Adjustable Rate Mortgages (3/3 ARM, 5/5 ARM)
These increasingly popular ARMS can offer the best of both worlds: lower interest rates and a fixed payment for a longer period of time (up to 40 years) than most adjustable rate loans. For example, a "5/5 ARM" has a fixed monthly payment and interest for the first five years and then can change every 5 years thereafter. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.
First Time Homebuyer Program
Becoming a home owner is an exciting step that can seem daunting at times. Triangle’s program for first time buyers was built with you in mind: with low rate options and help from our mortgage professionals every step of the way. With 97% loan to value options for single family homes and 95% loan to value options for condominiums, you can depend on Triangle to help you get into your first home for minimal money down. Plus, with our 40-year 5/5 and 3/3 adjustable rate mortgages, your monthly payments will be lower than with shorter term options.
Ten and Fifteen-Year Fixed Rate Mortgages
These loans are fully amortized over a 10 or 15-year period and feature constant monthly payments with a lower interest rate—and you'll own your home faster. The disadvantage is that 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 10 or 15 years. This approach is often safer than committing to a higher monthly payment.
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.
Did you know Triangle Credit Union offers Jumbo Mortgages up to $1,000,000? With a host of Triangle Credit Union mortgage products from which to choose, we offer the same low rates as our conventional mortgages, with no hidden charges and no unwelcome surprises.