s future less uncertain,” the credit union said.
According to Horizon, the campaign is geared to help those who may be hesitant to buy in the current housing market. The company cited Fannie Mae’s most recent Home Purchase Sentiment Index that found that buyers are growing more cautious about the state of the market.
If rates continue to rise, many people may put off buying a home in hopes that rates will soon drop, the CU stated.
‘A Difficult Time’
“Horizon Credit Union understands that this is a difficult time for those looking to buy or refinance,” said Patrick Clayton, director of mortgage lending. “This campaign was created to provide peace of mind during an uncertain housing market. Aspiring homeowners can achieve their dreams today with confidence, knowing they have the option to get a lower rate later if the market changes.”
In announcing the promotion, Horizons CU added that not only will the campaign help homebuyers get the best rate possible, but it’s also significantly easier and less costly than refinancing.
“Refinancing can cost thousands in fees, typically 2 to 6% of the loan amount in closing costs, with copious amounts of paperwork to sign,” the credit union added.
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