Mortgage Loans - Time to fulfill your American dream
You're ready for your piece of the pie, your very own home. You have a place for your personal enjoyment and a place to create family memories. Our Washtenaw area communities offer so much to homeowners and their families. Washtenaw Federal Credit Union is proud to help you live the American dream of homeownership with many different options. Visit our mortgage center website to and get the process started. We welcome the opportunity to help our members with personal loans in Washtenaw county. Call or apply online today!
Call us at (734) 484-5100 or visit us at one of our Ypsilanti branches to connect with our partner, Mortgage Center. They are home loan experts and can help you find the mortgage that is best for your time frame and budget.
Fixed rate mortgages offer stability for the long term
Two of the most popular home loan options are 15 year mortgage loans and 30 year mortgage loans. The mortgage rates on these loans are a fixed interest rate over the lifetime of the loan and payments are made on a monthly basis. You know exactly what your payment will be each month. Your payment include both interest and principal on the home mortgage loan. Fixed rate mortgages like these provide the security of locking in your rate for the entire length of your loan. If you intend to stay in your home for a long period of time, don't want to refinance or risk an increase in interest rates, a fixed 15 year mortgage loan or 30 year mortgage loan might be right for you.
Adjustable rate mortgages benefit the short term
An adjustable rate mortgage, or ARM, provides a locked in initial rate, but after that shorter initial rate period is over, the interest rate can increase or decrease. The initial adjustable rate mortgage rates tend to be lower than fixed rate mortgage rates and often has a much lower interest rate than a fixed rate mortgage and a typical term is 5 years. After that time period, the loan must be refinanced. Talk with our experts at Mortgage Center to determine of an ARM is right for you.