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Huntsville Housing Developments Announces Fannie Mae Partnership

National Mortgage Professional
Feb 25, 2001

The Associates Free Loan CustomersEric C. PeckAssociates, Freedome Loan, Mike MeyersAssociates First Capital Corporation recently announced the Freedom Loan, designed to reduce interest rates up to 2.25% for real estate loan customers who make consecutive on-time payments. "The Freedom Loan will change the face of the home loan industry by offering these rate reductions," said Mike Meyers, Associates First Capital Corporation Senior Vice President of Consumer Marketing. The Freedom Loan, made public Jul. 1, is available to all customers across all credit grades. Rate reduction of one-half of one percent is given to customers who make 12 consecutive on-time payments. After an additional 12 consecutive on-time payments, the rate is reduced by three-quarters of one percent. Over the course of three years, customers who abide by the guidelines of the Freedom Loan can receive a total rate reduction of up to 2.25%. "Once a consumer earns a rate reduction, they never lose it," noted Mr. Meyers. For example, a customer with a 15-year loan of $50,000 with an 11.99% APR would save approximately $10,000 in interest over the life of the loan. The Freedom Home Loan allows Associates First Capital Corporation to enjoy a longer relationship with customers. The unique features of The Associates Freedom Home Loan differentiate it from other products in the marketplace, and by rewarding customers who pay on time, The Associates will lower costs in terms of collections and delinquencies-a benefit to both The Associates and the consumer. "For most borrowers, the only recognition they get for paying their loans on time is the payment received notice on their monthly statement," remarked Mr. Meyers. "We are trying to do something that goes beyond that." For more information on The Associates Freedom Loan, call (800) 841-3875.
Published
Feb 25, 2001
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