Fixed Rate Mortgages
The traditional fixed-rate mortgage has a constant interest rate and monthly payments that never change. These loans provide peace of ming because you can lock in the rate for the life of your loan. Terms available are 30, 20, 15 & 10 year loans. The longer term loans will have the lowest monthly payment, however shorter term loans typically have a lwer interest rate.
15/15 ARM Loan
Our 15/15 ARM loan is a conventional 30-year mortgage that is fixed for 15 years and is subject to a one time re-pricing at the end of the initial 15-year period. This loan is approved and serviced in-house by Del Norte Credit Union. It is not limited to Fannie Mae’s maximum loan amount, and has expanded approval criteria.
Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These increasingly popular ARMS can offer lower interest rates and a fixed payment for a period of time. For example, a "5/1 loan" has a fixed monthly payment and interest rate 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 the adjustment period begins.
Home Equity Line of Credit (HELOC) - A home equity line of credit is a form of revolving credit in which your home serves as collateral. Because a home often is a consumer’s most valuable asset, many homeowners use home equity credit lines only for major items, such as education, home improvements, or medical bills, and choose not to use them for day-to-day expenses. Home equity lines of credit typically involve variable rather than fixed interest rates.
10 & 15 Year Fixed Second - These are traditional fixed-rate second mortgage that has a constant interest rate and monthly payments that never change. This may be a good choice for debt consolidation or a large one-time expense.
Talk to one of our Real Estate Lending Professionals to help you find the best product for your individual needs.