Purchase a Home

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Features & Benefits

Fixed-rate Solutions
Adjustable-rate Solutions
Fast Preapprovals
Free, No-obligation Consultations

Pair your perfect home with the perfect loan. With flexible loan solutions, you've got options!

 

Fixed-rate Mortgages

Your rate will remain the same over the life of your loan.

Pros of a Fixed-rate Mortgage:

  • Monthly payments are more predictable than an Adjustable-rate Mortgage
  • If market rates increase, your mortgage rate will not be affected

Cons of a Fixed-rate Mortgage:

  • If market rates decrease, you'll need to apply for refinancing if you want to lower your rate

Adjustable-rate Mortgages (ARMs)

ARMs typically offer a lower initial rate than a Fixed-rate Mortgage. After a specified number of years, the initial rate becomes variable and may adjust periodically with the market.

Pros of an ARM:

  • Because the initial rate is fixed at a reduced rate, initial payments are predictable and typically lower than a comparable Fixed-rate Mortgage
  • If market rates increase, rate caps protect you from extreme increases to your rate and monthly payments
  • If market rates decrease, you'll enjoy lower monthly payments without needing to apply for refinancing

Cons of an ARM:

  • Payments can vary after your initial fixed rate expires

Learn more about Adjustable-rate Mortgages from the Consumer Financial Protection Bureau's "Consumer Handbook on Adjustable-Rate Mortgages".

Rates

Term Rate As Low As APR1 As Low As Points Payment Per $1,0002
30 -Year 6.250% 6.365% 0% $6.19
20 -Year  6.000% 6.150% 0% $7.21
15 -Year 5.750% 4 5.938% 0% $8.37
10 -Year 5.750% 6.016% 0% $11.08
Effective Date: September 26, 2022
Membership eligibility is required.
1: APR (Annual Percentage Rate) assumes $150,000 financed with a loan-to-value (LTV) of 80% or less and a downpayment of 20% for borrowers with excellent credit (740 or higher). Mortgage rates valid daily. Rates and terms are subject to change at any time and without notice; additional restrictions may apply. Published rate may be adjusted based on other factors, including but not limited to, when your rate is locked, occupancy status, loan purpose, loan amount, credit score, debt to income ratio, and loan to value.
Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $0. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $0. Your actual APR may be different depending upon these factors.
2: Actual payments will be higher with taxes and insurance, which will increase your actual monthly payment.

Term Rate As Low As APR1 As Low As3 Points Payment Per $1,0002
3 -Year 5.250% 5.358% 0% $5.56
5 -Year 5.500% 5.610% 0% $5.71
7 -Year 5.625% 5.735% 0% $5.79
Effective Date: September 26, 2022
Membership eligibility is required.
1: APR (Annual Percentage Rate) assumes $150,000 financed with a loan-to-value (LTV) of 80% or less and a downpayment of 20% for borrowers with excellent credit (740 or higher). Mortgage rates valid daily. Rates and terms are subject to change at any time and without notice; additional restrictions may apply. Published rate may be adjusted based on other factors, including but not limited to, when your rate is locked, occupancy status, loan purpose, loan amount, credit score, debt to income ratio, and loan to value.
Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $0. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $0. Your actual APR may be different depending upon these factors.
2: Actual payments will be higher with taxes and insurance, which will increase your actual monthly payment.
3: Adjustment is based on the SOFR index plus margin of 2.75%. Maximum annual adjustment on 1, 3, and 5 year is 2%; maximum over the life of the loan is 6%. Maximum annual adjustment on 7 year is 2%; maximum over the life of the loan is 5%. No conversion option. Estimated monthly payments shown include principal, interest and (if applicable) any required mortgage insurance. ARM interest rates and payments are subject to increase after the initial fixed-rate period: after 3 years for a 3yr/1yr ARM, 5 years for a 5yr/1yr ARM, and 7 years for a 7yr/1yr ARM; the 1 yr indicates that the interest rate is subject to adjustment once per year after initial term).

Homebuyer Specials

You could qualify for home financing offers with Prime Financial Credit Union:

  • First-time Homebuyer: Purchase your first time with as little as 5% down and $1,000 off closing costs.
  • Community Heroes: You could qualify for a loan with as little as 10% down and no private mortgage insurance (PMI) if you work in a qualifying public service sector.

To learn more about these offers, visit our Home Loan Specials page

Member Story

"Prime succeeds where most banks fail with their great member service, minimal fees, excellent loan rates and their loan processing team."

NMLS ID 718926 - Equal Housing Opportunity. Membership eligibility is required.