View Current RatesPurchase that dream home, refinance from other lenders to lower your payments, or draw cash out to use as you please. We offer competitive rates and low closing costs along with many other benefits.
- No application fees
- No prepayment 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 is required
Adjustable Rate Mortgages: 5/1 and 7/1 ARM Loans
These adjustable rate mortgages are available at remarkably low rates.
- No closing costs1
- Rate fixed for the first 5 or 7 years
- Financing up to 95% LTV (LTV’s greater than 80% require Mortgage Insurance)
- Offer good for a limited time and is valid on owner-occupied or second homes
- Other restrictions apply, see below
Use our Adjustable Rate Mortgage Calculator.
|Payment Example||Rate||APR||Monthly Principal & Interest Payment|
First 60 months
Next 300 months
As of April 1, 2016, the 5/1 ARM start rate is 2.750% fixed for 5 years with an APR of 3.159% and the 7/1 ARM start rate is 3.250% fixed for 7 years with an APR of 3.371%. The ARM 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. A sample principal and interest payment on a $500,000 5/1 ARM loan fixed for 5 years would be 60 payments at $2,041.21 and 300 payments at $2,215.16. This payment example does not include mortgage insurance premiums or taxes; actual payment will be higher. This loan offer is only for owner-occupied homes and subject to credit approval and satisfactory appraisal. No application fee.
Specialized loans for a purchase, rate and term refinance, or a cash-out refinance. These loans are available to eligible members, including those who are retired military, discharged veterans, active duty military, or the un-remarried surviving spouse of a veteran.
- 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 adjustable rate mortgages (ARMs) available
- No monthly mortgage insurance required
- No prepayment penalty
Contact one of our dedicated mortgage representatives for assistance with your home loans and other mortgage products:
Home Loan Resources
- Visit the home loan process page for application and appraisal information
- If you’re 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 or money market accounts
See our rates and terms for all home loans here.
Home Loan Calculators
Terms & Conditions
1 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 prepaid 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.