- No application fees.
- No pre-payment penalties.
- Financing up to 95% of home value.
- Cash out up to 80% of home value.
- Consolidate first and second mortgages and Home Equity Lines of Credit.
- Offering fixed and adjustable rate mortgages (ARMs).
- Portfolio Lender.
- Documentation will be required.
5/1 ARM (Adjustable Rate Mortgage)
This adjustable rate mortgage is available at a remarkably low rate of 2.750% with a 2.914%APR*.
- No closing costs**
- Rate fixed for the first 5 years
- Financing up to 80% LTV
- Offer good for a limited time and is valid on owner-occupied purchases
- Other restrictions apply. See complete details.
- Apply now
& Interest Payment
|5/1 ARM||First 60 months||2.750%||2.914%||$2,041.21|
|Next 300 months||3.000%||3.000%||$2,103.19|
|As of June 1, 2015, the start rate is 2.750% fixed for 5 years with an APR of 2.914% and will adjust annually thereafter by no more than 2 percentage points based on the 1-year Treasury Constant Maturity (TCM) index plus a margin of 2.75% with a lifetime maximum rate of 5% above the start rate. The sample payment is based on a loan amount of $500,000. Examples shown are based on rate/term, no cash out, 740 minimum FICO, 80% max financing, single family home, primary residence. Other options may be available. Payments shown do not include mortgage insurance or taxes; actual payments will be greater. Rates posted are not intended to be a commitment, and are subject to change without notice. Certain terms and conditions may apply. Your actual rate and/or points may be different. No application fee.|
- Zero down payment purchases
- 90% cash out refinances (Use a cash-out refinance for home improvements, school tuition, debt consolidation, vacations, or other purchases)
- Acceptable Debt-to-income ratios higher than conventional loans
- Fixed and ARMs available
- No monthly mortgage insurance required
- No prepayment penalty
Home Loan Resources
- Visit our FAQ page for detailed information about our home loans.
- Having financial difficulty? We want to help.
- Protect your investment with Homeowners Insurance at an exclusive member discount.
- Save for a down payment on a home with Savings, Money Markets, or Certificates.
** 5/1 ARM Terms & Conditions
North Island Credit Union will pay your non-recurring closing costs including but not limited to: lender’s title insurance, title services, appraisal, tax service, credit report, flood certification and recording fees up to an amount of $10,000 or the amount charged by the service providers, whichever is less. If you pay this loan off earlier than the 36-month anniversary date of the loan closing, you will be obligated to pay North Island Credit Union a prorated amount of the closing costs. This amount will be added to any loan payoff amount requested prior to the 36-month anniversary date. This does not include pre-paid interest, homeowner’s insurance, initial escrow deposit, owner’s title insurance, or city and/or county transfer tax. Other restrictions may apply. Offer good for a limited time only and is valid on owner-occupied purchases or refinances from another institution and does not apply to the refinance of an existing North Island Credit Union mortgage. Programs, rates, terms, and conditions are subject to change. Multiple fixed-rate loan options are also available.