KeyPoint Credit Union Blog


From CEO, Brad Canfield

Ready to Pay Off Your Mortgage? Check Out the Finish Line Loan

When you think about it, a mortgage is a bittersweet thing. On one hand, your mortgage is an indication of many positive happenings in your life: you are a homeowner, your credit is good enough to secure a mortgage from a lender, and you are enjoying the American style of life common to Silicon Valley. As a software engineer new to this country, a mortgage often is proof that you are making it in America.
On the other hand, a mortgage is a tremendous responsibility that often affects many other decisions in your life. You may feel pressured to stay at a job solely because your salary pays for your mortgage. Maybe you hold off on buying a car or taking a vacation because there isn’t enough money in your budget after you pay your mortgage.
The sooner you pay off your mortgage, the sooner you enjoy greater financial freedom. This is true both for people still working and those heading into retirement. Imagine the burden lifted when you own your home free and clear. And if you ever sell your Bay Area home, you’ll realize greater profits.

KeyPoint Helps You Reach the Finish Line with Your Mortgage

With this in mind, KeyPoint Credit Union offers the fixed rate Finish Line Loan, designed to push people toward complete home ownership more quickly. You can refinance your first mortgage with this loan, get a lower rate and shorten the term of your mortgage so you’re not paying so much money in interest charges over the life of the mortgage. It’s most popular to refinance a first mortgage from a longer term to one of 3 to 15 years. With an annual percentage rate of 2.99%, homeowners often find they’ll pay nearly the same amount each month (or even less!) on their refinance as they did their original mortgage because of this lower, fixed interest rate.
Pay the same amount each month for a shorter period of time? It’s a no-brainer. Plus, the Finish Line Loan is available with no points, no fees and no closing costs. You can borrow as much as $500,000 in the process, and if you need it, you also can refinance into terms of 16 to 30 years.
If you’re a software engineer from India, you may not want to be saddled with a traditional mortgage term of 20 to 30 years. Consider how the Finish Line Loan can help you by using our charts to compare how your monthly payments could change with a different term. The Los Angeles Times also presented different financial scenarios to illustrate your potential savings.
And if you’re close to retirement, there’s definitely appeal in getting rid of as much debt as possible before your current income flow is altered. You can apply for a Finish Line Loan today and, as always, we’re here to answer any questions you might have.


  • Mortgages
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