Whether you’re looking to purchase your first home, your next home, a vacation home or an investment property, real estate loans can be confusing. There’s so much to consider: fees, inspections, points, appraisals, insurance requirements and more.
A Marquette Community Federal Credit Union mortgage professional will be happy to meet with you to analyze your current situation, discuss your needs, and determine how we can best serve you. Contact us to schedule an appointment.
Fixed-Rate Mortgages
A fixed-rate mortgage ensures that your monthly payment remains the same throughout your loan term. We offer traditional terms of 15, 20, or 30 years, or you can customize your request by choosing a term between 5 and 20 years. Fixed-rate mortgages are ideal for those who plan to stay in their house long-term, allowing a consistent payment over the term of the loan.
Adjustable Rate Mortgages (Fixed-rate term with adjustable feature)
An adjustable-rate mortgage (ARM) gives you the benefit of locking in a low fixed interest rate for a certain number of years, then adjusts after the fixed term expires. Adjustable Rate Mortgages are ideal for those who may be considering moving within the first 5-7 years and allows them to take advantage of lower interest rates than the typical 30-year fixed rate mortgage.
The most popular ARMs have a fixed rate for the first five or seven years, then have an adjustable rate that typically adjusts annually. These are called 5/1 or 7/1 ARMs.
With a 5/5 ARM, your Annual Percentage Rate will stay the same for the first 5 years of the loan versus changing every year. After the initial 5 years, the rate will only adjust every 5 years for the life of the loan, depending on the market.
Refinance Options
Already a homeowner? Tap your equity easily and affordably for any purpose by applying for one of our home refinance options. We offer both fixed-rate and adjustable-rate mortgages.
Use Equity
Cash from home equity can go a long way toward a major purchase or dealing with one of life’s little surprises. Using your available equity, you can pay for tuition, home improvements, a vacation, unexpected auto repairs, pay off high-interest credit card and personal loan debts, consolidate your bills, take advantage of a real estate investment, and more!
Home Equity Line of Credit (HELOC)
You can tap your equity easily and affordably for any purpose. Upon approval of your HELOC, we’ll establish a credit limit, so you will only need to apply once for this revolving line of credit. And, since you only pay interest on the actual amount you use, it’s perfect for an emergency fund!
- No up-front costs or annual fees
- Pay interest only on the amount you borrow**
- 100% advance availability
Because the balance of a HELOC may change from day to day, you pay interest on what you borrow.
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