Common Problem: High Interest Rates
Trying to wait out high interest rates before buying your next home.
“Uncommon” Solution: FreeFi Program
Our FreeFi Program allows you to buy now at current interest rates and refinance at any time in the next three years if rates come down without neeeding to pay Freedmont’s closing costs again. Yep, you read that right! If you close on a mortgage with Freedmont Mortgage Group, we’ll pay our qualifying* closing costs on any refinance intitiated by you that closes withing three eyears from the original purchase transaction.
* Subect to Program terms, conditions and eligibility.
For any borrower(s) who closes on a mortgage with radius financial group inc. (“radius”), radius will pay borrower(s)’s Qualifying Closing Costs (as defined below) on any refinance initiated by such borrower that closes within three (3) years from the original purchase transaction, subject to the following terms and conditions:
- “Qualifying Closing Costs” are closing costs charged by radius, including the origination, appraisal, and credit report fees, plus the settlement fee charged by our closing attorney, but does not include other third-party fees such as any escrows, prepaid amounts (taxes, insurance, association fees, etc.), title insurance fees, recording fees, and other fees charged by third parties.
- Full offer: The new interest rate available to the borrower(s) after closing borrower(s)’s first transaction must have improved by at least a half point or 50 basis points (0.50%) in order to qualify for the full offer; or
- Half offer: If the new interest rate available to the borrower(s) after closing borrower(s)’s first transaction has improved by at least a quarter point or 25 basis points (0.25%), then radius will pay $1,500 towards Qualifying Closing Costs.
- The borrower(s) on the subsequent transaction must be the same as on the original transaction;
- The borrower(s) must be “current” (meaning that all payments have been paid in full not later than when they were due) on the last six (6) months of mortgage payments on the original transaction;
- This program is only available for refinance transaction that occur within thirty-six (36) months from the closing date on the original purchase transaction
- The minimum eligible loan amount is two-hundred thousand dollars ($200,000);
- This program is not available on cash-out transactions;
- This program is only available for loans closing on or after July 1, 2022;
- This program is not available on transaction where the Loan-to-Value for new loan meets or exceeds 90% based on the newly appraised current value of the applicable property; and
- New loan must meet all current Government Sponsored Entities or Government National Mortgage Association guidelines.
Keep in touch with your Loan Officer to ensure you take advantage of this program. Present this offer to your Loan Officer within three years of closing on your mortgage transaction to see if you qualify.