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  • Is an Adjustable Rate Mortgage my best option?

    Adjustable rate mortgage payments increase over the lifetime of the loan, so payment increases are a valid concern for individuals considering this type of loan. The adjustable rate mortgage (ARM) is designed for members with short-termgoals or those who are confident that rates will decrease in the future, at which time they can refinance at a lower rate. Many homeowners are concerned they will lose their home if their payments get too high, which is also a valid concern. That's why we limit your potential rate increase to no more than 2% a year and offer a variety of fixed rate periods. This product also has a high conversion option, which means for $500, a member can convert to the current market rate at the time of the adjustment.


  • Will my FHA mortgage payment amount change?

    No. Your principal and interest payment will remain the same; however, your payments may increase as a result of other charges, such as insurance or taxes, that will naturally occur over time.


  • Why do I have to pay MIP on my FHA mortgage?

    FHA is a government-insured loan; paying MIP allows for the lesser down payment requirement. The monthly MIP remains on the mortgage for a minimum of five years.


  • How long do I have to pay MIP on my FHA mortgage?

    The monthly MIP remains on the mortgage for a minimum of five years.


  • Will the payment amount of my Fixed Rate First mortgage change?

    No. Your principal and interest payment will remain the same; however, your payments may increase as a result of other charges, such as insurance or taxes, that will naturally occur over time.


  • What happens to my Fixed Rate First mortgage if mortgage rates drop?

    There are potenital options available, including Refinance and Rate Modification.


  • What restrictions do I have on how I use the money from my Fixed Rate Second mortgage?

    Upon qualifying, you may use your money how you choose - it's completely up to you.


  • Is a Fixed Rate Second mortgage expensive?

    Our rates are quite competitive, and we offer no closing costs up to $100,000.


  • Does a Fixed Rate Second mortgage make it more complicated to sell my house later on?

    Not at all. You would pay, at the time of the sale, the balance owed on your fixed rate second mortgage.


  • Should I commit myself to making another mortgage payment?

    Your payment is based on your loan balance, not the credit limit. You can also reduce the principal by any amount, at any time - without a pre-payment fee.


  • What restrictions do I have on how I use the money in my Home Line of Credit?

    None. You may use your money how you choose - it is completely up to you.


  • Is a Home Line of Credit expensive?

    Our rates are quite competitive, and there are no closing costs up to $100,000.


  • Does a Home Line of Credit make it more complicated to sell my house later on?

    Not at all. You would pay, at the time of the sale, the balance owed on your Home Equity Line of Credit.


  • What if the prime rate increases?

    You then have the option to convert to a fixed second mortgage.