Professional help from your credit union
Community Financial can help you lower your monthly mortgage payments so you'll have more money in your pocket to make your house a home. Consider these options than contact a Mortgage Specialist for a personalized payment quote.
Adjustable Rate Mortgages (ARMs)
Community Financial offers 1,3 and 5 year Adjustable Rate Mortgages to give you the flexibility of a lower rate and payment for the initial term. Click here for payment examples.
Once your initial term ends, the rate can change periodically for the remainder of the loan. Your payment may increase or decrease depending on the index and margin used to calculate the new rate.
All adjustable rate mortgages offer:
- A Maximum Loan to Value of 95%
- Variable rate loans re-priced annually based on the 1 year CMT + 2.75% and 30 year terms.
- Annual Cap: 2.0%, Lifetime Cap: 6.0%
- The current annual percentage rates (APRs), and points are subject to change without notice.
- Click here for payment example.
- Your APR will vary based on your final loan amount and finance charges.
If you are confident that your income will increase steadily or if you plan to move in a few years, than an ARM may be a good loan for you.
Balloon Mortgages
Balloon Mortgages are short term loans with low payments that do not pay off the balance in the specified period of time. At the end of the balloon term, the unpaid balance can be paid in full or financed into a new loan. You can choose a balloon term up to 7 years. Click here for payment example.
If you are financing a vacant piece of land or anticipate refinancing in a few years, than a balloon loan could be right for you. Click here to check current rates and submit an online application. Or, call to discuss your options with a Mortgage Specialist.
Interest-Only Payments Options
Reduce your monthly payments with a Community Financial Interest-Only loan. Instead of paying principal and interest on your mortgage each month, an interest-only loan lets you defer principal payments during the elected initial term. This gives you the flexibility to pay down on the principal when you choose, and may also help to qualify you for a larger loan.
Keep in mind that making interest-only payments will not decrease your loan amount. If the value of your house decreases, you could owe more than your home is worth, which is problematic when it becomes time to sell. On the other hand, if the value of your house increases, you can build equity without making principal payments. Your financial advisor can help determine if this is the right loan for you. |
