Which loan best suites my lifestyle?

Whether you are purchasing your first home or refinancing your current residence, the Credit Union is committed to finding the best loan product for your financial needs. While there are a wide variety of home loans available, it can be a bit confusing trying to find which one is best for your specific situation. Some people want the safety of knowing that their payments will never rise during the life of the loan, and for this, they are willing to pay more for the peace of mind that comes with a Fixed Rate Fully Amortizing Loan.

If the idea of a fixed rate appeals to you, but you would like the benefit of a lower interest rate, the Initial Fixed Rate ARM might be the right loan product for you. This loan has an initial fixed rate for 3 or 5 years that on average is lower than the 30-year fixed rate loan. When the initial fixed rate period is over, the loan automatically converts to a 1-year Adjustable Rate Mortgage (ARM).

For others who are willing to "Play the Market" and are more at ease with intermittent changes in their monthly payments, an ARM may be the best option. An Adjustable Rate Mortgage offers less payment stability but allows you the benefit of lower initial payments.

Schools Financial Credit Union offers an extensive array of home loans and Special Loan Programs, including 100% Financing (purchase only) and Streamline Refinance. Our loan counselors are available to answer any specific questions that you may have, or you can click on any product name for more detailed information.

Schools First Mortgage Programs

Fixed Rate First Mortgages
· 15- & 30-year Conforming/Jumbo
· Interest rate and monthly payments are fixed throughout the term of the loan.
· See today's rates.

Initial Fixed Rate ARM
· Initial fixed rate loan automatically converts to a 1-year adjustable rate mortgage. Fully amortizing, 30-year term.
· See today's rates.

Adjustable Rate First Mortgages
· Initial rate mortgages that adjust every 6 months or annually. Adjustments are limited to 2% a year and 6% over the life of the loan.
Please call a Schools real estate loan counselor for details.

Special Loan Programs
Minimum down payment programs to assist in home buying and reduced fees to assist in refinancing. Please call a Schools real estate loan counselor for current rates and other details about our special loan programs. Higher rates and / or fees may apply.

HLPR Program (Purchase transactions only)
-3/1 Fixed to ARM loan with a 1% maximum rate cap annually after first three years and a maximum 5% rate cap for the life of the loan. Rate is set monthly to be one percentage point below the national average for 3/1 ARM loans. Applicant’s income can not exceed the median income for their County. Members can borrow up to 100% of the purchase price of the home, and no Private Mortgage Insurance (PMI) is required. Owner Occupied, Single Family Dwellings only.

Streamline Refinance Pricing
-Refinance your 1st mortgage with reduced fees