Holy Rosary Credit Union

This "traditional" type of loan maintains its original interest rate throughout the entire life of the loan. (Any change in monthly loan payments will be due to increases in other charges like insurance or taxes that will naturally occur over time.) Fluctuations in market rates, over the term of your loan, won't have any impact on the amount of interest you pay because that rate is already "fixed."

A Fixed-Rate Mortgage Loan May Be A Good Choice If You:

Want the security of knowing your interest rate will not change, nor will your monthly payment, unless property tax and insurance amount change?
Plan to stay in this home for several years
Don't expect your income to increase significantly in the coming years Fixed-Rate Mortgage Loans come in various terms such as 10, 15, 20 or 30 years. In determining the length of your loan, you may want to consider total amount of interest you want to pay over the course of your loan.

For example, the total cost of a 30-year loan in terms of the interest paid on the loan is higher than the total cost of a 10, 15, or 20-year loan. With a 30-year loan, you have the advantage of lower monthly payments due to the longer loan term. With a 15-year loan, you have the advantage of repaying the loan more quickly with higher monthly loan payments. If you can afford to pay more per month, you reduce the number of months you have to pay. Also, choosing a 15-year term will save you thousands in interest charges vs. the typical 30 year term. Another option to decrease the amount of interest you pay is to get a 30-year loan, so you don't lock yourself into higher monthly payments, but then you can pay a little "extra" each month towards the principal when you are able to do so.

Why refinance? It may make sense if you can lower your interest rate or if the value of your home has increased. Refinancing can be a helpful tool for home improvement, debt consolidation or simply lowering your monthly payment.

Reasons to refinance:

Switch from an adjustable rate loan to a fixed rate mortgage
Change from one adjustable rate loan to another to lower your monthly payment
Reduce your interest rate and your monthly payment
Build equity faster by shortening the term of your loan to 15 or 20 years

An Adjustable-Rate Mortgage, or ARM, is a home loan with an interest rate that can change periodically. This means that the monthly payments can go up or down. Generally, the initial interest rate is lower than that of a comparable fixed-rate mortgage. After that period ends, interest rates — and your monthly payments — can go lower or higher.

An Adjustable-Rate Mortgage may be a good choice if you:

Want to maximize your buying power
Want to keep your payments lower during the first few years of your loan
Plan to move into a different home within the next ten years
Plan to pay-off your mortgage within the next ten years
Expect your income to increase significantly in the next few years

Loan Options

CONVENTIONAL FIXED-RATE MORTGAGES

Want the security of knowing your interest rate will not change, nor will your monthly payment, unless property tax and insurance amount change?

Plan to stay in this home for several years

Don't expect your income to increase significantly in the coming years Fixed-Rate Mortgage Loans come in various terms such as 10, 15, 20 or 30 years. In determining the length of your loan, you may want to consider total amount of interest you want to pay over the course of your loan.

REFINANCE

Switch from an adjustable rate loan to a fixed rate mortgage

Change from one adjustable rate loan to another to lower your monthly payment

Reduce your interest rate and your monthly payment

Build equity faster by shortening the term of your loan to 15 or 20 years

5/5 ARM

Want to maximize your buying power

Want to keep your payments lower during the first few years of your loan

Plan to move into a different home within the next ten years

Plan to pay-off your mortgage within the next ten years

Expect your income to increase significantly in the next few years

I'm Ready To Get Started