1st Security Bank Announces Its Participation in Fannie Mae's RefiNow Program

Rhea-AI Summary

1st Security Bank has announced its participation in Fannie Mae's RefiNow program aimed at helping low-to-moderate income homeowners refinance their mortgages. This initiative targets homeowners earning at or below 80% of the area median income, enabling them to secure lower interest rates and reduce monthly payments. The program is accessible to eligible borrowers with Fannie Mae loans serviced by the bank across Washington, Oregon, Idaho, Montana, Arizona, and California. This move reflects the bank's commitment to supporting community members in financial need.

Positive

• Participation in Fannie Mae's RefiNow program expands refinancing options for low-to-moderate income homeowners.
• Enables eligible borrowers to lower their monthly mortgage payments.

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• None.

MOUNTLAKE TERRACE, Wash., July 28, 2021 /PRNewswire/ -- 1st Security Bank ('the Bank') announces that it is participating in Fannie Mae's low-to-moderate income refinance program called RefiNow through its Home Lending division.

RefiNow makes it easier for eligible homeowners earning at or below 80% area median income (AMI) to refinance at a lower interest rate and reduce their monthly mortgage payment.

"We are excited to be able to offer this program to help those who weren't previously able to qualify for a lower rate and payment," said Donn Costa, Executive Vice President of Home Lending at 1st Security.

RefiNow will be available to those who have loans at Fannie Mae that are serviced through 1st Security Bank, as well as to all homeowners who have an existing Fannie Mae loan, and whose property is located in Washington, Oregon, Idaho, Montana, Arizona or California. 

ABOUT 1ST SECURITY BANK OF WASHINGTON
1st Security Bank of Washington, member FDIC and Equal Housing Lender, provides loan and deposit services to customers at its twenty-one branches, and mortgage services at each branch as well as lending offices in the greater Puget Sound area and the Tri-Cities. FS Bancorp, Inc., a Washington corporation, is the holding company for the Bank.

MEDIA CONTACT
Donna Jacobson
VP, Director of Marketing
E: donna.jacobson@fsbwa.com 

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SOURCE 1st Security Bank

FAQ

What is FSB's participation in Fannie Mae's RefiNow program?

FSB is participating in Fannie Mae's RefiNow program to help low-to-moderate income homeowners refinance at lower rates.

Who qualifies for the RefiNow program through FSB?

Homeowners earning at or below 80% of the area median income who have existing Fannie Mae loans can qualify.

In which states is the RefiNow program available?

The program is available in Washington, Oregon, Idaho, Montana, Arizona, and California.

What are the benefits of the RefiNow program?

The program allows borrowers to refinance at lower interest rates, thus reducing their monthly mortgage payments.

When was the announcement made about FSB's participation in RefiNow?

The announcement was made on July 28, 2021.