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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%.
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