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Types of Loans

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.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, 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 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Adjustable Rate Mortgages (ARM)
When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.

Home Equity Line of Credit

Get cash out from the equity in your home. Put the equity you built in your home to use with our home equity line of credit.  Line of credit loans have a variable rate that is based on the Wall Street Journal Prime Rate.  The line of credit rate is subject to change January 1st and July 1st.

Home Equity Loans

Second mortgages offer several advantages over other types of borrowing. Interest rates are fairly low, particularly when compared to credit cards or other unsecured loans. Moreover, the rate on Second Mortgage loans is fixed, so you will have security against rising mortgage rates and higher payments.

Illinois State Credit Union NMLS# 571095
1408 Airport Rd, Bloomington, IL  61761
Office:  (309) 451-8400
Mortgages@itsmycreditunion.org
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