Shopping for your first home? Looking to refinance to lower your monthly payment, get cash for a remodeling project or consolidate debts? There’s a loan for that! The 15/15 Variable Rate Adjustable First Mortgage Loan offered by Baltimore County Employees Federal Credit Union gives you the convenience of a 30-year mortgage but a lower rate that will cost you less each month.
The Best Parts of an Adjustable Rate and a Fixed Rate Loan
The 15/15 ARM has some of the lowest rates available making it an attractive and affordable option whether you’re looking to buy or refinance. Here’s how it works: Members pay one low rate for the first 15 years.
At the end of the 15th year, the interest rate adjusts (rate adjustment is capped at 4%) and remains fixed for the remaining 15 years! Qualified borrowers can opt for 0% down, and with payments amortized over 30 years, the 15/15 ARM may be just what you are looking for.
Enhance Your Buying Power
With low interest rates and lower initial payments, members who choose this loan can maximize their buying power. You may be able to afford a larger home than you thought possible or one with amenities you had only dreamed about such as an in-ground pool and outdoor entertainment area.
These days, most first-time home buyers don’t stay in their “first home” for 30 years. You may get promoted at work or get a new job and need to relocate. You may need more space for a growing family. Experienced homeowners often plan to pay off their mortgage long before the 30-year maturity date. If you plan to move or pay off your mortgage within the next ten years, this home loan option is worth exploring.
We offer free, no-obligation pre-qualification counseling. Our experienced mortgage loan officer will discuss all the options available so you can choose which loan is best for you and your unique needs. Call 410-828-4730 option 2, to make an appointment, or visit our Online Mortgage Center and do some research on your own. When you’re ready to proceed with a mortgage loan remember…
We’re your Credit Union…owned by you and working for you!