Provident Credit Union

Provident's movable mortgage allows a member to transfer the current rate and terms (balance at pay-off, margin, etc.) of their existing pcu home loan to their new home purchase. If buying up and the member needed more than the existing balance to complete the purchase, provident would blend the terms of their existing mortgage with rates and terms currently offered on our rate sheet for any shortage in loan amount. Typically used in a rising rate environment, the net effect would be a lower rate to the member.

Provident has a program to modify rates on certain portfolio mortgage loans allowing members to benefit from rate drops without going through a complete refinance process.