SOMERVILLE, MA (October 8, 2024) — Naveo Credit Union joins Massachusetts Share Insurance Corporation (MSIC) as one of the first credit unions to offer TRIM™. TRIM™ is an innovative, consumer-friendly mortgage product aimed at alleviating mortgage costs and fees for homebuyers if interest rates decline during a certain period of time.
With a 30-year TRIM™ fixed-rate mortgage, if interest rates drop within the first five years, borrowers will be able to float down their interest rate with no fees – allowing them to save thousands of dollars in refinance fees and interest payments. TRIM allows individuals the opportunity to get into their dream home now under the current rate environment knowing they have the opportunity to lower their payment in the future. As an added benefit, the program does not have any additional fees when compared to a standard mortgage product, nor does the borrower have to pay closing costs when they float down their payment.
“Buyers who have concerns about mortgage rates dropping after they purchase a home now have the perfect solution: TRIM™ – The Rate Improver Mortgage. TRIM™ is a smart choice for any new homebuyer,” said Jeff Lipes, Head of CUSO Operations at MSIC. “Thanks to TRIM™, borrowers can buy their dream home with the peace-of-mind knowing that if interest rates go down, so too, can their mortgage rate. In today’s uncertain interest rate environment, TRIM™ is unquestionably the right solution at the right time for homebuyers.”
“We’re excited to offer another option for our neighbors to get into their dream home. TRIM is designed to make homeownership more feasible and accessible than ever before by allowing our neighbors to buy a home today and still take advantage of a declining rate environment,” said Karen Yee, Senior Vice President and Chief Lending Officer at Naveo Credit Union.
TRIM™ mortgages are offered exclusively through select Massachusetts Credit Unions. Existing Naveo members, as well as our community members who meet Naveo’s field of membership requirement, can apply for and take advantage of TRIM™.
To learn more or to apply, visit naveo.org/trim.
(www.naveo.org): A full service, not-for-profit credit union with branches in both Somerville and Cambridge, MA, which have been serving the community for over eighty-five years. Membership at Naveo is open to anyone who lives, works or attends school in Middlesex, Suffolk and parts of Essex counties. Naveo is a 177 million dollar credit union, serving nearly 10,000 members of diverse backgrounds.
Raquel Sa
VP of Marketing & Retail
617-702-5114
rsa@naveo.org
