Home Mortgage Loans - 1st Advantage Federal Credit Union (2024)

Rates

We’ll help you get the best rate for your new home.

Fixed Rate Mortgages

Loan Type

Minimum Interest Rate

APR

*APR: Annual Percentage Rate. This interest rate is current as of 12/21/2023. Rates and terms based on credit criteria. Credit restrictions apply. The interest rate charged and the annual percentage rate are constant for the life of the loan. Assuming a $200,000 loan amount, a 15-year term, and a 6.188% APR, you would make monthly payments of $1,687.71. Payments are estimates only and only include principal and interest. Minimum/Maximum: The minimum refinance loan amount is $50,000. Interest rates are subject to change and are based on credit score, loan product, loan term, and loan value.

**APR: Annual Percentage Rate. This interest rate is current as of 12/21/2023. Rates and terms based on credit criteria. Credit restrictions apply. the interest rate charged and the annual percentage rate are constant for the life of the loan. Assuming a $200,000 loan amount, a 20-year term, and a 6.402% APR, you would make monthly payments of $1,461.86. Payments are estimates only and only include principal and interest. Minimum/Maximum: The minimum refinance loan amount is $50,000. Interest rates are subject to change and are based on credit score, loan product, loan term, and loan value.

***APR: Annual Percentage Rate. The interest rate is current as of 12/21/2023. Rates and terms based on credit criteria. Credit restrictions apply. The interest rate charged and the annual percentage rate are constant for the life of the loan. Assuming a $200,000 loan amount, a 30-year term, and a 6.618% APR, you would make monthly payments of $1,264.14. Payments are estimates only and only include principal and interest. Minimum/Maximum: The minimum refinance loan amount is $50,000. Interest rates are subject to change and are based on credit score, loan product, loan term, and loan value. Private Mortgage Insurance (PMI) may not be required for purchases of up to 95% LTV.

Loan Type

15-Year Fixed

Minimum Interest Rate

6.000%

APR

6.188%*

Loan Type

20-Year Fixed

Minimum Interest Rate

6.250%

APR

6.402%**

Loan Type

30-Year Fixed

Minimum Interest Rate

6.500%

APR

6.618%***

Adjustable Rate Mortgages

Loan Type

Minimum Interest Rate

APR*

*APR: Annual Percentage Rate. Fixed 6.750% / 6.434% APR for the first five years. The interest rate is current as of 12/21/2023. No Private Mortgage Insurance. Up to 80% LTV for purchases. Maximum loan amount is $510,400. After the five-year fixed-rate period, your interest rate is subject to change- up or down according to market rates at the time of reset and each five years thereafter. Offer applies to borrowers with a credit score of 720 or better depending on credit qualifications. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. The payment on a 30-year, $200,000, 5-year Adjustable-Rate Loan at 6.750% / 6.434% APR and 80% loan-to-value (LTV) is $1,297.20. Rate is variable and can increase by no more than 2% every 5 years with a lifetime maximum adjustment of 5%. Since the index in the future is unknown, the First Adjustment Payment is based on the current index plus a margin (fully indexed rate) as of the date above. After 5 years, the maximum payment is $1,573.40. Property insurance and, if applicable, flood insurance is required. These payments do not include taxes and insurance premiums. The actual payments will be greater and rates provided are based on current market rates, and are informational only. Payments are estimates and include only principal and interest. Some restrictions may apply. This rate is applicable for owner-occupied purchase of a single-family dwelling.

**APR: Annual Percentage Rate. Fixed 7.250% / 6.576% APR for the first five years. The interest rate is current as of 12/21/2023. No Private Mortgage Insurance. Up to 80% LTV for purchases. Minimum loan amount is $510,400. After the five-year fixed-rate period, your interest rate is subject to change- up or down according to market rates at the time of reset and each five years thereafter. Offer applies to borrowers with a credit score of 720 or better depending on credit qualifications. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. The payment on a 30-year, $510,000, 5-year Adjustable-Rate Loan at 7.250% / 6.576% APR and 80% loan-to-value (LTV) is $4,954.31. Rate is variable and can increase by no more than 2% every 5 years with a lifetime maximum adjustment of 5%. Since the index in the future is unknown, the First Adjustment Payment is based on the current index plus a margin (fully indexed rate) as of the date above. After 5 years, the maximum payment is $5,974.68. Property insurance and, if applicable, flood insurance is required. These payments do not include taxes and insurance premiums. The actual payments will be greater and rates provided are based on current market rates and are informational only. Payments are estimates and include only principal and interest. Some restrictions may apply. This rate is applicable for owner-occupied purchase of a single-family dwelling.

Loan Type

5/5 ARM

Minimum Interest Rate

6.750%

APR*

6.434%*

Loan Type

5/5 Jumbo ARM

Minimum Interest Rate

7.250%

APR*

6.576%**

Mortgages for Professionals

Term

Rate (as low as)

Annual Percentage Rate (APY)*

6. APR: Annual Percentage Rate. Rates and terms based on credit criteria. Credit restrictions apply. Fixed 6.250% rate/ 6.182% APR for the first five years. The interest rate is current as of 12/21/2023. No Private Mortgage Insurance. Up to 100% LTV for purchases. Minimum loan amount is $100,000 and maximum loan amount is $1,500,000. After the five year fixed-rate period, your interest rate is subject to change- up or down according to market rates at the time of reset and each five years thereafter. Offer applies to medical professionals (licensed residents/interns/fellows in MD, DO, DPM, DDS, DVM, NP, PA and other practicing medical professionals with master’s level education and above. Borrower must have a credit score of 670 or better depending on credit qualifications. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. The payment on a 30-year, $200,000, 5-year Adjustable-Rate Loan at 6.250% rate/ 6.182% APR and 80% loan-to-value (LTV) is $1,231.43. Payments are estimates and include only principal and interest. Rate is variable and can increase by no more than 2% every 5 years with a lifetime maximum adjustment of 5%. Since the index in the future is unknown, the First Adjustment Payment is based on the current index plus a margin (fully indexed rate) as of the date above. After 15 years, the maximum possible payment is $1,502.53. Property insurance and, if applicable, flood insurance is required. These payments do not include taxes and insurance premiums. The actual payments will be greater, and rates provided are based on current market rates, and are informational only. Some restrictions may apply. This rate is applicable for owner-occupied purchase of a single-family dwelling. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. Interest rates are subject to change and are based on credit score, loan product, loan term, loan value, and reserves.

7. APR: Annual Percentage Rate. Rates and terms based on credit criteria. Credit restrictions apply. The interest rate is current as of 12/21/2023. No Private Mortgage Insurance. Up to 100% LTV for purchases. Minimum loan amount is $100,000 and maximum loan amount is $1,500,000. Offer applies to medical professionals (licensed residents/interns/fellows in MD, DO, DPM, DDS, DVM, NP, PA and other practicing medical professionals with master’s level education and above. Borrower must have a credit score of 670 or better depending on credit qualifications. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. The payment on a 25 year, $200,000 fixed rate loan at 6.500% / 6.632% APR and 80% loan to value (LTV) is $1,350.41. Payments are estimates and include only principal and interest. Property insurance and, if applicable, flood insurance is required. These payments do not include taxes and insurance premiums. The actual payments will be greater, and rates provided are based on current market rates, and are informational only. Some restrictions apply. This rate is applicable for owner-occupied purchase of a single-family dwelling. The interest rate charged, and the annual percentage rate are constant for the life of the loan. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. Interest rates are subject to change and are based on credit score, loan product, loan term, loan value, and reserves.

8. APR: Annual Percentage Rate. Rates and terms based on credit criteria. Credit restrictions apply. The interest rate is current as of 12/21/2023. No Private Mortgage Insurance. Up to 100% LTV for purchases. Minimum loan amount is $100,000 and maximum loan amount is $1,500,000. Offer applies to medical professionals (licensed residents/interns/fellows in MD, DO, DPM, DDS, DVM, NP, PA and other practicing medical professionals with master’s level education and above. Borrower must have a credit score of 670 or better depending on credit qualifications. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. The payment on a 30 year, $200,000 fixed rate loan at 6.750% / 6.871% APR and 80% loan to value (LTV) is $1,297.20. Payments are estimates and include only principal and interest. Property insurance and, if applicable, flood insurance is required. These payments do not include taxes and insurance premiums. The actual payments will be greater, and rates provided are based on current market rates, and are informational only. Some restrictions apply. This rate is applicable for owner-occupied purchase of a single-family dwelling. The interest rate charged, and the annual percentage rate are constant for the life of the loan. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. Interest rates are subject to change and are based on credit score, loan product, loan term, loan value, and reserves.

Term

5/5 ARM

Rate (as low as)

6.250%

Annual Percentage Rate (APY)*

6.182%6

Term

25-Year Fixed

Rate (as low as)

6.500%

Annual Percentage Rate (APY)*

6.632%7

Term

30-Year Fixed

Rate (as low as)

6.750%

Annual Percentage Rate (APY)*

6.871%8

First-Time Homebuyer Mortgage

Term

Rate (as low as)

Annual Percentage Rate (APY)*

9. APR: Annual Percentage Rate. Rates and terms based on credit criteria. Credit restrictions apply. Fixed 6.825% rate/ 6.311% APR for the first five years. The interest rate is current as of 12/21/2023. No Private Mortgage Insurance. Up to 100% LTV for purchases. Minimum loan amount is $50,000 and maximum loan amount is $726,200. After the five year fixed-rate period, your interest rate is subject to change- up or down according to market rates at the time of reset and each five years thereafter. Offer applies to first time home buyers only. Loan must be for borrowers’ first home purchase or they have not owned a home in the last three years. Borrower must have a credit score of 640 or better depending on credit qualifications. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. The payment on a 30-year, $200,000, 5-year Adjustable-Rate Loan at 6.825% rate/ 6.311% APR and 100% loan-to-value (LTV) is $1,633.98. Payments are estimates and include only principal and interest. Rate is variable and can increase by no more than 2% every 5 years with a lifetime maximum adjustment of 5%. Since the index in the future is unknown, the First Adjustment Payment is based on the current index plus a margin (fully indexed rate) as of the date above. After 15 years, the maximum possible payment is $1,980.16. Property insurance and, if applicable, flood insurance is required. These payments do not include taxes and insurance premiums. The actual payments will be greater, and rates provided are based on current market rates, and are informational only. Some restrictions may apply. This rate is applicable for owner-occupied primary residence purchase of a single-family dwelling. Must be the borrower’s first home purchase or have not owned a home in the last three years. Automatic payment set-up is required. Borrowers must attend a virtual or in person first-time home buyer course. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. Interest rates are subject to change and are based on credit score, loan product, loan term, loan value, and reserves.

Term

5/5 ARM

Rate (as low as)

6.825%

Annual Percentage Rate (APY)*

6.3119

See all Mortgage Rates

As an expert in mortgage financing and interest rates, I can provide valuable insights into the concepts mentioned in the article you've provided. My expertise is backed by a thorough understanding of the terminology and principles involved in mortgage loans. Let's break down the key concepts in the article:

1. Fixed Rate Mortgages:

a. Loan Types:

  • 15-Year Fixed:
    • Minimum Interest Rate: 6.000%
    • APR: 6.188%
  • 20-Year Fixed:
    • Minimum Interest Rate: 6.250%
    • APR: 6.402%
  • 30-Year Fixed:
    • Minimum Interest Rate: 6.500%
    • APR: 6.618%
  • Key Points:
    • Interest rate and APR remain constant for the entire loan duration.
    • Monthly payments vary based on the loan term.

2. Adjustable Rate Mortgages (ARM):

a. Loan Types:

  • 5/5 ARM:
    • Minimum Interest Rate: 6.750%
    • APR: 6.434%
  • 5/5 Jumbo ARM:
    • Minimum Interest Rate: 7.250%
    • APR: 6.576%
  • Key Points:
    • Initial fixed rate for the first five years, then subject to market rate changes.
    • Maximum adjustment limits every five years.

3. Mortgages for Professionals:

a. Term Rate (as low as) APR:

  • Medical Professionals:
    • Fixed 6.250% rate / 6.182% APR for the first five years.
    • Up to 100% LTV for purchases.
    • Minimum loan amount is $100,000, and maximum is $1,500,000.
    • After the initial fixed period, the rate is subject to change.

4. Additional Concepts:

a. Terms and Rates:

  • 25-Year Fixed Rate: 6.500% APR 6.632%
  • 30-Year Fixed Rate: 6.750% APR 6.871%
  • First-Time Homebuyer Mortgage:
    • Fixed 6.825% rate / 6.311% APR for the first five years.
    • Up to 100% LTV for purchases.
    • Minimum loan amount is $50,000, and maximum is $726,200.
    • Rate is subject to change after the initial fixed period.
    • Exclusive offer for first-time homebuyers with specific credit score requirements.

5. General Information:

  • APR (Annual Percentage Rate):
    • Represents the true cost of borrowing, including fees.
    • Current as of 12/21/2023.
  • Credit Criteria and Restrictions:
    • Rates and terms are based on credit score, loan product, term, and value.
    • Private Mortgage Insurance (PMI) may not be required for certain LTV ratios.
  • Loan Amounts and Restrictions:
    • Minimum refinance loan amount is $50,000.
    • Maximum loan amounts vary based on the loan type.

Conclusion:

In conclusion, this article covers a range of mortgage options, including fixed-rate and adjustable-rate mortgages, tailored offerings for medical professionals, and special considerations for first-time homebuyers. The detailed breakdown of interest rates, APR, and terms helps borrowers make informed decisions based on their financial needs and goals. The information emphasizes the importance of creditworthiness and loan-specific criteria in determining eligibility and rates.

Home Mortgage Loans - 1st Advantage Federal Credit Union (2024)

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