Take control of your finances with SECU’s LoanFlex program!
LoanFlex is a powerful tool that allows you to reset your mortgage interest rates and auto loan payments without the need to refinance.
Reset your adjustable rate mortgage (ARM) interest rate and monthly auto loan payments, without having to visit a branch and sign papers—the entire process is paperless! LoanFlex offers two features that give you the ability to reset rates and payment terms to suit your lifestyle. You can use LoanFlex for just one or for both of these types of loans.
- Mortgage LoanFlex re-calculates your Adjustable Rate Mortgage (ARM) annual percentage rate (APR) and fixes that rate for the period of your initial ARM; there are no closing costs or appraisal required.
- Auto LoanFlex extends the term of your auto loan, thereby lowering your monthly auto loan payments; you select the term.
Whether you’re an ARM holder concerned about fluctuating interest rates, or you want a lower monthly car payment, LoanFlex gives you a simple, hassle-free process for resetting your auto or mortgage loan, quickly and easily through SECU’s Online Banking—without closing costs. Watch this short video to get the details on how LoanFlex works.
To take advantage of LoanFlex, start by logging in to Online Banking. Members with a qualifying loan will see LoanFlex buttons and links.
The process only takes a few minutes! Don’t have Online Banking? Get started here. Not a SECU member? Most Marylanders are eligible. See how easy it is for you to join.
When the Mortgage LoanFlex feature is selected, the new rate will be calculated by adding 0.50% to SECU’s current rate for the appropriate ARM. When exercising the rate reset feature, the new APR will be fixed for the period of your initial ARM (e.g. a 3/1 ARM will be reset for another three (3) years; a 5/1 ARM will be set for another five (5) years; and a 7/1 ARM for another seven (7) years). In order to exercise the rate reset feature, the loan must be in good standing with no rate resets or delinquencies within the prior twelve (12) months. The initial reset may be selected one (1) calendar year after the date your loan closed (purchase) or the date the loan funded (refinance). You may reset your ARM rate five (5) times during the life of your loan.
When the Auto LoanFlex feature is selected, the new rate will be calculated by adding an adjustment to SECU’s current rate for the new length of loan. The adjustment will range between 0.25% and 0.875% depending on the number of months added to your loan. In order to exercise the rate reset feature, the loan collateral may not be more than ten (10) years old; there must be at least twelve (12) months remaining on your loan; and the loan must be in good standing with no rate resets or delinquencies within the prior twelve (12) months. The extension must not push the loan beyond an 84 month term. The initial reset may be selected one (1) calendar year after the date your loan closed (purchase).
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