Mortgage Harmony Corp., Tysons Corner, Va., announced that CMG Mortgage Insurance Co. has agreed to provide private mortgage insurance for its self-adjusting HarmonyLoan.
The HarmonyLoan, which is being piloted by a handful of Washington area credit unions, allows members to reset their mortgage interest rate with just one click of the mouse. With the HarmonyLoan, homeowners may adjust their interest rates as the market changes, without the expense and hassle of a traditional refinance or new mortgage.
By providing private mortgage insurance for the HarmonyLoan, credit union customers can make lower downpayments.
CMG Mortgage Insurance is a member of the CUNA Mutual Group of companies, and the leading provider of private mortgage insurance products and services for credit unions nationwide.
"Giving credit union members the opportunity to have more involvement with their mortgages is an outstanding advantage in light of the uncertainty many homeowners have faced in recent years,” said Joel Luebkeman, CMG MI's director of marketing and product development.
CMG Mortgage Insurance is not affiliated with CMG Mortgage of San Ramon, Calif.
