Wright Mortgages

Head into retirement
with no mortgage debt!


Who is it for?

This could be a great time to RETIRE YOUR MORTGAGE if you:

  • Are nearing retirement and want to retire with no mortgage debt – or anyone who wants to refinance now to save money and reduce your monthly payment
  • Still have 10-20 years to pay on your mortgage
  • Have a credit score of 660 or higher
  • Have a mortgage that doesn’t exceed 60% of the home’s appraised value
  • Want to reduce your monthly payment and save money over the life of the loan

Refinance your mortgage now and save! It’s easy when you refinance with Wright-Patt Credit Union.


What are my options?

An easy way to RETIRE YOUR MORTGAGE with two ways to save on your refinance:

  • 10-Year Fixed term mortgage now
    just 3.00% – 3.073% APR* 
  • 5/5 ARM just 3.000%1 – 3.073% APR*

Rates are as of 9/29/14 and are subject to change weekly. Apply now to lock in your rate!


Here's an example of how you can save!

A member took out a $150,000 30-year fixed loan 20 years ago and has 10 years left to pay. They still owe $78,447 at 5.5%, and their monthly payment is $852.


If they RETIRE THEIR MORTGAGE by refinancing with WPCU, using a 10-Year Fixed rate option, at 3.5%2 and finance the closing costs, they will lower their payment to $785, and save $8,911 in interest on the life of the loan! You can save even more if you keep your old payment – you’ll pay down your principal even quicker.

The chart below shows the savings in this example.

  CURRENT MORTGAGE 10 YEARS REMAINING RETIRE YOUR MORTGAGE
Rate 5.5% 3.5%2
Monthly Payment $852 $785
Interest Paid $23,725 $14,814

Sample payment is based upon a $150,000 loan amount, 3.5%2 10-year fixed rate option, maximum loan to value ratio of 60%, and 120 monthly principal and interest payments of $785.00. Rate listed is for first lien mortgages on owner-occupied single family residences only. Payment amounts shown do not include property taxes or property insurance. Not available in all states, and other restrictions may apply. All loans subject to credit approval and property appraisal.


What about closing costs and fees?

Wright-Patt always helps members borrow smarter. This chart compares our two RETIRE YOUR MORTGAGE rate and term options compared to a standard 10-year fixed mortgage. You can clearly see that you’ll save on your total closing costs. You’ll keep $879 in your pocket! That’s smart!

  STANDARD  RETIRE YOUR MORTGAGE  RETIRE YOUR MORTGAGE 
  FNMA 10-year fixed 10-year fixed  5/5 ARM - 10-year term 
Rate 3.750% 3.125%*  3.000%1
APR N/A 3.170% 3.042% 
Appraisal Fee $350.00 $200.00  $200.00 
Credit Report Fee $20.00 $20.00  $20.00 
Lenders Title Insurance $240.00 $0.00  $0.00 
Recording Fee $130.00 $130.00  $130.00 
Flood Certification $9.00 $9.00  $9.00 
Tax Service Fee $70.00 $70.00  $70.00 
Title Binder $50.00 $0.00  $0.00 
EPA Endorsement $75.00 $0.00  $0.00 
Processing Fee $524.00 $190.00  $190.00 
Title Examination $195.00 $250.00  $250.00 
Survey Endorsement $50.00 $0.00  $0.00 
Shipping & Handling $15.00 $15.00  $15.00 
Express Mail Fee $15.00 $15.00  $15.00 
Closing Protection Letter $35.00 $0.00  $0.00 
Total Closing Costs $1,778.00 $899.00  $899.00 

 

Save better. Borrow smarter. Learn a lot!


*NOTE: Promotional rates listed are as of 06/18/12. Rates are subject to change weekly. Loan amounts above $250,000 require a full appraisal (a credit union cost) and title insurance (borrowers cost). Loans over $417,000 have a 0.50% rate increase.
1The annual percentage rate is subject to change or increase.
2For this example, we randomly chose a 10-year fixed rate of 3.5%. Check with a Mortgage Originator to confirm the current rate. Rates are subject to change weekly.

 

Mortgage loans processed and underwritten by myCUmortgage, LLC. - a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal. Restrictions apply. Available for qualifying member with credit scores of 660 and above. 60% loan value limit. Primary residence only. $899 closing costs. Mortgage requires closing with Hallmark Title LLC to receive reduced closing costs.

Equal Housing Lender

Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal. *APR = Annual Percentage Rate

 

©2014 Wright-Patt Credit Union, Inc. All Rights Reserved.

 

Wright4U Rate Ticker |
Product Rate APR*
30-yr fixed 4.250% 4.493%
15-yr fixed 3.375% 3.789%
View Full Rate Sheet