Open the door to your home sweet home at Royal Credit Union!
We love helping homebuyers find the perfect place to call their own. Our team will work with you to find a home loan solution that meets your needs!
It could be the biggest purchase of your life, but buying a home doesn’t have to be hard. At Royal Credit Union, we’ll explain the ins and outs of home mortgage loans and make sure you understand every step of the process. Whether you’re getting preapproved, locking in the best interest rate, or signing on closing day, our mortgage pros are ready to answer all your questions. We offer different types of mortgages to fit the financial needs of our Members. We’re here to help make it easy to own your home.
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. We can provide 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 refinance of a single family primary residence. Rates may vary for loan amounts less than $250,000.
- View purchase calculators
- Estimate your home loan rate and closing costs
- Meet our lending team
- Learn about our $100 first-time homebuyer credit
Adjustable Rate Mortgage
The interest rate of an adjustable mortgage is tied to the market rate and can go up or down during the term of the loan. We offer adjustable-rate mortgages with terms of 15, 20, or 30 years, and initial rate lock periods of 1, 3, 5, or even 10 years. This type of home loan is sometimes called an ARM, which stands for adjustable-rate mortgage.
Rate and payment are based on a loan amount of $250,000 for the purchase of a single family primary residence. Rates may vary for loan amounts less than $250,000.
These types of home loans are backed by the federal government and can be a good choice for borrowers with limited down payment funds or damaged credit history. Because the federal government is backing these mortgages, it is easier for borrowers to qualify even if they would not be able to get a conventional home loan. Government loans include USDA loans, FHA loans, and VA loans.
This special mortgage loan category is also known as a Guaranteed Rural Housing Loan. This type of home loan is for buyers with low or moderate incomes purchasing a home in a rural area, typically outside of any city limits. Because this loan is guaranteed by the United States Department of Agriculture, in most cases buyers do not need a down payment and can finance up to 100% of the purchase price of a home.
This type of mortgage loan is backed by the U.S. government’s Federal Housing Administration, so it’s called an FHA loan. FHA loans feature down payment amounts as low as 3.5% of the purchase price. They are available to borrowers with lower credit scores who might not qualify for conventional home loans.
VA loans are guaranteed by the U.S. Department of Veterans Affairs. VA loans are available only to Service Members, Veterans, and eligible surviving spouses. Because VA loans are backed by the government, borrowers can often finance 100% of a home’s purchase price without needing any down payment or mortgage insurance.