Home Mortgage

Fixed Rate Mortgage

• In this type of home mortgage, the interest rate is “fixed” and stays the same for as long as the loan lasts.
• Royal Credit Union offers fixed-rate mortgages for terms of 10, 15, 20, or 30 years.
• A 30-year fixed-rate mortgage is the most popular home loan choice because it offers low monthly payments and a locked-in rate.

Rate and payment are based on a loan amount of $250,000 for the purchase of a single family primary residence.

Rate and payment are based on a loan amount of $250,000 for the refinance of a single family primary residence.

Adjustable Rate Mortgage

• This type of home loan is sometimes called an ARM, which stands for adjustable-rate mortgage.
• ARM interest rates are tied to the market rate. The interest rate can go up or down during the term of the loan.
• We offer adjustable-rate mortgages with terms of 15, 20, or 30 years. The rate is locked for 10 years, so it is called a 10-year adjustable-rate mortgage even though the actual repayment time is more than 10 years.

Rate and payment are based on a loan amount of $250,000 for the purchase of a single family primary residence.

Home Equity Rates

See today’s HELOC rates below, or learn more on our home equity line of credit page.

Down Payment Assistance Programs

To determine if you might qualify for down payment assistance programs, use the Down Payment Assistance Tool provided by Fannie Mae®. Enter details about the home you plan to purchase and your household to receive a list of down payment assistance programs that you may qualify for at the state and national level. Share your results with your mortgage loan officer at Royal and we can help review loan options. Access the tool at https://downpaymentresource.com/fanniemae/.

$100 First-Time Homebuyer Credit

Royal is offering first-time homebuyers a $100 credit* on their closing costs if they complete an online educational course offered by Fannie Mae®. The course explains a variety of mortgage topics, and the information applies to all home loans. Any first-time homebuyer, even those who don’t qualify for Fannie Mae® loans, can take advantage of this credit with Royal. Register for and complete the self-guided online course at https://www.fanniemae.com/education.

$250 Way-to-Go Rewards For Home Loans

If a Member enrolled in Smart Start Checking is a first-time homebuyer with a Royal Credit Union home mortgage loan and makes their first six payments on or before the due date, Royal will deposit a one-time $250 incentive into their checking account. This incentive is available for first mortgages only. Home Equity Lines of Credit and refinances are not eligible for this incentive.

Frequently Asked Questions

What credit score do I need for a mortgage at Royal Credit Union?
Royal Credit Union looks at your full picture rather than a single number. Credit score is one factor alongside income, debt-to-income ratio, down payment and employment history, and there is no single cutoff that decides a mortgage on its own. Royal's mortgage team reviews applications individually and can talk through your options before you apply, either online or at any Royal office.

How long does the mortgage process take at Royal Credit Union?
Completing Royal’s online mortgage preapproval application typically takes about 20 minutes if you have your income, asset, and other financial information ready. After Royal reviews your application and supporting documents, most preapprovals are valid for four months, giving you time to shop for a home. Once you have an accepted offer, the mortgage process generally takes about 30 to 45 days through closing, although the timeline can vary based on the loan type, appraisal, title work, and how quickly documents are provided.

Does Royal Credit Union offer down payment assistance for homebuyers?
Yes. To determine if you might qualify for down payment assistance programs, you can use the Down Payment Assistance Tool provided by Fannie Mae. Enter details about the home you plan to purchase and your household to receive a list of down payment assistance programs that you may qualify for at the state and national level. Share your results with your mortgage loan officer at Royal and they can help review loan options.

What incentives does Royal Credit Union offer for first-time homebuyers?
Royal Credit Union provides two great incentives for first-time homebuyers.

• The $100 Homebuyer Credit offers first-time homebuyers a $100 credit on their closing costs if they complete an online educational course offered by Fannie Mae. The course explains a variety of mortgage topics, and the information applies to all home loans. Any first-time homebuyer, even those who don't qualify for Fannie Mae loans, can take advantage of this credit with Royal.
• If a Member enrolled in Smart Start Checking is a first-time homebuyer with a Royal mortgage loan and makes their first six payments on or before the due date, Royal will deposit a one-time $250 incentive into their checking account. This incentive is available for first mortgages only. Home Equity Lines of Credit and refinances are not eligible for this incentive.

How much can I save by making extra payments on my mortgage?
Making extra payments on a Royal Credit Union mortgage reduces the principal balance faster, which can lower the total interest paid over the life of the loan or shorten the term by years. The size of the savings depends on your rate, your remaining balance, and how much extra you pay each month. Royal Credit Union's mortgage calculator lets you enter your own numbers and see the effect of extra payments on both the payoff date and the total interest.

Does paying extra on my mortgage lower my monthly payment?
Usually not. Extra payments on a Royal Credit Union mortgage are applied to the principal balance and may lower the interest paid over the life of the loan or shorten the loan term rather than lowering the required monthly payment. Some lenders may offer a recast, which recalculates the monthly payment against the lower principal balance, though this is not automatic, and certain eligibility requirements apply. Royal's mortgage calculator can help you determine how additional principal payments can affect both the balance and the payoff date.

How do I know if I should refinance my mortgage?
There are many reasons someone may choose to refinance their mortgage. Refinancing a mortgage with Royal Credit Union usually makes sense when the new rate results in a lower monthly payment and the monthly savings pay back the closing costs before you move. Other reasons to refinance your mortgage include shortening the term, switching from a variable to a fixed rate, removing mortgage insurance once you have enough equity, or accessing that equity for other uses. Royal’s refinance calculator can help you run a comparison against your current loan to see the potential impact a refinance could have.

Royal Makes Buying Your New Home Easy!

Find A Mortgage Loan Expert

• Meet Our Lending Team

Need Help With An Existing Home Loan?

• Continue Your Application
• Check Application Status
• Learn About Managing Your Home Loan
• Learn About Managing Your HELOC
• Learn About Private Mortgage Insurance (PMI)
• Use Our Mortgage Refinancing Calculator 
• Use Our Extra Mortgage Payment Savings Calculator

Who You Gonna Call (After Getting Your Mortgage)