This program is designed for our clients to help them save thousands of dollars over the term of their loan. The Adjustable Rate Savings Plan Program Works as follows:
Drew Mortgage Adjustable Rate Savings Program
You will obtain a mortgage at a low adjustable rate for a short period, usually either 3 or 5 years. Drew Mortgage will refinance your property prior to the interest rate adjusting. The goal is to maintain a low average rate and not allow the rate to adjust upwards. You pay mostly interest at the beginning of a mortgage, so we are educating you that it is in your best interest to keep the rate low, and not just pay interest.
Drew Mortgage charges 1 point of the loan amount as a one-time fee plus closing costs. This fee is only charged to clients who enroll in this plan. The fee is tax deductible on a purchase and may also be tax deductible on a refinance. All successive refinances will be subject to the Drew Promise, our exclusive No Points/No closing cost program. You should review the Drew Promise for all applicable guidelines pertaining to the program.
Why pay for 30 years of Stability by taking a fixed rate when you will not be in the house for a long period of time? The savings can be used to pay down principal or invest your money.