TVFCU's special low rate makes housing more affordable!
May 14, 2024
May is Affordable Housing Awareness Month
May is designated as Affordable Housing Awareness Month, and here at TVFCU, we're actively engaging to effect change! To support our commitment to accessible housing, we're thrilled to announce a special low-interest rate for a new home purchase, available for a limited time. This initiative underscores our commitment to making affordability not merely a topic of discussion, but a tangible reality for the community we serve. Don't miss out on this opportunity to secure your dream home with a rate that fits your budget. Reach out to a TVFCU Mortgage Professional today to learn more and take the first step towards affordable homeownership!
Special Offer
5.99% Rate (7.406% APR*) and No PMI on our 5/6 Adjustable Rate Mortgage. The rate is current as of May 14, 2024 and is the Credit Union’s best rate. Rates and terms vary depending on loan to value ratio, credit evaluation and underwriting requirements. After the fixed-rate period, your interest rate will adjust up or down according to market rates at the time of reset. PMI = Private Mortgage Insurance. Flood and/or property hazard insurance may be required.
All Credit Union loan programs, rates, terms and conditions are subject to credit approval and may change at any time without notice.
*5/6 ARM: The payment on a 30-year $300,000 5/6 Adjustable-Rate Loan at 5.99% and 80% loan-to-value (LTV) is $2096.18. After the 5 years, the payment would range from a minimum of $1,545 to a maximum of $2,728. These payments do not include taxes or insurance premiums. The actual payments will be higher; and rates provided are based on current market rates and are informational only. Payments are estimates and include only principal and interest.
Eligibility varies, and will depend on a blend of your credit score and loan-to-value (LTV) ratio. Contact our Mortgage Team directly to determine your eligibility status.
This exclusive offer is applicable solely to primary home purchases. It does not extend to second home purchases, refinancing, investment properties, or HELOCs. We are also offering a special rate on Construction To Permanent loans, contact a Mortgage Loan Professional for details.
Thanks to this special low rate, you're better positioned to manage the payments for your current housing needs. By the time the rate starts adjusting in five years, you might be considering a move or exploring options like refinancing into a different ARM or fixed rate mortgage, should it better suit your budgetary needs.
More about the 5/6 ARM
The 5/6 ARM details:
- The term of the loan can be up to 30 years.
- The "5" and "ARM" means that the rate is an Adjustable Rate Mortgage after 5 years and may increase or decrease according to market rates at the time of reset. The rate is a fixed 5.99% for the first five years.
- The "6" means it adjusts every 6 months (after the first five years).
- The rate will adjust up or down, no more than 2% upon the first adjustment.
- After the first adjustment, the rate will adjust up or down, no more than 1% at each 6 month adjustment.
- The rate will adjust no more than 5% over the life of the loan, so no higher than 10.99%.
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