* To be eligible for the No-Refi Rate Reduction option and receive a reduction to the interest rate on your mortgage loan, you must meet all the following criteria:
1. Your loan is one of the following mortgage loan products: 10 Year Fixed Rate Mortgage, 15 Year Fixed Rate Mortgage, 5/5 Adjustable Rate Mortgage (ARM), or 10/1 ARM (including Jumbo Loans under these product types) with AllSouth Federal Credit Union (AllSouth). Cash-out refinance transactions, however, are not eligible for the No-Refi Rate Reduction option.
2. To apply: You must contact us and request the No-Refi Rate Reduction option.
3. To be eligible for the rate reduction option: (a) the new, reduced interest rate for your loan must be at least 0.25% lower than your existing rate when you request the No-Refi Rate Reduction option; (b) your loan must be current when you apply for the rate reduction; (c) your mortgage must be at least 12 months old, and you cannot have had any late or missed payments during those first 12 months; (d) if your loan is greater than 12 months old, your loan must be current when you apply for the rate reduction with no more than one monthly payment, which includes principal, interest, taxes, and insurance, that has been 30 days late or more within the last 6 months of your request; (e) any escrow deficiencies or shortages must be brought current before proceeding; (f) you do not have an active bankruptcy case pending or you have not filed for bankruptcy protection within 6 months prior to your request; (g) your loan is not in an active loss mitigation option, process, or consideration; and (h) you continue to own the property, and it is your primary residence.
4. A fee of $750.00 must be paid in full prior to execution of the No-Refi Rate Reduction option. There is a limit of one time over the life of the loan that the No-Refi Rate Reduction option can be exercised if all applicable criteria are met.
Rates and terms are subject to change without notice. Interest rates will be based on our current mortgage rates at the time of your request and the original product type of which the loan was originated under. To exercise the No-Refi Rate Reduction option, you must contact AllSouth.
You are solely responsible for monitoring AllSouth’s available rates and determining when to exercise the No-Refi Rate Reduction option, subject to the eligibility criteria identified above. To view AllSouth's current rates please visit our Rates page, call us at 803-828-5876, or visit your closest AllSouth branch.
AllSouth will only reduce the interest rate of a covered loan product under the No-Refi Rate Reduction option if all applicable criteria are satisfied at the time of your request to exercise the option and the fee is paid in full.
Exercising the No-Refi Rate Reduction option will reduce your interest rate, as well as the remaining principal and interest payments on your loan but will not modify any other terms contained in your loan documents, including the principal balance, maturity date, and any additional amounts due for escrows.
These terms and conditions do not constitute a commitment to lend, nor a guarantee that you will be approved, for a mortgage loan from AllSouth.
