Because every member’s mortgage needs are different, we offer a variety of loan types and options to fit each stage of your home buying or refinancing experience.
Fixed-rate Mortgages
With terms of 10, 15, 20 and 30 years—A fixed-rate loan is one where the interest rate and payments remain the same throughout the life of the loan. This type of mortgage is ideal for people who prefer not to worry about rising and falling interest rates or who plan to stay in their home for many years. With a fixed-rate mortgage, the shorter the term, the higher your monthly payment will be; however (and this is quite an important point), you will end up paying significantly less interest over the life of the loan. While 30-year mortgages are the most popular, be sure to work with one of our Real Estate Lending Specialists to look at other terms and their payments.
Adjustable Rate Mortgages (ARMs)
ARMs offer lower interest rates and payments that are fixed for an initial period of time. At the end of this term, the loan converts to a higher rate for a specified period and then adjusts (generally upward) at each successive period outlined in the loan term throughout the life of the loan. Here’s an example: Let’s say you have a Bronco 1/1 ARM. Your rate is locked in for one year, and then it will adjust annually afterward, based on rates established by the Federal Reserve Board. ARMs are beneficial for people who want to take advantage of historically low rates for the initial term and then plan to refinance or for those folks who only plan to be in their home for a short period of time (military families who get transferred every couple of years, for example).
First-time Buyer Mortgages
First-time Buyer Mortgages use government-backed programs to help people get into their first home. These mortgages are ideal for new buyers or young couples who have never purchased a home before and who may not have a significant amount of money saved up for a down payment.
Lot Loans
If you plan to build your home from the ground up, but you may not be ready to start construction now, a lot loan is great way to purchase that ideal piece of property and start paying for it until you are ready to build your dream home. With this type of loan, it’s important to note that until you secure an actual construction loan for the property, you cannot place any structures on it, including trailers or mobile homes.
Construction Loans
Ready to build your dream home? A Construction loan is the way to go here. It will provide you with a line of credit so that you can pay the builder, contractors, suppliers, etc., during the construction process. Once construction is complete, the loan converts to a residential mortgage.
Which mortgage is right for you? Our Real Estate Lending Specialists will be happy to speak with you about your unique needs. Then we’ll create a custom package that offers the rates and terms you need to get you into your first or next house, refinance your current home or purchase a vacation property.
We even make it easy for you to apply. Our streamlined process won’t ask you unnecessary, time-consuming questions, and you can complete the application in stages as your time permits.
Check out our current mortgage rates.When you’re ready to discuss your options with one of our Real Estate Lending Specialists, stop by any Bronco office, call us at 757.569.6000 (or toll-free at 1.800.667.BFCU), or email us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
To start the application process, you can apply in person or online.
Not a member yet? Give us a call today at 757.569.6000.
