The start rate is fixed for the first three years of the mortgage it can then adjust yearly on the anniversary date of the loan. Payments will be adjusted so the loan pays off in 30 years. The rate can not change more than 2% per year and no more than 6% over the life the of loan. The index used to determine the rate changes is the weekly auction of 1-year treasury bills, adjusted to a constant maturity. A margin of 3% is added to that index to determine the new loan rate.

• You can borrow up to 97% of the lesser of the appraised value or purchase price of a new home or 90% of the appraised value when refinancing your current home.
• All loans over 80% loan to value require mortgage protection insurance. The maximum loan amount is $417,000; over this amount requires Board approval.
• The credit union does not charge a loan fee for this loan, which keeps your closing cost low. You only pay outside venders fees, such as the appraiser and title company.

The start rate is fixed for the first five years of the mortgage after that it can adjust yearly on the anniversary date of the loan. Payments will be adjusted so the loan pays off in 30 years. The rate can not change more than 2% per year and no more than 6% over the life the of loan. The index used to determine the rate changes is the weekly auction of 1-year treasury bills, adjusted to a constant maturity. A margin of 3% is added to that index to determine the new loan rate.

• You can borrow up to 97% of the lesser of the appraised value or purchase price of a new home or 90% of the appraised value when refinancing your current home.
• All loans over 80% loan to value require mortgage protection insurance. The maximum loan amount is $417,000; over this amount requires Board approval.
• The credit union does not charge a loan fee for this loan, which keeps your closing cost low. You only pay outside venders fees, such as the appraiser and title company.

This product can be used to purchase only a primary residence. Closing cost will be approximately 3% of the loan amount and can be paid by the seller or a gift from a family member.The credit union does not charge a loan fee for this loan, which keeps your closing cost low. You only pay outside venders fees, such as the appraiser and title company.

• The start rate is fixed for the first five years of the mortgage after that it can adjust yearly on the anniversary date of the loan. Payments will be adjusted so the loan pays off in 30 years.
• The rate can not change more than 2% per year and no more than 6% over the life the of loan. The index used to determine the rate changes is the weekly auction of 1-year treasury bills, adjusted to a constant maturity.
• A margin of 3% is added to that index to determine the new loan rate.

Loan amounts over $417,000 are considered Jumbo loans. We offer a jumbo loan on our 5-1 ARM product with a .5% loan fee.

• Primary residences only
• Loan amounts over $417,000 require approval by the Board of Directors
• You can borrow up to 80% of the value of the property
• Full appraisal is required
• 5-1 ARM has a fixed rate for the first 5 years, then rates can adjust yearly.

Here’s a mortgage that will give you the lowest payment possible and provide a fixed rate for the entire term of the loan. This loan will allow you to build equity and provide the comfort of know that the principal and interest portion of your payment will not change. This lower payment can help you qualify for a loan.

Payment Comparison Between 30-year and 40-year

This is the loan your parents had and it’s still a great product. The interest rate remains the same for the entire 30-year loan period. This loan product is for those who have found their “forever” house or are not comfortable with the rate changes with an adjustable rate mortgage.

• You will pay the usual closing cost plus a 1% loan fee.
• You can borrow up to 97% loan to value (LTV) for purchases and 90% LTV for refinances.
• Maximum loan amount is $417,000.

Similar to our 30-year mortgage in that the rate is fixed for the term on the loan. Repaying the principal balance of the loan in 20 years saves you a great deal of interest.

• You will pay the usual closing cost plus a 1% loan fee.
• You can borrow up to 97% loan to value (LTV) for purchases and 90% LTV for refinances.
• Maximum loan amount is $417,000.

Similar to our 30-year mortgage in that the rate is fixed for the term on the loan. Repaying the principal balance of the loan in 15 years saves you a great deal of interest.

• You will pay the usual closing cost plus a 1% loan fee.
• You can borrow up to 97% loan to value (LTV) for purchases and 90% LTV for refinances.
• Maximum loan amount is $417,000.

We finance both purchases and refinances of floating homes using 5-1 ARM and Fixed Rate loan products. The ARM loan payments adjust with the interest rate after the initial fixed rate period of 5 years. Rate adjustment caps are 2% yearly and 6% over the life of the loan.  Ask a loan officer for details on the index and margin used for the ARM loans.

• Loan amount can be up to 80% of the appraised value or the purchase price whichever is less.
• A full appraisal is required. This establishes the value of the home.
• An underwater survey is required. This reports on the condition of the stringers, joist, floats and decks of the floating home.
• The marine title will be held as security for the loan. 
• The ARM loan product has a .50% loan fee. The Fix Rate product has a 1% loan fee. All loans will have additional closing costs.
• Closing costs for a $150,000 loan would be approximately $ 1650 to $3,000, including the loan fee mentioned above.

We finance bare land on a 5-1 ARM loan product. The initial interest rate is fixed for the first five years of the mortgage after which it can adjust yearly on the anniversary date of the loan. The payment will adjust so the loan pays off in 30 years. The rate cannot change more than 2% per year and no more than 6% over the life of the loan. Ask your loan officer for details on the index and margin for this loan.

• Loan amount can be up to 80% of the appraised value or the purchase price whichever is less.
• A full appraisal is required
• There is a .50% loan fee plus closing cost.
• Closing cost on a $100,000 loan would be approximately $2015.

Are you ready to be a landlord? Rivermark Credit Union can help you buy that rental property, using any of our fixed rate loan products or our 3-1 ARM rental product.

The maximum you can borrow on a fixed rate purchase is 90% of the lesser of the purchase price or appraised value. The fixed rate refinance loan limit is 75% of the appraised value. Fixed rate products have loan originations fees between 2.5% and 3%.

You can borrow up to 75% of the purchase price or the appraised value on the ARM loan product for a purchase or a refinance.

• You will pay the usual closing cost plus a loan fee.
• A full appraisal with a rental income statement is required.
• All loan types have normal closing costs – Fixed rate loans will have additional loan origination fees.
• Maximum loan amount on one unit is $417,000.
• 3-1 ARM product has a fixed rate for 3 year then can adjust yearly
• Rental properties are either single-family units or 1-2 family units

Stated Income loans are for self-employed borrowers whose tax returns don’t tell the whole financial story. Now you can collect for all those years of paying your bills on time! Excellent credit scores are a necessary part being approved for this loan.

• Owner-Occupied, Primary residences
• Loan amount up to 80% of the value of your home as shown by a full appraisal
• 5-1 ARM – interest rate is fixed for the first 5 year, then becomes adjustable
• .50% loan fee plus normal closing costs
• Closing cost for a $175,000 loan would be approximately $3195