Loan Types

There are several different loan types to fit the needs of all Mortgage Resource Center families. Regardless of your situation, we can find a mortgage that will fit your needs and your budget. We offer traditional fixed rate and adjustable rate mortgages as well as balloon mortgage loans and cash-back options. Speak with our skilled and experienced mortgage counselors to understand which mortgage will be best for you and your family.

Here are brief descriptions of the different loan types we offer:

Traditional Fixed Rate Mortgages

With a fixed rate mortgage, the interest rate stays the same for the lifetime of the loan. Your monthly payment (for principal and interest) stays the same for the term of the loan. Your credit union's Mortgage Resource Center offers many fixed rate mortgages with terms to fit your budget.

Adjustable Rate Mortgages

An adjustable rate mortgage (or ARM) usually starts with an initial interest rate lower than traditional fixed rate loans. After an initial payment period, the interest rate is subject to review and can move up or down based on the movement of a specified "index." From then on, the rate is reviewed periodically. As the rate changes, so does your monthly payment. Your credit union's Mortgage Resource Center has a variety of adjustable rate mortgages.

Balloon Mortgage Loans

A "balloon" mortgage has regular payments of principal and interest that do not fully pay off the loan before its due date. Therefore, it has a balance at the end of the loan term -- sometimes almost as much as the original loan amount. This balance can be paid in full, or refinanced at a new rate. Balloon loans tend to have lower rates than comparable fixed rate mortgages. They may be attractive if you need a lower initial monthly payment or plan to move before the loan "balloons."

Cash-Back Options

Cash-back from your Mortgage Resource Center loan is a popular request from our customers. We recognize that today’s families have many needs which can cause you to require additional cash--right now! Your Mortgage Resource Center loan officer can advise you about cash-back options.

Any Questions? Call us toll free at 1-800-717-0582.