Home Trust releases short-term variable products
Following last week's news that Street Capital introduced two new short-term variable mortgages, Home Trust announced the launch of one-year and three-year term variable-rate products.
"We've noticed there has been an increased demand for shorter-term mortgages because some people think that rates have not bottomed out," said Armando Diseri, vice-president of mortgage lending for Home Trust's Accelerator program. "In order to satisfy this demand and give our brokers and consumer more options, we felt introducing the one-year and three-year variable-rate mortgage was the sensible thing to do."
The products are offered through Home Trust's prime-focused Accelerator program. The features and guidelines are the same as its five-year variable-rate Accelerator product, including a prepayment penalty.
Home Trust will announce its 2009 fourth-quarter financial results on Monday.