Rain Rain Go Away
Our research suggests that this is a time when people are buying and selling homes. Is that true for you too? It's an exciting time! We've got a few things ready for folks looking for help with closing costs and those doing some home improvements this spring.
May Offers
Get prequalified for buying a home with OwnersChoice and we’ll pay the closing costs on applications received through the end of July.
Get double points with home improvement purchases using your Visa credit card. Cash in points for $$$, special rates, & so much more!
Most Commonly Asked Questions in May
Q: I see you are offering no closing cost for home equities – would I qualify for a home equity if I am doing a home renovation but the projects are not all going to be done at once, I am planning to use a different contractor for different parts of the project, so how would the loan work?

A: We offer a Home Equity line of credit which would allow you to take advances from the credit limit, pay for the project and then determine if you want to lock in the rate or keep it variable. The excess funds would be available but you would not be paying interest until you access the funds.

Here’s an example: the HELOC line is $50,000, you have a kitchen renovation which costs $20,000, the contractor wants $5000 to start, another $10,000 when the project is 50% complete and the balance when the job is done. The credit line allows you to take $5000, 10,000 and then 5000 and with the project being complete you can now opt to keep the loan for $20,000 variable or decide to have it be a fixed rate. The extra $30,000 is available whenever you want to access it and you are not paying any interest on it until you access it.  
Q: Can I use scorecard points to increase the rate on my certificate of deposits and will it really make a difference in this low rate environment?  

A: Yes, here is an example of the difference using scorecard points to increase the rate can make on your certificate in a low rate environment:

  • $1000.00 in a regular savings account earning .05%, yields $.50 in dividends at the end of a year.  

  • $1000.00 in a 1 year term certificate with scorecard points 1.50% ; yields $15.00 dividends an increase of $14.50 in earnings.  

Make sure to take advantage of these offers while they last! Have a great month, and we'll see you soon.

Edge Team