Questions? Call 617-758-0550 or Email TRIM@msic.org
Lock in a great rate now, and If rates drop within 5 years, just lower your rate and pay NO refinancing or closing fees!
TRIM™ is ONLY offered through select Massachusetts Credit Unions.
If you’re not already a member, now is a great time to join! Joining is fast and easy and can be done by phone!
No Refinancing Fees — How?
Unlike most mortgages with other banks, a TRIM™ mortgage will NEVER BE SOLD to another bank — it will always remain with your local Credit Union.
This not only builds a closer connection with your credit union, but also enables us to adjust your loan rate without the complications of a standard refinance.
And, because we control the loan, we can waive the closing fees associated with a refinance — typically $4,000-$6,000 and up!
Plus, you don’t have to dig up 2 years of tax returns, pay stubs, and bills — or even prove your creditworthiness yet again.
Save thousands in refinance fees and interest — not to mention a ton of paperwork — with a TRIM™ mortgage.
To request a rate reduction, simply keep an eye on current mortgage rates by checking the Primary Mortage Market Survey. If you see a lower rate, just call your credit union to request that rate and it will appear on your very next statement.
Keep in mind that your TRIM™ mortgage needs to be open for a minimum of six months before you can request a rate reduction.
1. You must make a least 6 monthly payments at the starting rate.
2. You must be current on the mortgage.
3. The property must still be your primary residence.
It is your responsibility to decide if and when to float down your interest rate — the credit union is not responsible, nor is it obligated, to inform you if and when interest rates drop.
To monitor rates, please visit the website below and refer to the “30-yr FRM” in the Primary Mortgage Market Survey (PMMS).
https://www.freddiemac.com/pmms.
Once you have made the decision to float down your rate, please contact the credit union’s Service Department. Your new, lower rate will update on the day of your communication to the credit union.
We guarantee your TRIM™ mortgage will close within 30 days of applying — provided all the necessary documentation is submitted within 7 days of completing your application.
Ask your Realtor™ for more information or find a credit union near you.
If you’re concerned about mortgage rates dropping AFTER you buy a home, we have the perfect solution: TRIM™—The Rate Improver Mortgage.
TRIM™ is a traditional 30-year fixed-rate mortgage with ONE HUGE ADVANTAGE: there’s NO FEE to refinance if interest rates drop after 6 months—which can save you THOUSANDS in refinance fees and interest.
So buy your dream home now, and stop waiting for rates to drop!
If you are a Massachusetts Credit Union and want to learn more about improving the mortgage experience for your members, click here