Adjustable Rate Mortgage (ARM)
Need a great rate and a lower down payment? Greenville Federal Credit Union provides ARMs up to 95% loan to value that generally have lower initial rates than fixed rate mortgages. We charge a 1% origination fee to underwrite and process your loan request. Private mortgage insurance is not required unless you borrow more than 90% loan to value. Our ARM rates cannot change more than 1% per period, and no more than 8% above the initial rate over the life of the loan. Mortgages up to 95% loan to value are available. Greenville Federal Credit Union manages and services your loan locally.
Initial rate, and principal and interest payments fixed for two years
Rate cannot change more than 1% every two years
Initial rate, and principal and interest payments fixed for the first five years
After five years, rate cannot change more than 1% each year
Fixed Rate Mortgage
Choose a term of 15 to 30 years and apply through us for a competitive fixed rate mortgage. A fixed rate may make sense when rates are low and you expect to stay in your home more than seven years. Mortgages up to 95% loan to value are available. Rates change constantly – check back often to make sure you have the most current rate information.
Refinance for a Better Rate
Refinancing your existing loan is a great way to lower your monthly payment, shorten the term of your loan, or reduce the amount of interest that you will pay over the life of your loan. With interest rates at all time lows there couldn’t be a better time to consider refinancing your existing loan for a better rate.
Other Mortgage Options