USU Credit Union offers a variety of affordable conventional mortgage options to best fit your needs.
Conventional Mortgages have both fixed and adjustable interest rate options and typically requires a down payment of 5% to 20%.
Fixed Rate Mortgage
USU Credit Union offers conventional mortgages with multiple fixed rates and terms. With a fixed-rate mortgage, the interest rate does not change for the life of the loan. This is a great option if you plan to stay in your home for a long time.
Benefits of a Conventional Mortgage
- Up to 95% financing
- Multiple fixed-rate term options, from 15 to 30-years
- 5/1, 7/1, and 10/1 Adjustable Rate Mortgage (ARM) options
- Second homes and investment property financing options
- No private mortgage insurance with a 20% down payment
- No pre-payment penalties
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Other mortgage types to consider:
Adjustable Rate Mortgage (ARM)
An adjustable rate mortgage, or an "ARM", is a loan type that offers a lower initial interest rate than most fixed rate loans. With most ARMs, the interest rate and monthly payment are fixed for an initial time period such as five years, seven years, or ten years. After the initial fixed period, the interest rate can change every year.
USU Credit Union currently offers Jumbo Mortgages for loan amounts exceeding $417,000. Speak with a mortgage specialist to help you decide if a Jumbo Mortgage is right for you.
Investment Property Mortgages
Finance your rental and investment properties at competitive rates and fees at USU Credit Union. USU Credit Union can help you secure financing for rental and investment properties with up to 80 percent loan-to-value at competitive rates, low fees and a variety of terms.