1-888-NBCUEFCU (622-8332)

1-3 YEARS

3/1 ARM

3-5 YEARS

5/1 ARM

5-7 YEARS

7/1 ARM

7-10 YEARS

10/1 ARM, 30 year fixed or 15 year fixed  

10+ YEARS

30 year fixed or 15 year fixed

Fixed Rate products
30 Year Fixed (30 year)
20 Year Fixed (20 year)
25 Year Fixed (25 year)
15 Year Fixed (15 year)
10 Year Fixed (10 Year)

• Monthly payments are fixed over the life of the loan
• Interest rate does not change
• Protected if rates go up
• Can refinance if rates go down

• Higher interest rate
• Higher mortgage payments
• Rate does not drop if interest rates improve

Fixed Period ARM products

10 Year Fixed (30 year)
7 Year Fixed (30 year)
5 Year Fixed (30 year)
3 Year Fixed (30 year)

• Lower initial monthly payment
• Lower payment over a shorter period of time
• Rates and payments may go down if rates improve
• May qualify for higher loan amounts

• More risk
• Payments may change over time
• Potential for high payments if rates go up

Combination loans
Up to 80% combined LTV (Loan-to-value ratio)

• Avoid jumbo loan rates
• Combine conforming loan with credit union 2nd to achieve a lower rate.

• Seconds are often HELOCs (Home Equity Line of Credit) that adjust monthly without a periodic cap.
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PMI Loans

• Lower down payment

• More strict underwriting guidelines.

Interest Only Loans

• Payment flexibility and reduced minimum monthly requirements

• No Principal Reduction when interest-only payments are made.
• If only minimum payments are made, payment will jump up at end of interest-only period.

Prepayment penalty products

• Lower rates

• Significant penalty to pay the loan off early

No Point, No Fee
Limited availability

• No closing costs
• Less money required to close

• Higher rates
• Higher payments