| Current Rates |
| 30-Year Fixed Rate |
| 5.125% |
0.000 |
5.182% |
| 15-Year Fixed Rate |
| 4.375% |
0.000 |
4.414% |
| 5/1 ARM |
| 4.125% |
0.000 |
3.524% |
| 3/1 ARM |
| 3.875% |
0.000 |
3.336% |
| *Annual Percentage Rate |
|
Mortgage Options from FMFCU
FMFCU has a variety of options in which to choose for purchasing or refinancing your home. The following information about FMFCU's mortgage programs will help you make the best choice. Our experienced loan officers will be happy to help you evaluate your options.
Fixed Rate Mortgage
The interest rate and principal payment remain unchanged throughout the length of the loan. An ideal choice for those who may be in a home for five to seven years or more and can foresee no need to refinance in the first few years. We offer fixed rate mortgages with terms of 40, 30, 25, 20, 15 and 10 years.
Adjustable Rate Mortgage (ARM)
A loan with a payment that may adjust up or down based on interest rate changes. ARMs are attractive because initially they may offer lower interest rates than fixed-rate mortgages.
- When you see an ARM described as a 3/1 ARM or 3/2 ARM, the first number is the number of years the interest rate is locked in. The second number is the number of years between possible rate adjustments. These are known as hybrid ARM’s. We offer 1- year, 3/1, 5/1, 7/1 and 10/1 ARMs.
Conventional Mortgage
FMFCU is a conventional lender. A conventional mortgage is not insured by a government agency and it falls into five categories:
- Conforming loans meet the approval guidelines of Fannie Mae and Freddie Mac. The limits for these loans are reviewed annually and, if needed, changed to reflect changes in the national average price for single-family homes.
- Jumbo loans are loans too large to meet the eligibility requirements of Fannie Mae or Freddie Mac. It typically follows conforming loan guidelines and has a higher interest rate.
- Non-conforming loans do not meet the general guidelines of Fannie Mae or Freddie Mac. They allow for people who do not fit the conforming guideline model to become homeowners. FMFCU has several non-conforming loan options for members who may not otherwise be approved for a mortgage loan.
- Interest-only mortgage is a mortgage that does not require payment toward the principal for a specified period, usually 5 to 10 years, leaving the loan balance unchanged. After that period, both interest and principal are included in the monthly payment. These mortgages can be fixed or variable.
- Construction loans are loans that allow you to build your own home on your own lot. This loan has a term up to 9 months and is interest only based upon the amount of money that has been disbursed. Funds are distributed to you and your builder according to a draw schedule. As construction nears completion, you can lock in the terms of your permanent financing.
FMFCU also offers the following mortgage loan products to meet your needs:
- 3/2 ARM - our unique 3/2 ARM allows qualified members to avoid Private Mortgage Insurance (PMI) with as little as 0% down
- Piggyback Loans - you obtain two mortgages to avoid PMI
- Mortgages for Second Homes with rates that are the same as for your Primary Residence
- Investment Property Mortgages
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