 |
|
 |
|
|
|
|
|
|
|
|
We have a special mortgage so you can make all the right moves!
Whether you are moving to a new home or looking to refinance your current mortgage from other financial institution, we’ve got your back with our low-rate mortgage special!
|
|
|
|
|
|
 |
|
|
|
|
|
Consider the facts!
Here are some facts that illustrate why an adjustable-rate mortgage (ARM) may be a better, and cost-effective option for you over a fixed-rate mortgage:
|
|
|
|
|
|
 |
A lower interest rate that may help you afford a better home
Adjustable-rate mortgages usually start with lower interest rates than their fixed-rate counterparts; this translates in lower monthly payments. And, because the monthly payments are calculated using a 30-year amortization schedule, you might qualify for a home that you couldn’t afford if you opted for a fixed-rate loan. |
|
|
|
|
|
|
 |
A fixed rate for 10 years that make sense
There’s a good chance you will refinance again or sell your home in the next 7 years. So why pay more in interest? In the first quarter of 2020, the median number of years a borrower had kept a mortgage before refinancing was 3.2 years, according to data from Freddie Mac.** |
|
|
|
|
|
|
 |
Life changes in the short term that may affect your housing goals
You may find yourself moving because you get a better job opportunity, get married and have children, or decide to retire elsewhere. With each life stage come different needs, and your priorities today may require different living arrangements than those few years from now. So why wait for the home that suits you right now? |
|
|
|
|
|
|
|
|
|
|
|
|
Low fixed rate and payment for 10 full years | Fully amortized over 30 years | Financing up to 80% LTV (Loan-to-Value) | No pre-payment penalty |
|
|
|
|
 |
|
 |
|
|
|
|
|
|
|
|
|
* APR means Annual Percentage Rate. Offer not available for the refinance of existing OAS FCU home loans. This rate is applicable for owner-occupied purchase of a single-family dwelling. This is a limited time offer. All OAS FCU loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice. The stated rate is affective as of 03/10/2021 and will be fixed for the first ten (10) years from the date of the loan. This offer depends on credit qualifications and is based on your credit history, down payment, and repayment ability; it is possible that you may not qualify, or that you might qualify for a different loan offer or rate. Maximum loan amount is $822,375, although larger loan offers are available. We lend up to 80% LTV for purchases; this means that you will need a 20% down payment. After the ten-year fixed-rate period, your interest rate is subject to change- up or down at the time of reset and every year thereafter. The rate is variable and may increase/decrease by no more than 2 percentage points every year, with a lifetime maximum adjustment of 5 percentage points above/below the initial rate. After the ten-year fixed-rate period, the interest rate may not drop below 4% APR at any time. The monthly payment on a 30-year, $300,000, 10-year Adjustable-Rate Loan at 1.99% is $1,107.36 for the first 10 years. Since the index in the future is unknown, the following first adjustment payment is based on the current index (1-Year Treasury Bill as of the date above plus a margin of 2.75%). The first adjustment payment, using the current non-offer rate would be $1,327.71. Payments are estimates and include only principal and interest. Property insurance and, if applicable, flood insurance is required. This sample payment does not include taxes and insurance premiums. The actual payments will be greater, and rates provided are based on current market rates and are informational only. Some restrictions may apply.
** Based on the data from Freddie Mac’s Quarterly Refinance Statistics Report. 2020 Home Buyers and Sellers Generational Trends Report from the National Association of REALTORS indicate that buyers expected to live in their homes for a median of 15 years. For buyers 39 years and younger, the expected length of time was only 10 years compared to 20 years for buyers 40 to 73 years. |
|
