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Program Rate APR 30 Year Fixed-Rate 4.250% 4.375% 20 Year Fixed-Rate 4.125% 4.250% 15 Year Fixed-Rate 3.750% 3.900% 30 Year Jumbo 5.500% 5.850% FHA 30 Year Fixed-Rate 4.750% 5.487% Conv 5/1 ARM 4.375% 4.647% *Rates as of 9/2/2010 CDC FCU Mortgages:
· Thirty Year Fixed Rate – The traditional 30-year fixed rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed rate loans are generally not that much more expensive than adjustable rate mortgages, and may be a better deal in the long run because you can lock in the rate for the life of your loan. · Fifteen-Year Fixed Rate Mortgage - This loan is fully amortized over a 15 year period and features constant monthly payments. It offers all the advantages of the 30 year loan, plus a lower interest rate - and you'll own your home twice as fast. The disadvantage is that, with a 15 year loan, you committ to a higher monthly payment. Many borrowers opt for a 30 year fixed rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the different in interest rates aren't that great. · Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM) - These increasingly popular ARMS - also called 3/1, 5/1 or 7/1 - can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs. · FHA (First-Time Homebuyer Program) – An FHA loan is a federal assistance mortgage loan in the United States insured by the Federal Housing Administration. The loan is only issued by federally qualified lenders and has standard guidelines that protect the homeowner with a sufficient amount of homeowners insurance. This loan is similar to a traditional fixed rate mortgage, but has a higher interest rate due to the private mortgage insurance coverage provided by the Federal Housing Administration. If you're a first time homebuyer and cannot afford a large down payment on your home, this loan may be a great option for you. · Jumbo Loan - This loan is made above the industry-standard definition of conventional conforming loan limits. The standard is set by the two largest secondary market lenders, Fannie Mae and Freddie Mac. The loan reflects average loan sizes nationwide. Currently, the maximum dollar limit is set at $417,000, or $625,000 in Alaska, Hawaii, Guam and the U.S. Virgin Islands. The average interest rate is typically higher, but is treated as a 15-year conventional fixed rate or 30-year fixed rate mortgage. · Second Mortgage – A second mortgage typically refers to a secured loan (or mortgage) that is subordinate to another loan against the same property. In most cases, a second mortgage takes the form of a home equity loan. Equity Lines of Credit: · Variable Payment Plan · Access up to 100% of your equity · Access your equity line of credit via credit card or check
CDC FCU launches “Buy and Build” Program Georgia Dream Homeownership Program for first-time Homebuyers Mortgage Glossary Back to Top |
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