RATE GUARD

With our Rate Guard, you can easily lower your mortgage rate when rates drop up to four times during the life of your loan.

*Floor rate on rate modification is 3%.

Each rate modification may be made to an existing Rhode Island Credit Union fixed-rate mortgage, and the first rate modification can be made as early as 6 months after loan origination. Each subsequent rate modification can be reviewed after an additional 6 months has passed and there is a $1,500 fee for each rate modification. Rate modification is subject to change without notice and Loan modifications are subject to individual approval. Rhode Island Credit Union will not consider a rate modification under the following circumstances:· If title holder(s) on initial loan change· If title is placed in a Trust or LLC post original mortgage· If borrower(s) are not the same as initial loan· Borrower no longer occupies as primary residence· If borrower requests an extension or reduction of maturity date· Borrower has filed bankruptcy within the last four (4) years· Borrower wants to take cash out· Member is not in good standing with Rhode Island Credit Union.· 30 days late in the past 12 months on subject mortgage or any other mortgage, equity line or loan.