SOUTH PORTLAND — As part of its on-going commitment to providing mortgage refinancing options to consumers in an uncertain rate environment, Town & Country Federal Credit Union is introducing a new Mortgage Re-Fi initiative, the first-of-its-kind for a Maine-based lender. The one-time, no lender fee Mortgage Refinance program offers Town & Country mortgage-holders an opportunity to take advantage of lower rates when mortgage rates go down.
David Libby, president and CEO of Town & Country, explained the driving purpose of the new initiative, “We understand that mortgage rates are cyclical and that borrowers are, often times, at the mercy of rates when they take out a mortgage. This new initiative recognizes that, when rates drop, borrowers can request a one-time refinance of an existing Town & Country mortgage and pay no lender fees, a savings of more than $800 on top of the significantly lower closing costs we already offer. We are excited about the benefits and savings that this new, no lender-fee refinancing option will provide to borrowers. This program is certainly unique among Maine-based lenders and most national lenders, as well.”
Libby emphasized that this new initiative is not a limited-time offer and will be available as part of “our regular product offerings.” In addition to the Mortgage Refinance option, Town & Country has a suite of affordable mortgage options including closing costs that are, on average, $2,000 less than nearly every other southern Maine lender, mortgages for as little as 3 percent down, and a variety of other mortgages available. “We are aware of the challenges many people face when it comes to buying a home and we believe that affordable housing begins with affordable mortgage options. We are focused on doing all that we can to make home-buying affordable to as many consumers as possible.”
Town & Country is one of Maine’s largest credit unions and a full-service financial institution offering a wide range of financial products and services to people who live, work, go to school or worship in Cumberland and York counties. For the past three years, Town & Country has been named “Best Credit Union in the 207” and “Best Home Mortgage Lender, out of all Maine banks and credit unions, in the 207,” and was named “Best Credit Union” in the Best of Portland competition in 2023 and 2024, as well. The credit union has approximately $600 million in assets and is part of the largest branch network in the country. To learn more, visit www.tcfcu.com.
