Mortgage Rates
| Fixed Rates: | ||
|---|---|---|
| Term | Rate | Annual Percentage Rate* |
| 30 Year | 5.500% | 5.536% |
| 15 Year | 4.875% | 4.935% |
| 1 Year ARM: | ||
| Term | Rate | Annual Percentage Rate* |
| 30 Year | 5.000% | 5.036% |
| 15 Year | 5.000% | 5.061% |
- Rate will adjust once a year (every 12 months)
- 2% cap every year, not exceed 6% over the term of the loan
- Other ARM rates are available
Balloon Rates
30 YEAR available
*The annual percentage rate (APR) is based on a $150,000 loan amount, which includes 20% down payment, application fee, appraisal fee, credit report fee, etc. The annual percentage rate (APR) is an interest rate that is different from the note rate. The APR is designed to measure the "true cost of a loan". This includes some costs/fees associated when obtaining a mortgage loan. It is not used to calculate payments. The interest rate, along with the term of the loan is used tcalculate a payment. However, strictly relying on the comparisons of the APR amongst lenders may not always be a good way to determine the overall cost/fee associated with a mortgage. There are other costs/fees that are not included in the APR. By obtaining good faith estimates from lenders, which itemize all the costs/fees, assuming the same interest rate and loan term, a true comparison may be made when determining the lowest cost/fee associated with a mortgage.
Applicable First Mortgage Information
- $290 application fee
- No points
- Maximum loan amount is 95% of appraised value or purchase price, whichever is lower
- Mortgages over 80% of loan value (LTV) require Private Mortgage Insurance (PMI)
- Total closing costs approximately 2% of loan amount
- Rates locked at time of application
- Other restrictions may apply
Calculate your own payment by clicking the mortgage calculators link above.
Other First Mortgage Products
- Construction Loan
- Lot Loan
- Bridge Loan
Contact a Directions Credit Union representative for pre-qualification and further First Mortgage information.
| Home Equity Line of Credit: | ||
|---|---|---|
| Term | Rate | Annual Percentage Rate* |
| 10 YEAR variable | 4.250% | 3.250% |
| 15 YEAR variable | 4.750% | 3.750% |
- Maximum line of credit available is 80% of the appraisal value less the first mortgage balance
- Advances can be obtained during the first five years with the 10 Year Variable and during the first ten years with the 15 Year Variable
- Payment term is ten years and fifteen years
- Minimum loan amount is $5000. Maximum loan amount is $100,000
- Low closing costs & application fee
- The credit union will receive a security interest in the member’s dwelling
- Refer to a tax advisor
- No prepayment penalty
- Interest rate locked in at time of application
- Variable rates:
- 1 year adjustable rate based on prime rate.
- Caps are 2 & 6
- Rate will not increase more than 2% each year and not to exceed 6% during the term of the loan.
Additional information for Home Equity Lines of Credit is available
| Term | Rate | Annual Percentage Rate* |
|---|---|---|
| 10 YEAR variable | 4.750% | 4.750% |
| 10 YEAR fixed | 5.250% | 5.250% |
| 15 YEAR fixed | 5.875% | 5.875% |
- Maximum loan amount available is 80% of the appraisal value less the first mortgage balance
- Minimum loan amount is $2000. Maximum loan amount is $100,000
- The credit union will receive a security interest in the member’s dwelling
- Low closing costs & application fee
- Variable rate:
- 1 year adjustable rate based on prime rate.
- Caps are 2 & 6
- Rate will not increase more than 2% each year and not to exceed 6% during the term of the loan.
New members are required to open a primary share savings account with a minimum deposit of $25.00.
Contact a Directions Credit Union representative for further information.
**Rates effective as of 06/23/2009 and are subject to change at anytime.
We do business in accordance with the Federal Fair
Housing Law and the Equal Credit Opportunity Act.
