Merix Financial has taken the lead in the variable-rate market by offering prime + 0.40% on its Adjustable Rate Mortgage (ARM).
This is the lowest nationally-available variable rate we’ve seen since last fall. It also significantly undercuts all the big banks.
The news is especially impressive because Merix is a non-bank lender. It does not have the benefit of deposits, which the big banks are using as a low-cost way to fund their variables.
Merix’s ARM is available through Merix-approved mortgage planners only. It can be converted at any time to one of Merix’s best discounted fixed-rate mortgages. It also comes with a 120-day rate hold for purchases and switches, and 60 days for refinances.
Please contact a mortgage planner for complete details.