Loans
Mortgage Options
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Fixed Rate Mortgages
A traditional fixed rate mortgage is where your interest rate remains unchanged throughout the life of the loan.
May be a good option if you:
- Want the security of a predictable mortgage payment
- Plan to remain in the home for at least 10 years
- Do not expect significant increases in your household’s income
- Want to increase the amount of loan for which you can qualify
- Conforming loan amounts up to $417,000
- 15, 20 and 30 year terms available
- Seller may contribute up to 6% toward closing costs depending on amount of down payment
Adjustable Rate Mortgages (ARMs)
An adjustable rate mortgage has a lower initial interest rate which is subject to changes in the market. This may result in periodic changes in your monthly payments.
May be a good option if you:
- Want to keep your payments low
- Increase your opportunity to purchase a larger or more expensive home
- Do not mind the potential risk (and reward) of adjusting interest rates / monthly payment
- Plan on moving out of the home within the next five to ten years
- Plan to pay-off your home loan within the next five to ten years
- Expect your household income to increase significantly within a short period of time
Highlights of NIHFCU adjustable rate mortgages include:
- Loan amounts up to $1,000,000
- Minimum down payment of 5%
- Seller may contribute up to 3% toward closing costs
- To view full disclosures on our 1, 3, 5, and 7 year ARMs, click here
Jumbo Mortgages
Jumbo mortgages are also known as non-conforming loans. This is a loan with an amount larger than the conventional conforming loan limit of $417,000.
Highlights of NIHFCU Jumbo Mortgage include:
- Fixed and adjustable rates available
- 90% LTV (loan-to-value) up to $600,000
- 80% LTV up to $750,000
- 70% LTV up to $1,000,000
Other Programs
- Fixed Equity Loans
- Equity Lines of Credit
- Second homes
- Investment Properties
Additional programs are available. Please contact our Mortgage Services Department at (301) 718-0208 or e-mail us.
