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Mortgage

Mortgage Options

  • Fixed Rate Mortgage

    With a Fixed Rate Mortgage, the interest rate and monthly payment of principal and interest stay the same for the life of the loan.

  • Adjustable Rate Mortgage

    With an Adjustable Rate Mortgage, the interest rate may change in relation to an index and payments go up or down accordingly.

    If you don’t plan to stay in your home for a long time, you may want to consider an ARM, which typically has a lower initial interest rate than a fixed rate, and you may save money on interest charges. The money you save could be put toward retirement, paying off debt, building an emergency fund, and more.

  • HomeAdvantage

    Looking to purchase a new home? Or are you selling a home? Our HOME Advantage Program helps save you time and money.

    HomeAdvantage Program

  • First Time Home Buyer

    Buying your first home is a very exciting time and we want to keep it that way! We will help you decide what mortgage best suits your needs, by comparing rates and features and sorting through all the mortgage lingo with you. Our First Time Home Buying Program offers several mortgage types.

  • Reverse Mortgages

    For homeowners who are 62 years or older, let your home start working for you! With a Reverse Mortgage, homeowners can convert part of the equity in your home to cash with no restriction on how you use the funds. The borrower retains title/ownership of the home and the lender will never own the home.

  • 15/15 “RateBuster”

    For many homebuyers, lower monthly payments offer the opportunity to afford a bigger home. Adjustable-rate mortgages like the 15/15 ARM RateBuster Loan, typically offer a lower initial interest rate than other 30-year fixed-rate loans that results in lower monthly payments.

  • 5/5 ARM

    Lock in a monthly payment and interest rate that will not change for 5 years. Every 5 years, the interest rate is adjusted. Adjustments fall in years 6, 11, 16, 21 and 26.

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Why get a mortgage loan at Democracy FCU?

Mortgage loans ensure people can secure and purchase their perfect home. These loans have no collateral other than the home itself. This means that until the borrower successfully pays off the home, the lender still retains ownership of it. They can sell it to recoup finances if the borrower is unable to make payments. Mortgages are long-term investments, often ranging from 15 to 30 years. Borrowers are responsible for both the initial amount borrowed, also referred to as the mortgage balance or principal, and any interest accrued over time. Borrowers must also make an initial down payment to secure the loan, as well as submit an application based on a pre-approval for the lender to gain a sense of the amount owed with respective interest. To apply for a traditional mortgage loan, you typically need to provide proof of income, tax returns, a list of assets, any sustaining debts, credit reports, and financial gifts or help from friends or family.

Democracy FCU is here to simplify the process. We have a range of mortgage and home equity loans available. Our home equity loans are based on a fixed monthly income with loan amounts between $10,000 to $250,000 or 85% of your home’s market value. We also offer fixed-rate mortgages, where the monthly principal and interest rates stay the same for the entirety of the loan. Furthermore, you can consider an adjustable-rate mortgage (ARM mortgage), which has a lower interest rate adjusted based on index rate trends. ARM mortgages can be cost-efficient solutions for those looking for lower interest rates than fixed rates. Democracy FCU is proud to offer even more options than these, such as reverse mortgages, first-time home buyer options, and 5/5 ARM mortgages. We’re the leading financial credit union for mortgage loans, so call us to learn more about our credit services today. We proudly serve the metropolitan DC area!

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