Consumers have a new option in mortgage financing; the ability to take their finance terms with them when they purchase a new residence.
E*TRADE Mortgage is offering "portable mortgages" for a limited time, the company said in a press release Monday. The offer would be extended only for 30-year, fixed rate plans, a company spokesperson said, and only to individual borrowers, not brokers.
Borrowers who lock in a purchase finance with the company at today's rock-bottom rates would be able to keep the same mortgage terms when they purchase their next residence, according to the company statement. There's a website dedicated to the promotional offer; http://www.mortgageonthemove.com.
"E*TRADE Financial expects this program to drive overall purchase money product volume for E*TRADE Mortgage. We are excited to be launching another product that aligns with our mission to take advantage of market conditions and pass increased value on to consumers," said Arlen Gelbard, Chief Banking Officer and President of E*TRADE Bank, in the statement.