Fixed to Adjustable Rate Mortgages

The answer to this question will vary depending on the type of loan for which you’re applying, as well as the lender.

As a result, the minimum credit score required will vary. While some loans, the required credit score can be as low as 500, most tend to require a score of around 620.

You must be a credit union member in order to take advantage of our loan products.

However, if you would like to take out a mortgage from us and you are not yet a member, you will join as part of completing the mortgage loan process. 

If you would like additional information about how to apply for membership , please review this page.

The typical profile of an applicant who gets a low interest rate on their loan is someone with a high credit score, a favorable (low) debt to income (DTI) ratio, and who can demonstrate a sufficient source of monthly income. 

These factors tend to help borrowers enjoy lower interest rates on their mortgages.

Generally, you will be asked to provide the following documents when applying for a home loan:

• Proof of your monthly income (i.e. pay stubs)

• Total monthly debt payments

• Your credit score from one of the major credit bureaus

• Estimate your maximum monthly mortgage payment

• The amount of your down payment 

• Gift letter if you plan to get help from friends or family to make your down payment

• Tax returns

It’s a good idea to start gathering this information ahead of time if you are planning to reply for a mortgage.

In addition to conventional 10, 15, and 30-year fixed-rate mortgages, we also offer mortgage refinancing.

Each type of loan offers different benefits for different borrowers. 10 and 15-year fixed-rate mortgages are a good fit for those with low loan-to-value ratios who intend to refinance. A 30-year mortgage, meanwhile, is better for those who plan to stay in their home for at least 7-10 years.

A homeowner might like to refinance an existing loan if they would like a better interest rate or a lower monthly payment.

An adjustable-rate mortgage (ARM) helps borrowers take advantage of very low interest rates during the initial period when interest rates are fixed. 

ARMs are often an ideal option for prospective homeowners who are unlikely to live in the house in question for very much time. An ARM may also be a good fit for someone who is open to refinancing the loan later on. 

For someone who wants to keep their house for only a few years, or who is planning to refinance their loan after a few years, they should consider the advantages of an ARM.

Mortgage loan index rates are determined based on the market rate, which varies from day to day.

The rate for which an individual borrower qualifies is determined by a review of your credit score, your history of making payments in full and on time, and your employment status.

Buying a home is a big step, and we know it’s something you want to enter into with your eyes open.

That’s why we offer our members this home loan tool kit. This printable PDF is provided by the Consumer Financial Protection Bureau, and can help you:

• Decide the best mortgage for your situation

• Understand closing costs and the home-buying process

• Tips on being a successful homeowner

• Research the things you need to know

• Identify risky loan features

This user-friendly guide comes with practical worksheets, helpful discussion topics, definitions of terms you will hear during the mortgage process, and more.

You can also contact our mortgage loan team using the information below, and get answers to your questions in person!