I manage a used car dealership, primarily my job is to offer and arrange financing for our customers, my banks and credit unions from time to time will fax me other rate specials such as mortgage rates along with their regular auto rate sheets. Here recently Midwest America FCU, a credit union based out of Fort Wayne Indiana, former GE Employees credit union is offering a 3.69% mortgage product with a $369.00 closing fee with a max term of 10 years! Naturally I was all over that, seeing as how my bank has my mortgage at 6.50% for 20 years, commerical rate, since I own a multi family dwelling. I called to inquire about this rate special, its serviced inhouse and they keep your mortgage inhouse for the full 10 year term, to me its a no brianer, first thing I did was call and talk to a branch manager to make sure my property qualified, and to my suprise it does, because, its owner occupied, and its less than 4 units! I went ahead and applied over the phone, the loan officer just asked some basic questions and submitted my app, they pull a TransUnion 04 Auto Enhanced score, which mine came in at 694! Now mind you I just did an APR reduction with 3 Rivers FCU on my Platinum Visa and my TransUnion 04 Classic score came in at 708. I have been following up on this application for 2 days now, so far things look good! They typically like to see a 720 score and higher, but the lender has made exceptions for scores below that, with that being said, if I do get approved I will save $25,000 dollars in interest and cut 10 years off my loan! To me its a no brainer! I will keep you guys posted!
