Interest free for Three

July 19, 2020

Our lender understands that these are times of uncertainty, and our customers might be stressed and hesitant to make purchases right now… They’d like to help!

Introducing our new “Interest-Free for Three” promotion provided you by one of our lenders, who will pay the interest for our customers for three months (for a total of 90 days) on new mortgage applications. Homeowners will only be responsible for making principal payments, providing relief by significantly decreasing their mortgage payment for three months.

Here’s an example of how it works. With a $400,000 mortgage at a 2.19% 5-year fixed rate and 25-year amortization, the regular payments would be: $1,730.70. For the first 90 days of the new mortgage, the lender will cover the interest and you, the customers pocket the difference. Interest portion paid by the lender:

• Month One: $726.69

• Month Two: $724.87

• Month Three: $723.04

Total Savings for the Customer: $2,174.60 *

* For illustration purposes only, based on monthly payments. Rates are subject to change at any time without notice.

​Clients can keep these cost savings in their pocket to provide some relief during these times, or use them to improve their financial situation later. For example, they could:

• Use the savings to manage other debts that are less flexible

• Use it toward other purchases instead of using their credit

• Apply the savings as a lump sum payment against their mortgage after the three months are up, save additional interest costs and reduce their amortization by an extra two months!

Please feel free to reach out to us to find out more details!