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Types of Loans

Thirty-, Twenty- and Fifteen-Year Fixed Rate Mortgages
A traditional rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Adjustable Rate Mortgage  (ARM)  (3/1 ARM, Jumbo 5/1 ARM, 5/1 ARM, 7/1 ARM)
These increasingly popular ARMs – also called 3/1, 5/1 or 7/1 – can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For home purchases over $424,350, we also offer a Jumbo 5/1 ARM. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

On Tap Credit Union
816 Washington Ave, Golden , CO  80401
Direct:  (303) 279-6414
Fax:  (303) 279-6336
HomeLoans@OnTapCU.org
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