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How does the FRAO renewal process work within the FlexLine?
The renewal process for Fixed Rate Advantage Options (FRAOs) within the FlexLine will be similar to that of our mortgage renewal process. FlexLine customers will receive a FRAO renewal notice/agreement where customers are to select a new Subsequent Payment Term with an option to renew.
- At FRAO renewal, a customer will have the following options:
- Renew the entire FRAO into another term
- Payout the FRAO with the revolving Credit limit (if available)
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Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.