Mortgages
Mortgages
If you’re shopping for a mortgage, don’t just compare rates!
Yes, we offer great rates at Armco CU, but it’s our low closing costs and personal service that will win your trust. We can save you hundreds (sometimes thousands) of dollars in closing costs compared to our competitors. Be assured that we will always offer you our best rate upfront with no haggling and no surprises.
Lower Closing Costs
Fast & Free Approvals
Up to 100% financing
- Terms up to 30 years
- Fixed or adjustable rates
- Apply online & sign electronically
- Exceptional customer service
Types of Loans
Conventional Loan
A conventional loan is the most common type of mortgage, typically covering those with a credit score of at least 640 and as little as 5% down.
However, a down payment of 20% allows the buyer to avoid the cost of mortgage insurance.
First-time Home Buyer Loan
For those just starting out in their first home, a First-Time Home Buyer Loan allows the added flexibility of putting a minimum of 3% down.
Government Backed Loans
For those who may not qualify for a conventional loan, Armco CU offers a variety of loans backed by the U.S. government.
FHA Loans
Backed by the Federal Housing Administration and have less restrictive qualifications for borrowers, resulting in lower down payment and credit score requirements than a conventional loan.
VA Loans
Available to qualified veterans, active and reserve military personnel and in some cases surviving spouses. No down payment is required and Armco CU can finance up to 100% of the purchase price.
USDA Loans
May offer added benefits to those who are purchasing a home in a rural area. A credit score of 640 is needed to qualify, but have a benefit of not requiring a down payment.
New Construction Loans
Unlike other lenders that require two closings, our construction loans offer one easy closing – locking in your rate from start to finish. Build a stick-built, modular or manufactured home and use your property as your down payment.
Purchase Money Home Equity
Secure a 2nd lien to eliminate PMI insurance on a conventional loan. Requires 5% down.
Our friendly mortgage specialists provide personalized service and will sit down and patiently explain the many programs available so you can make well informed decisions. They will oversee every step of the process to ensure a smooth, easy experience for you.
If you prefer a less hands-on approach they can also handle everything electronically so you don’t need visit our office prior to closing.
We recommend that you start with a pre-approval before you start house hunting. Not only does this help you know what you can afford, but it will help the mortgage process move faster.
Shopping for a mortgage can be challenging. Let us help you make an educated decision. Download the Mortgage Shopping Worksheet to help you compare the programs, rates, and fees offered at various financial institutions.
Mortgage Calculator
A small difference in the parameters of your mortgage can make a big impact on how much you pay for your home
Early Mortgage Payoff Calculator
The quicker you payoff your mortgage, the less you’ll pay in interest
Mortgage Type Activity
What type of mortgage is right for you?
4 convenient ways to apply
At Any Branch
Call Any Branch
Online
Mobile App
Mortgage Articles
