Features & Benefits
$250 Off Closing Costs*
Receive $250 off home loan closing costs with code CELEBRATE250 at time of application. First-time homebuyers may qualify for up to $1,250 off closing costs when combined with the first-time homebuyer special.
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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, Terms & Payments
Term | Rate As Low As | APR1 As Low As | Points | Payment Per $1,0002 |
---|---|---|---|---|
30 -Year | 6.000% | 6.113% | 0% | $6.03 |
20 -Year | 5.750% | 5.899% | 0% | $7.07 |
15 -Year | 5.500% | 4 5.686% | 0% | $8.24 |
10 -Year | 5.500% | 5.765% | 0% | $10.95 |
Term | Rate As Low As | APR1 As Low As3 | Points | Payment Per $1,0002 |
---|---|---|---|---|
3 -Year | 5.500% | 5.610% | 0% | $5.71 |
5 -Year | 5.750% | 5.861% | 0% | $5.87 |
7 -Year | 5.875% | 5.987% | 0% | $5.95 |
10 -Year | 6.000% | 6.113% | 0% | $6.03 |
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
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