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Find the Right Mortgage for You at DCU
Does today's mortgage market seem daunting? Before mapping
out the intricacies of financing a new home, read up on some of
the basics.
Fixed/Adjustable Rate Mortgages (ARM)
A fixed/adjustable rate mortgage is generally a 30-year mortgage
with a rate and payments that don't change for the first few years.
The loan later converts to an adjustable-rate mortgage with a rate
that can change annually. DCU offers 3/1 (three years fixed), 5/1,
7/1, and 10/1 mortgage options. A shorter fixed period typically
means a lower starting interest rate.
Statistically, the average mortgage is paid off through a home sale
or refinance every five to seven years. If you expect to move within
the next few years, you should consider a fixed/adjustable mortgage.
You may save thousands in interest over a fixed-rate loan for at least
the fixed-rate period and often longer. For example, DCU offers a
5/1 Fixed/Adjustable Mortgage. This 30-year mortgage starts out
with a low fixed rate for five years. Thereafter, the interest rate may
move up or down no more than 2% each year and 5% over the
life of the loan.
DCU's HLPR Mortgage
HLPR stands for Home Loan Payment Relief – a national credit
union program designed to bring the dream of homeownership
within reach of more Americans. DCU's HLPR Mortgage may be a
good option for you if you are a first-time homebuyer.
The initial interest rate of the HLPR Mortgage is 1% less than the
national average. It is also a 3/1 Fixed/Adjustable Mortgage, which
means the 30-year term helps to make your payments more
affordable. After the first three years, your rate can go up or
down no more than 1% annually and 5% over the life of the loan,
compared to the 2%/6% caps on most loans. The minimum down
payment is only 3%, and it may come from friends, family, or grants.
The property must be an owner-occupied primary residence
including a single family home or condominium.
To qualify, your household income must be at or below the
median income of the community where you'll be living. To
see the income limits in your area and get more information,
visit dcu.org and look under "Loans/Visa"/"Mortgages & Home
Equity"/"Mortgage Programs" for Home Loan Payment Relief.
Look to DCU
DCU offers a full range of mortgages including fixed-rate options
up to 40 years, adjustable-rate, biweekly, VA, jumbo, 1-year
ARMs, First-Time Home Buyer programs, and more! Let us help
you choose the option that best fits your situation and goals. Visit
dcu.org, call a Mortgage Specialist at 508.263.6700 or
800.328.8797, or stop by
any branch.
For More Information and How to Apply
- Get prequalified – Find out how large a mortgage you qualify
for before you shop for your home. Prequalify online for any
program or by phone for a 30-year fixed-rate mortgage. Just
call 508.263.6700 or 800.328.8797, and select 3.
- Apply online – You can apply whenever it is convenient for you.
All you need to do is fill in and submit the online application on
our web site.
- Apply by phone – Call 508.263.6700 or 800.328.8797 and
select 3. A representative will guide you through the entire
application process.
- Apply at any DCU branch – You can pick
up a mortgage application at any
DCU branch.
For more information and some great
online tools,
visit our web site at dcu.org.
To learn more about mortgage
options at DCU, visit dcu.org or
call us at 508.263.6700 or
800.328.8797.
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Digital Federal Credit Union