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Types of Loans

REFINANCE - WE LEND UP TO 90% OF THE VALUE OF YOUR PRIMARY RESIDENCE.

PURCHASE - WE MAKE LOANS WITH AS LITTLE AS 5% DOWN PAYMENT TO PURCHASE YOUR PRIMARY RESIDENCE.

Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-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.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1, 7/1 or 10/1 —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 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.

Adjustable Rate Mortgages (ARM)
When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.

LOANS ALSO AVAILABLE FOR NON-PRIMARY RESIDENTIAL PROPERTIES.

SPERRY ALSO SPECIALIZES IN HOME EQUITY LENDING - VISIT www.sperryfcu.org for details.

 

 

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Sperry Associates Federal Credit Union NMLS #1470924
2400 Jericho Turnpike, Garden City Park, NY  11040
Toll Free:  (800) 676-5512 Ext. 3
mortgages@sperryfcu.org
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