NASHVILLE, Tenn. — Redstone Federal Credit Union is offering qualifying Tennessee homebuyers and homeowners refinancing their primary residences a 0.50 percentage-point discount on mortgage rates through the end of the year, the credit union said.
The limited-time promotion applies to eligible mortgage applications received from Sept. 1 through Dec. 31. Properties must be primary residences located in Tennessee, and borrowers must meet Redstone’s mortgage approval and promotional requirements.
The mortgage rate also must be locked during the promotional period, according to Redstone.
“At a time when affordability continues to be top of mind for homebuyers, a lower mortgage rate can make a meaningful difference over the life of a loan,” Ericka Gorman, senior vice president and chief lending officer at Redstone, said in a statement. “This promotion is another way Redstone is helping Tennessee families pursue their homeownership goals while providing greater flexibility in their monthly budgets.”
Conventional Mortgages Eligible
Redstone said the discount is available on conventional conforming fixed-rate and adjustable-rate mortgages that meet Fannie Mae or Freddie Mac guidelines. Qualifying refinances also are eligible.
FHA, VA, USDA and Tennessee Housing Development Agency loans are excluded, as are manufactured home, jumbo, second mortgage and land loans.
The credit union said the 0.50 percentage-point reduction can lower both monthly mortgage payments and total borrowing costs over the life of a loan. Actual savings will vary depending on the loan amount and term, the borrower’s creditworthiness and other factors.
Redstone membership is not required to apply for a mortgage, but borrowers must become credit union members before obtaining a loan, according to the credit union.
The mortgage discount cannot be combined with other promotional offers, and additional restrictions may apply.
Redstone said the promotion is part of its efforts to address housing affordability and reduce borrowing costs for homebuyers and homeowners in Tennessee.
