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Fixed Rate Mortgages

 

Welcome home! FreeStar Financial Credit Union can service all of your home buying/ refinancing needs. Please review the presentation below provided by our Vice President of Lending on how to prepare for the home buying process.

Home buying 101 (see above)

Application Requirements:

  • Completed mortgage application
  • Two most recent pay stubs for each borrower
  • Last two year’s W2s or tax returns if self-employed
  • Two most recent bank statements verifying assets (when required)
  • Homeowner’s Insurance Policy
  • Fully executed purchase agreement with all addendums (purchases only)
  • Statements for all mortgages to be paid off (refinance only)
  • Statements for all items (credit cards, etc.) to be paid off when refinancing

You can save $300 on closing costs when you refinance with FreeStar Financial if you 1) sign up for direct deposit with your checking account  OR 2) you have additional loan balance(s) of $5000 or higher with us.

What Buying a Home Truly Costs (article by NerdWallet, Feb. 2016)

Fixed Rate Mortgages
Effective Date: May 1, 2017
TypePointsRate As Low As
10 Year Fixed 0 3.250%
10 Year Fixed 1 3.125%
10 Year Fixed 2 3.000%
15 Year Fixed 0 3.375%
15 Year Fixed 1 3.250%
15 Year Fixed 2 3.125%
20 Year Fixed 0 3.875%
20 Year Fixed 1 3.750%
20 Year Fixed 2 3.625%
30 Year Fixed 0 4.125%
30 Year Fixed 1 4.000%
30 Year Fixed 2 3.875%
*A loan of $100,000 at 3.125% for 180 months would have a monthly payment of $696.61. Promotional rate is subject to change at any time without notice. Equal opportunity lender. NMLS #411386

*APR = Annual Percentage Rate. Rate is “as low as” and may change based on credit history, collateral, term, and other determining factors.

Quick information on Fixed Rate Mortgages:

  • A first mortgage is defined as a loan to finance the purchase/refinance of real estate.
  • We offer 10-, 15-, 20- and 30-year fixed terms.
  • A lien is placed on the property as collateral for the loan.
  • Collateral is defined as an asset pledged by a borrower to secure a loan or other credit, and is subject to foreclosure in the event of default.
  • A lien is defined as a legal claim against an asset which is used to secure a loan and which must be paid when the property is sold.

We offer low fixed rates based upon the term of mortgage selected and points paid (points are prepaid interest to reduce the interest rate). You can borrow up to  90 percent (loan to value) with PMI (if over 80 percent).

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