Did you know our members pay no intangible tax on Georgia properties? Banks, brokers, and other mortgage companies are required to charge for this tax. As a not-for-profit, CDC Federal Credit Union can offer discounts like this along with our passion for personal service. We’ll be with you every step of the way making the mortgage process as easy and stress-free as possible.
Fixed Rate Mortgage
A fixed rate mortgage has a consistent 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 an adjustable-rate mortgage may be better. As a rule of thumb, it may be harder to qualify for a fixed rate mortgage than for adjustable rate mortgage. When interest rates are low, fixed rate mortgages 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 mortgage.
These popular ARMS - also called 3/1, 5/1 or 7/1 mortgage loans- 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 mortgages. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.
This mortgage 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. Currently, the maximum mortgage limit is set at $417,000, or $625,000 in Alaska, Hawaii, Guam and the U.S. Virgin Islands.
Apply for Loan