You want a mortgage that fits – let us be your tailor.
DFCU Financial offers a wide range of mortgages to fit your needs. We have fixed rate mortgages with a variety of terms as well as adjustable and balloon mortgages. Which is right for you?
Fixed or adjustable? Balloon or Jumbo?
Whichever fits.
You need a mortgage that fits. We’ll be your tailor. Fixed rate mortgage loans are available with a variety of terms. A fixed rate mortgage may make the most sense if you plan to stay in your home for a long time. The monthly payments remain constant over the life of the loan.
An adjustable rate mortgage (ARM) offers lower monthly payments during the initial fixed term. After the term is completed, the interest rate and monthly payments adjust periodically, with rate cap limits.
We at DFCU Financial offer a 7/1 ARM that is the right fit for a lot of borrowers. You get the benefit of a fixed rate for the first 7 years followed by yearly adjustments. This choice offers:
- An amortization up to 40 years
- A low, competitive adjustable rate
- A rate that adjusts after 7 years and yearly after that. Rate cannot exceed original rate plus 5% over life of the loan
New to DFCU Financial's full range of mortgage products is our new 10/1 ARM(2). The 10/1 ARM works the same as our 7/1 ARM, but gives you the benefit of locking into your fixed-rate for a period of ten years. After the 10th year, the rate may adjust either upwards or downwards annually, based on the index at that time. The new 10/1 ARM offers you:
- An amortization up to 40-years
- The same rate as our 30-year fixed rate loan
- Peace of mind and payment protection for 3 additional years compared to our 7/1 ARM
If you are looking for a smaller payment, you may be interested in a 5 year balloon mortgage(3) with:
- A low, competitive rate
- A loan payment that is calculated over a maximum 40 year period, but the loan has a life of only 5 years. At the end of 5 years, the balance of the loan is due.
We also offer a new choice –our 100% program that can help first time buyers buy a house without a down payment:
- Used with our 7/1 ARM or 5 year balloon mortgage
- Finance up to $350,000
- Options for sources of funds needed for closing include gifts from extended family members, secured loans, and more
- Pre-purchase education not required
- 24 months of verified employment, 36 months if self-employed
Want more options? We also offer jumbo mortgage loans and loans for second homes. We will work hard to find a mortgage that works for you.
(1) 7/1 ARM Payment Example: If you purchase a $150,000 home with 20% down, at 6.125% for 40 years and zero points, your monthly principal and interest payment would be $640.74. Adjustable Rate Mortgage (ARM) rates may increase after closing.
(2) 10/1 ARM Payment Example: If you purchase a $150,000 home with 20% down, at 5.875 % for 40 years and zero points, your monthly principal and interest payment would be $812.29. Adjustable Rate Mortgage (ARM) rates may increase after closing.
(3) 5 Year Balloon Payment Example: If you purchase a $150,000 home with 0% down at 5.875% and zero points, your monthly principal and interest payment, calculated over 30 years, would be $887.31. Mortgage balance due at the end of five years would be $139,364.16.