What Credit Union Home Loan Options Are Available Near Me?

Buying a home should be one of the most exciting times of your life, but that excitement can be dulled when you aren’t sure how to finance your home. That’s why it’s good to know what credit union home loans are available near you.

Rivermark Community Credit Union has a variety of home loan options for people living in Oregon. Whether you’re looking into buying a home for the first time, interested in purchasing an investment property, or refinancing your current home, there’s a loan that may work for you. With options to suit nearly every financial situation, finding a way to finance your home doesn’t have to be difficult.

Fixed-Rate Mortgage Loan

The fixed-rate mortgage option provides potential homeowners with the comfort of long-term stability. This is a great choice for people looking to live in a home for longer than 10 years. During the time of this loan, month-to-month payments won’t change very much. Rivermark offers 10-, 15-, 20-, and 30-year fixed-rate loan options to choose from. But if you’re looking for something to finance a slightly more temporary living situation, there may be options better suited for you.

Adjustable-Rate Mortgage

The adjustable-rate mortgage (ARM) is the perfect plan if you’re planning to sell your home in under 10 years. This is due to the interest rates on this option being much lower than that of the opposing fixed-rate mortgage. With a lower monthly payment, you’ll be in a better position to afford your home during the time you plan to be there.

The rate on this option is adjustable, but it’s locked for the first few years, depending on which option you decide to go with. Rivermark offers three different lengths of ARM options to choose from. Our introductory terms of 5, 7, and 10 years are offered to potential homebuyers, as well as guidance from knowledgeable local mortgage experts.

First-Time Buyer Options

Buying your first home can be a daunting task. The process is foreign, and you may discover that finding the right loan with a low-interest rate is rare. That’s why credit unions like Rivermark are happy to offer loan options for first-time buyers. We want to help you streamline the process of buying your first home with affordable loan options that can get you to where you want to be.

One loan that we offer is the 100% Combo Loan. This loan offers 100% financing with an 80/20 loan with no requirement for private mortgage insurance.

Another loan possibility for first-time buyers is the 3% Down First Time Buyer option. With this option, down payments can be as low as 3% to purchase a new home, with fixed-rate options. These options make it easier for first-time buyers to get their foot in the door with home loans by providing assistance that is tailored for their situation.

Jumbo Home Loans

Do you need a large loan? Our jumbo loans are made specifically for people who need a loan that exceeds the limit of $726,200. In the Oregon area, it’s not uncommon to find that many homes go for more than that amount, depending on the specific area you’re looking in. If you’re in the market for a high-priced or luxury home, a jumbo home loan may make that option more affordable for you.

These loans are available for primary residences and second and vacation homes, as well as investment properties. There are also no pre-payment penalties and the opportunity to avoid paying PMI with qualifying loans.

Home Refinancing

Refinancing your home loan with a credit union near you is a great way to lower your monthly payment, tap into your home equity, or change the terms of your previous loan. Rivermark offers an affordable flat fee so that you can get this process going quickly.

Refinancing your home with Rivermark comes with many benefits, one of the biggest being that you can repay your mortgage faster. Lower your APR and start saving with this home loan option.

Home Equity

Are you looking to consolidate your debt? Home equity loans can be the perfect option for you. You’ll be able to access the value of your home while working to pay for things like home improvements or education expenses. This one-time lump sum comes with no annual fee or prepayment penalties, fixed monthly payments, and the possibility of borrowing up to 95% of your home’s equity. A home equity loan can be a great way to use your home for your other financial needs.

Home Equity Line of Credit

A home equity line of credit (HELOC) is a revolving line of credit with maximum flexibility. With this option, you only pay interest on the balance you use. You also enjoy things like a 10-year draw period, with up to a 15-year repayment period, as well as the option to reuse the line of credit as the balance is repaid. If you’re interested in calculating your home equity, you can use our free home equity calculator to see how large of a credit line you’re eligible for.

If you’re living in the Oregon area, all of these credit union home loan options are available near you when you work with Rivermark Community Credit Union. Make your dream home become your reality with the right home loan option for you. You can benefit the most from our home loan options by becoming a member of Rivermark today.