Fixed vs. Adjustable Rate Mortgages

We know that everyone's future plans and needs are different, that's why we offer both fixed and adjustable rate motgages.

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Fixed Rate Mortgages

BENEFITS

Fixed rate mortgages offer payment security. The principal and interest payments won't change for the full term of the loan.
 
This mortgage may be a good option for you, if you:
  • Plan on staying in the home long term
  • Need your monthly principal and interest payments to stay the same over the life of the loan.

AVAILABLE TERMS

10, 15, 20, or 30 year terms

LOAN TYPES AVAILABLE FOR FIXED RATE OPTION

  • No Closing Cost Mortgages
  • Jumbo Mortgages
  • Government Home Loan Programs
    • FHA Mortgages
    • Veteran's Administration Mortgages 
    • USDA Rural Development Mortgages
  • Land and Construction Loans
  • Medical Professional Mortgages
  • Mortgage Refinancing

RATES

Find our current rates in our Mortgage Center.
 
Hoping For A Lower Mortgage Rate?
Let us track it for you. Tell us what rate you want and we'll send you an email when we hit it!

Adjustable Rate Mortgages

BENEFITS

An Adjustable-Rate Mortgage (ARM) can help to reduce monthly payments and in some cases cut long-term costs.
 
This mortgage may be a good option for you, if you:
  • Don't plan to stay in your home or keep the mortgage for more than seven years.
  • Are looking for a lower initial interest rate loan. ARMs usually have a lower initial interest rate than a traditional fixed-rate mortgage. 

TYPES OF ADJUSTABLE RATE MORTGAGES 

  • 7/1 Adjustable-Rate Mortgage
  • 15/1 Adjustable Rate Mortgage

Repayment terms of 30 years

HOW IT WORKS

  • For a 7/1 Adjustable-Rate Mortgage, the rate is fixed for the first 7 years and then adjusts annually for the rest of the 30 year term.
  • For a 15/1 Adjustable-Rate Mortgage, the rate is fixed for the first 15 years and then adjusts annually for the rest of the 30 year term.

LOAN TYPES AVAILABLE FOR ADJUSTABLE RATE OPTION

  • No Closing Cost Mortgages
  • Jumbo Mortgages
  • Medical Professional Mortgages
  • Mortgage Refinancing

RATES

Find our current rates in our Mortgage Center.
 
Hoping For A Lower Mortgage Rate?
Let us track it for you. Tell us what rate you want and we'll send you an email when we hit it!

 


NO CLOSING COST MORTGAGES

No Closing Cost Loans require a 3-year recapture period, Transformation Checking with Direct Deposit, and Autopay.

HOME MORTGAGE DISCLOSURE ACT NOTICE

The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau's Web site (www.consumerfinance.gov/hmda).

BORROWER COMPLAINTS AND INQUIRIES

CFCU is registered with the New York State Superintendent of Financial Services. You may file complaints and obtain further information about CFCU by contacting the New York State Department of Financial Services Consumer Assistance Unit at 1-800-342-3736 or at www.dfs.ny.gov.