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Fixed or Adjustable Rates and Flexible Terms

Maybe you want the security of knowing your rate is fixed and won’t change over 15 or 30 years or maybe you want to take advantage of lower rates through an adjustable-rate mortgage (ARM). Our adjustable-rate mortgages are based on a 15- or 30-year term, but have an initial fixed rate period of 3, 5, 7, or 10 years before the rate adjusts.

Everyone’s situation may be different so we can help guide you through the options.

Mortgage types

Fixed-rate mortgages
With a fixed-rate mortgage, your payment will not change over the course of your loan. Your interest rate is set at the outset and can’t go up or down. We offer fixed-rate mortgages in 30, 20, 15 and 10-year options1.

Adjustable-rate mortgages
An adjustable-rate mortgage (ARM) offers a lower initial interest rate and, consequently, a lower monthly payment. Your interest rate and your payment typically increase as time goes on. We offer ARMs in 15 and 30-year terms2, and we provide an initial fixed-rate period of 3, 5, 7, or 10 years before the first rate adjustment.

Jumbo mortgages
A jumbo mortgage allows you to borrow more than $766,2503, the most common maximum limit of conventional conforming lenders. We help you find a jumbo loan package to fit your needs.

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Spectrum Credit Union is committed to helping you make sound financial decisions and helping you find the best mortgage product for your individual needs. Take a look at our low rates and let us help you get into your dream home.

Determine your monthly mortgage payment.

 


1 Payment Example: At a 7.000% interest rate (7.026% APR), a 30-year conventional mortgage would have monthly payments of $4,790.18. These payments are based on a $720,000 loan on a $900,000 property in Alameda County, CA. If an escrow account is required or requested, your actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. The values shown assume the loan is for the purchase of a single-family residence that will be used as a primary residence and that the applicant has a credit score of 740 or higher.

2 Payment Example: At a 6.250% initial interest rate (7.309% APR), a 5/6 ARM with a 30-year term would have monthly payments of $4,433.16 for the first 60 months, then $5,186.82 for the next 300 months, assuming no increase to the index. Your actual payments will be based on market conditions at the time of interest rate changes per the terms of your loan agreement. For ARMs, the rate may increase after consummation. These payments are based on a $720,000 loan on a $900,000 property in Alameda County, CA. If an escrow account is required or requested, your actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. The values shown assume the loan is for the purchase of a single-family residence that will be used as a primary residence and that the applicant has a credit score of 740 or higher.

3 Limits will vary depending on your county.

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