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Financial Wellness
What is the Smartest Home Loan for You?
CEFCU offers many types of real estate products — all carried out by our own Credit Union employees. Every step of your home loan process is handled with personal care and attention. And you can be assured that there will be no unexpected tricks or gimmicks to surprise you throughout your real estate borrowing experience.
There are many advantages to using CEFCU for your real estate borrowing needs. No matter what your personal desire or requirements, one of our many real estate options is sure to be just right for you.
Smarter Solution for Your Real Estate Borrowing Needs
The following scenarios are composites of hundreds of loan stories — dreams we helped fund over the past several years. Perhaps you will find your situation here.
In any event, don't hesitate to call us with any questions or concerns. If you're already a home owner, check out our article on using your home's equity.
Why Mark and Erica chose our 30-Year Fixed-Rate First Trust Deed.
In their late 30's, with two children now and another on the way, Mark and Erica knew it was time to move from their small first house. Over the past 10 years, they had built up some equity, as well as advanced their careers. Now the time had come for a bigger house with more yard and better schools; a house for the long run.
With interest rates still at historic lows, they chose a First Trust Deed for the long run, too. Our 30-year fixed-rate loan let them nail down today's low rate for 30 years — assuring them an affordable monthly payment regardless of future economic conditions.
Why Bill and Lucy chose our popular 5/5 ARM 40.
When it comes to getting into the housing market, the key words are "getting into." Without prior equity, the initial down payment can sometimes be daunting. But once that's accomplished, as newlyweds Bill and Lucy discovered, the rest can be a lot more affordable than renting, especially with one of our popular 5/5 Adjustable Rate Mortgages (ARMs).
"5/5" is shorthand for saying that the rate (and monthly payment) is fixed for 5 years, and adjusted every 5 years thereafter for the remainder of a 30-year or 40-year term.
Given today's rock-bottom rates, Lucy and Bill recognized the sound of opportunity knocking. They chose a condo that required a $275,000 loan…thereby qualifying for a lower-rate conforming loan. Then, they chose our most powerful door-opener on the market: our conforming 5/5 ARM 40…with an APR of 3.453%,* fixed for 5 years, and amortized over 40 years for the lowest monthly payment.
Their resulting mortgage payment for the first five years is just $984.50 a month. By then, Bill and Lucy hope to move to a single-family detached home. But even if they can't do this, their rate is protected by an annual 2% cap and a lifetime cap of 5%. In the meantime, compared to a 30-year conforming fixed-rate loan at $1,292.50 a month, they will save over $300 a month…or almost $3,700 a year and $18,500 for the first five years.
Why Van chose a 15-Year Fixed-Rate First Trust Deed.
It often takes foresight to make money in real estate. For example, choosing a 15-Year Fixed-Rate First Trust Deed instead of a 30-year loan. While it costs considerably more each month — can ultimately save you hundreds of thousands of dollars in the long run and leave you "home-free" 15 years sooner.
That's why Van, a 50-year-old widower with grown children, decided to finance his new luxury condo with our 15-Year Jumbo Fixed-Rate First Trust Deed for $500,000. His monthly payment, while he is in his high-earning years, is now $3,513.
Had he chosen the 30-year option, his monthly payment would have been just $2,423. But over the life of the loan, the 30-year term will cost $872,280. The 15-year term costs $632,340. When he retires, Van's savings will be almost $239,940. And, he won't have a mortgage!
How does your story compare?
Find out why CEFCU is a smarter solution to all your real estate borrowing needs. Our dedicated Real Estate Lending team is ready to help you through our full range of programs.
Visit our online Real Estate Loan Center for useful for useful features to help you understand your options, estimate payments and compare rates and terms.
Current CEFCU rates can be found on our Real Estate Loan Center. Real estate loans are available only for residential properties in the state of California. Certain exceptions may apply for jumbo loans or property types. Property insurance is required. All loans subject to credit approval. Rates and terms are subject to change without notice. CEFCU is an Equal Housing Lender. NMLS #626590.
