Del Norte Credit Union offers fixed-rate and other types of first mortgages.
What are Fixed-Rate Mortgages?
The traditional fixed-rate mortgage has a constant interest rate and monthly payments that never change. These loans provide peace of mind because you can lock in the rate for the life of your loan. Terms available are 30, 20, 15 and 10 year loans. The longer term loans will have the lowest monthly payment; however, shorter term loans typically have a lower interest rate.
Del Norte Credit Union offers various fixed-rate options that could come in handy. With our fixed-rate loans, you can lock in the principal payment and interest rate, which makes it easier to keep to your monthly budget. Our DNCU branches in Los Alamos, Española, Santa Fe, and White Rock offer fixed-rate loans that provide competitive rates, easy to understand loan terms and less paperwork as well as a set interest rate for the life of your loan. You won’t have to worry about fluctuations in the market. Simply put, a fixed-rate loan provides certainty.
Why a Fixed-Rate Mortgage Might Be Right for You
Predictable - you know how much you are required to pay every month since the payments do not change (although payments may vary if home insurance payments and property taxes are included).
Simplicity - Fixed-rate mortgages are easier to understand, making the experience manageable from start to finish.
Safe - In an environment of rising interest rates, fixed-rate mortgage loans can offer security and stability, whether you have a life change, your job disappears, or the economy slumps.
More possibilities - Fixed-rate loans generally lower payments by extending the mortgage over a longer period, perhaps providing borrowers with the ability to qualify for more significant loans, such as an additional home.
Why Fixed-Rate Mortgages Might Be Wrong for You
Inflexible - If interest rates start dropping, you cannot enjoy savings unless you refinance. Also, you may avoid refinancing in fear of losing the fixed-rate.
Potentially more expensive - An adjustable rate mortgage may be cheaper if you plan to refinance the loan or sell the home before the low-rate introductory period ends.
Pay more interest - Long-term fixed-rate loans could cost more in total interest.
Depending on your current needs and financial status, we can help you make an informed decision that will not only meet your currents goals but also provide much-needed value in your life.
At DNCU, we understand that obtaining a fixed-rate for a home mortgage can make the difference between living a comfortable life and losing sleep over fluctuations in the market. We offer you an opportunity not only to obtain your dream home or refinance your existing mortgage but also to feel secure in your home loan.
Get in Touch with Us Today
If you’re searching for the best fixed mortgage rates in New Mexico speak with one of DNCU’s team members to learn more about fixed-rate mortgage loans. When you’re ready to get started, you can trust our team to help you make this big decision. At Del Norte Credit Union, we are here to serve our New Mexico patrons. We offer flexible options and superior service to help you reach your home ownership goals. Ready to get started? Start the process online.