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NO CLOSING COST (NCC) LOANS:

Financial Resources Federal Credit Union now offers a no closing cost option on most of our purchase and refinance mortgages.  Please contact a representative for more details on covered charges, fees, and rates.


100% Financing
We are happy to announce that we offer several financing options that provide up to 100% financing of the purchase or refinance price of your home.  Please contact a reprsentative for more details.

30-Year Fixed Rate Mortgage
A 30-year fixed rate mortgage provides a monthly principal and interest payment that doesn't change, amortized over 30-years. The fixed rate mortgage is the most popular loan option available today. Like all the loan programs we offer, there is no prepayment penalty - you can make extra payments monthly or pay off the loan early without penalties or fees.

25-Year Fixed Rate Mortgage
A 25-year fixed rate mortgage provides a monthly principal and interest payment that doesn't change, amortized over 25-years. The fixed rate mortgage is the most popular loan option available today. Like all the loan programs we offer, there is no prepayment penalty - you can make extra payments monthly or pay off the loan early without penalties or fees.

20-Year Fixed Rate Mortgage
A 20-year fixed rate mortgage provides a monthly principal and interest payment that doesn't change, amortized over 20-years.  By choosing a 20-year fixed rate mortgage, you'll have a monthly payment slightly higher than a traditional 30-year mortgage in exchange for a shorter loan term and lower overall interest paid on the loan.  Like all the loan programs we offer, there is no prepayment penalty - you can make extra payments monthly or pay off the loan early without penalties or fees.

15-Year Fixed Rate Mortgage
A 15-year fixed rate mortgage provides a monthly principal and interest payment that doesn't change, amortized over 15-years.  By choosing a 15-year fixed rate mortgage, you'll have a monthly payment that is higher than a traditional 30-year mortgage in exchange for a shorter loan term and much lower overall interest paid on the loan.  Like all the loan programs we offer, there is no prepayment penalty - you can make extra payments monthly or pay off the loan early without penalties or fees.

10-Year Fixed Rate Mortgage
A 10-year fixed rate mortgage provides a monthly principal and interest payment that doesn't change, amortized over 10-years.  By choosing a 10-year fixed rate mortgage, you'll have a monthly payment that is higher than a traditional 30-year mortgage in exchange for a shorter loan term and much lower overall interest paid on the loan.  Like all the loan programs we offer, there is no prepayment penalty - you can make extra payments monthly or pay off the loan early without penalties or fees.

1-Year Adjustable Rate Mortgages (ARM)
This loan has a 1-year, highly discounted rate and then the rate can change every year.  The Index for this loan is the 1-year Treasury (CMT).  Current rates may be found at http://www.federalreserve.gov/Releases/h15/update/.  The floor rate (lowest rate) is 2.250%.  This loan has a 2% adjustment cap every time the rate can change and a 6% lifetime cap (the rate can never exceed 6% of the original rate).  The margin added to the index to determine the adjusted rate (45-days prior to anniversary) is 2.75%.

3/3 ARM (Available for No Closing Cost Refinances and 100% Financing Purchases Only)
This loan has a 3-year, discounted rate and then the rate can change every 3-years.  The Index for this loan is the 3-year Treasury (CMT).  Current rates may be found at http://www.federalreserve.gov/Releases/h15/update/.  The floor rate (lowest rate) is 2.50%.  This loan has a 2% adjustment cap every time the rate can change and a 6% lifetime cap (the rate can never exceed 6% of the original rate).  The margin added to the index to determine the adjusted rate (45-days prior to anniversary) is 2.50%.

5/5 ARM (Available for No Closing Cost Refinances and 100% Financing Purchases Only)
This loan has a 5-year, discounted rate and then the rate can change every 5-years.  The Index for this loan is the 5-year Treasury (CMT).  Current rates may be found at http://www.federalreserve.gov/Releases/h15/update/.  The floor rate (lowest rate) is 2.50%.  This loan has a 2% adjustment cap every time the rate can change and a 6% lifetime cap (the rate can never exceed 6% of the original rate).  The margin added to the index to determine the adjusted rate (45-days prior to anniversary) is 2.50%.

Other Adjustable Rate Mortgage (ARM) Options:

3/1 ARM, 5/1 ARM, 7/1 ARM, or 10/1 ARM
These popular ARMS 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 subject to annual rate changes, 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.  The Index for this loan is the 1-year Treasury (CMT). Current rates may be found at http://www.federalreserve.gov/Releases/h15/update/.  The floor rate is 2.750%.  This loan has a 2% adjustment cap and 6% lifetime cap (the rate can never exceed 6% of the original rate).  The margin added to the index to determine the adjusted rate is 2.75%.

Financial Resources Federal Credit Union
520 US Highway 22 E., 1st Floor, Bridgewater, NJ  08807
Toll Free:  (800) 933-3280
Direct:  (908) 685-6579
Fax:  (908) 253-6406
mortgages@finresc.org
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