Buying a home is a big step, whether it’s your first purchase or an upgrade. As your trusted lender, Telco FCU is here to provide you with expert assistance to help you select the mortgage that best suits your needs and to ensure every base is covered.
We suggest starting with a no-obligation consultation with one of our Home Loan Consultants, all of whom are experts in their field. Come to your trusted source for personal service and the right mortgage. Come to Telco FCU and begin your home buying journey today.
We offer a comprehensive mortgage program to guide you through the process. This program includes:
A variety of mortgage options
Competitive fixed rates
30-day rate lock
Personalized service from our home loan consultants
Applying online 24/7
Online mortgage center, including a home buying guide, document check list, and glossary of terms
Fixed Rate Mortgage Loans
With a fixed Rate Mortgage Loan the original interest rate is maintained throughout the entire life of the loan. If there are any changes in monthly loan payments, it will be due to increases in other charges like insurance or taxes that will naturally occur over time. Since the rate is already “fixed,” fluctuations in market rates, over the term of your loan, won’t have any impact on the amount of interest you pay.
If you are considering a Fixed Rate Home Loan, it may be a good choice if you:
- Want the security of knowing what your home loan payment will always be
- Want to increase the amount of loan you can qualify for
- Plan to stay in this home for at least ten years
- Don’t expect your income to increase significantly
We offer 10, 15, 20, and 30-year terms with our fixed rate home loans. In determining the length of your loan, you may want to consider:
- The total amount of interest you want to pay over the course of your loan
For example, the total cost of a 30-year loan is higher than the total cost of a 10, 15, or 20-year loan. You are trading lower monthly payments for a greater number of monthly payments. (It takes about 22.5 years to pay off half the principal for a 30-year loan.)
- Your ability to make high monthly payments
If you can afford to pay more per month, you reduce the number of months you have to pay. Also, choosing a 15-year term will save you thousands in interest charges vs. the typical 30 years.
Another option is getting a 20-year loan; it would shorten the loan time and decrease the amount of interest you pay. This would keep you from being locked into higher monthly payments and allow you to pay "extra" each month towards the principal. Below is a mortgage loan table to help you with your decision, listing the advantages and disadvantages of each loan.