mortgage_options - CPM Federal Credit Union

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Home is a special place. It’s where we gather. Make memories. Relax. It can also be your largest financial transaction to date, so it's important to make the right decisions and educate yourself on the details. CPM Federal Credit Union can help with just that! With our assistance, along with your Real Estate Agent, it should be a smooth, pleasant and ultimately rewarding experience.

Fixed Rate Mortgages

With a fixed rate option, your payment and rate stay the same for the life of the loan. Makes maintaining a budget that much easier.

10 year

• Rates as low as 4.990% (5.315% APR)
• Payments as low as $1,590 on a $150,000 mortgage
• No points but additional origination fees will apply
• 60 Day Free Lock

15 year

• Rates as low as 5.090% (5.319% APR)
• Payments as low as $1,193 on a $150,000 mortgage
• No points but additional origination fees will apply
• 60 Day Free Lock

Learn More about 10 year

APR=Annual Percentage Rate. Payments are estimates and include only principal and interest for loan amount of $150,000 for 10-year term. Taxes and insurance are not included. Flood and/or property hazard insurance may be required. No loan origination fee. Other fees and closing costs apply. Loan amounts up to $1,250,000. Down payment of 5% or more required. Rates and terms vary depending upon loan to value ratio, credit, and underwriting requirements, and may change without notice. Available for both purchase and refinance transactions.

Example 10-year: $150,000.00 fixed rate mortgage for a term of 120 months with a 5.315% APR; monthly principal and interest payment will be $1,590.25.

Learn More about 15 year

APR=Annual Percentage Rate. Payments are estimates and include only principal and interest for loan amount of $150,000 for 15-year term. Taxes and insurance are not included. Flood and/or property hazard insurance may be required. No loan origination fee. Other fees and closing costs apply. Loan amounts up to $1,250,000. Down payment of 5% or more required. Rates and terms vary depending upon loan to value ratio, credit, and underwriting requirements, and may change without notice. Available for both purchase and refinance transactions.

Example 15-year: $150,000.00 fixed rate mortgage for a term of 180 months with a 5.319% APR; monthly principal and interest payment will be $1,193.23.

20 year

• Rates as low as 5.290% (5.472% APR)
• Payments as low as $1,014 on a $150,000 mortgage
• No points but additional origination fees will apply
• 60 Day Free Lock

30 year

• 30 year competitive Fixed Rate
• No points but additional origination fees will apply
• Loans to $766,550

Learn More about 20 year

APR=Annual Percentage Rate. Payments are estimates and include only principal and interest for loan amount of $150,000 for 20-year term. Taxes and insurance are not included. Flood and/or property hazard insurance may be required. No loan origination fee. Other fees and closing costs apply. Loan amounts up to $1,250,000. Down payment of 5% or more required. Rates and terms vary depending upon loan to value ratio, credit, and underwriting requirements, and may change without notice. Available for both purchase and refinance transactions.

Example 20-year: $150,000.00 fixed rate mortgage for a term of 240 months with a 5.472% APR; monthly principal and interest payment will be $1,014.12.

Learn More about 30 year

Still have questions? Call us at 864.879.1599 or click here.

ARMs - Adjustable Rate Mortgages

An Adjustable Rate Mortgage or ARM is a variable rate loan that have an interest rate that may change periodically depending on changes in a corresponding financial index that's associated with the loan. It’s possible your payment could increase or decrease over the life of the loan.

ARMs are often confusing, and borrowers may shy away from them. Truth is depending on your goals; it could be the perfect product. We can help answer that for you!

15/1 ARM

• Rates as low as 5.890% (6.176% APR)
• Payments as low as $889 on a $150,000 mortgage
• Payment and rate fixed for the first 15 years
• 60 Day Free Lock

More 15/1 ARM info

APR=Annual Percentage Rate. Payments are estimates and include only principal and interest for loan amount of $150,000 for 30-year term. Taxes and insurance are not included. Flood and/or property hazard insurance may be required. Loan origination fee is 0.50% of the loan amount. Other fees and closing costs apply. Loan amounts up to $1,250,000. Down payment of 5% or more required. Rates and terms vary depending upon loan to value ratio, credit, and underwriting requirements, and may change without notice. Available for both purchase and refinance transactions.

15/1 ARM-The initial monthly payment of principal and interest would be $888.75. Beginning in year 16 the rate and payment adjust every year. The rate will change based on adding the then current index value and the loan margin, rounded up or down to the nearest 1/8%, but may not change more than 2% in any one change. The rate may not change more than 5% over the life of the loan. The monthly payment in year 16 would be $1,006.87 if all prior payments were made as scheduled and the rate went up the maximum amount allowed of 2%. Uses 1-Year Treasury Constant Maturity Index.

10/1 ARM

• Rates as low as 5.790% (6.214% APR)
• Payments as low as $879 on a $150,000 mortgage
• Payment and rate fixed for the first 10 years
• 60 Day Free Lock

More 10/1 ARM info

10/1 ARM-The initial monthly payment of principal and interest would be $879.17 Beginning in year 11 the rate and payment adjust every year. The rate will change based on adding the then current index value and the loan margin, rounded up or down to the nearest 1/8%, but may not change more than 2% in any one change. The rate may not change more than 5% over the life of the loan. The monthly payment in year 11 would be $1,027.77 if all prior payments were made as scheduled and the rate went up the maximum amount allowed of 2%. Uses 1-Year Treasury Constant Maturity Index.

7/1 ARM

• Rates as low as 5.590% (6.215% APR)
• Payments as low as $860 on a $150,000 mortgage
• Payment and rate fixed for the first 7 years
• 60 Day Free Lock

More 7/1 ARM info

APR=Annual Percentage Rate. Payments are estimates and include only principal and interest for loan amount of $150,000 for 30-year term. Taxes and insurance are not included. Flood and/or property hazard insurance may be required. Loan origination fee is 0.50% of the loan amount. Other fees and closing costs apply. Loan amounts up to $1,250,000. Down payment of 5% or more required. Rates and terms vary depending upon to value ratio, credit, and underwriting requirements, and may change without notice. Available for both purchase and refinance transactions.

7/1 ARM-The initial monthly payment of principal and interest would be $860.17 Beginning in year 8 the rate and payment adjust every year. The rate will change based on adding the then current index value and the loan margin, rounded up or down to the nearest 1/8%, but may not change more than 1% in any one change. The rate may not change more than 5% over the life of the loan. The monthly payment in year 8 would be $940.26 if all prior payments were made as scheduled and the rate went up the maximum amount allowed of 1%. Uses 1-Year Treasury Constant Maturity Index.

5/5 ARM

• Rates as low as 5.390% (5.632% APR)
• Payments as low as $841 on a $150,000 mortgage
• Payment and rate fixed for the first 5 years
• 60 Day Free Lock

More 5/5 ARM info

5/5 ARM-The initial monthly payment of principal and interest would be $841.36. Beginning in year 6 the rate and payment adjust every 5 years. The rate will change based on adding the then current index value and the loan margin, rounded up or down to the nearest 1/8%, but may not change more than 2% in any one change. The rate may not change more than 5% over the life of the loan. The monthly payment in year 6 would be $1,013.52 if all prior payments were made as scheduled and the rate went up the maximum amount allowed of 2%. Uses 5-Year Treasury Constant Maturity Index.

Construction Loans

• Construction to Permanent Financing Available
• Call Clark Adkins at 864.879.1599 for more information
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More Construction Loan info

Membership rules and restrictions apply. All loans are subject to credit approval. Rates and terms vary depending upon loan to value, credit and underwriting requirements. Property and flood insurance may be required. Loan is subject to closing fees, including an appraisal, attorney and a 1% origination fee. Loan amounts up to $1,250,000 for loans up to 80% LTV. Loan amounts up to $726,200 for loans up to 90% LTV. 10% down payment required. Financing is based on the lower of either the appraised value or contract sales price. Fixed and variable rates are available. Terms and conditions are subject to change without notice.

5/1 ARM
New Product

• Rates as low as 5.290% (6.033% APR)
• Payments as low as $832 on a $150,000 mortgage
• 60 Day Free Lock

More 5/1 ARM info

APR=Annual Percentage Rate. Payments are estimates and include only principal and interest for loan amount of $150,000 for 30-year term. Taxes and insurance are not included. Flood and/or property hazard insurance may be required. Loan origination fee is 0.50% of the loan amount. Other fees and closing costs apply. Loan amounts up to $1,250,000. Down payment of 10% or more required. Rates and terms vary depending upon loan to value ratio, credit, and underwriting requirements, and may change without notice. Available for both purchase and refinance transactions.

5/1 ARM-The initial monthly payment of principal and interest would be $832.03. Beginning in year 6 the rate and payment adjust every year based on the initial period. The rate will change based on adding the then current index value and the loan margin, rounded up or down to the nearest 1/8%, but may not change more than 1% in any one change. The rate may not change more than 5% over the life of the loan. The monthly payment in year 6 would be $915.74 if all prior payments were made as scheduled and the rate went up the maximum amount allowed of 1%. Uses 1-Year Treasury Constant Maturity Index.

1st Time Homebuyer Program

• Rates as low as 6.690% (6.953% APR)
• Payments as low as $967 on a $150,000 mortgage
• 60 Day Free Lock

Learn More

First Responder Mortgage Program

• Rates as low as 7.190% (7.329% APR)
• Payments as low as $1,017 on a $150,000 mortgage
• No Origination Fee**

Learn More

Still have questions? Call us at 864.879.1599 or click here.

We also offer Home Equity Lines of Credit, loans for Manufactured Homes and Government backed loans

Manufactured Homes

• Fixed rate terms up to 30 years
• Financing up to 95% Loan to Value available
• Primary and Secondary Homes
• Learn More here

FHA, VA, USDA Mortgages

• Call 877.906.7032 for more information or click here to apply

Home Equity Line of Credit (HELOC)

• Fixed and Variable rate options available
• Variable rate HELOC offers a variable rate tied to the prime rate
• Click here to learn more

Rates accurate as of 09/25/2024.

The SAFE Act requires a mortgage loan originator to register with the Nationwide Mortgage Licensing System and Registry and provide their Mortgage Loan Originator Identifier number to a consumer when engaging in a mortgage loan transaction. You may obtain information about the Mortgage Loan Originator by accessing the Nationwide Mortgage Licensing System and Registry at www.nmlsconsumeraccess.org.

Federally insured by NCUA. Institution's NMLS Identifier Number: #509298

10 year

15 year

20 year

30 year

15/1 ARM

10/1 ARM

7/1 ARM

5/5 ARM

Construction Loans

5/1 ARM
New Product

1st Time Homebuyer Program

First Responder Mortgage Program

Manufactured Homes

FHA, VA, USDA Mortgages

Home Equity Line of Credit (HELOC)

Search for specific products, services, articles, topics, etc.

Quick Links

Careers

Cyber Corner

News & Events

Annual Meeting

Holiday Closings

Contact Us

10 year

15 year

20 year

30 year

15/1 ARM

10/1 ARM

7/1 ARM

5/5 ARM

Construction Loans

5/1 ARM New Product

1st Time Homebuyer Program

First Responder Mortgage Program

Manufactured Homes

FHA, VA, USDA Mortgages

Home Equity Line of Credit (HELOC)

Search for specific products, services, articles, topics, etc.

Quick Links

Careers

Cyber Corner

News & Events

Annual Meeting

Holiday Closings

Contact Us

5/1 ARM
New Product