Provident Launches "Portable Mortgage" Program

For_Immediate_Release:

Contact: Nadine Reda, Business Development & Communications Specialist
(650) 508-0300 Ext. 2615

For Immediate Release

Redwood Shores, CA: Provident Credit Union recently launched an innovative mortgage program, the Home-to-Home PortableSM Mortgage, which gives homeowners the ability to keep their current low mortgage rate when they move.

One of the first of its kind in the country, this new program does just what the name implies – it enables homeowners to carry their existing Provident mortgage loan rate to their next home purchase. The loan can be transferred not only once, but twice, giving homeowners the edge in the current low interest rate environment.

With today's low rates and the mobility of Bay Area residents, a Portable Mortgage is suitable for just about everyone — first-time homebuyers, those who relocate frequently and those who plan to upgrade or change homes in the future.

The Portable Mortgage can be utilized for new 5/5, 10/10 and 5/25 mortgages with Provident and the portability feature is available on moves within California. There are no upfront fees nor is there an interest rate differential for this option. It is available for both home purchases and refinancing and for primary residences as well as second homes.

"With rates on the rise, this is the perfect product for today,' noted Provident VP of Lending David Herrera.

"We are excited to be offering such a unique and advantageous mortgage loan. Once people become acquainted with the Portable Mortgage and realize how it can benefit them, I believe it will become one of our most popular real estate offerings,' added Herrera.

Provident Credit Union is a $1.2 billion full-service financial institution with 16 community branches in the Bay Area and one in Los Angeles. For several years running, Provident has been named Best Real Estate Lender in San Mateo County. The Redwood Shores-based credit union has proudly served the Bay Area for over 50 years. Virtually everyone in the Bay Area is eligible to join the credit union.