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Types of Mortgage loans


  • (30 Year) Thirty-Year Fixed Rate Mortgage

The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. Maybe a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

  • (15 Year) Fifteen-Year Fixed Rate Mortgage

This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment since the difference in interest rates isn't that great.

  • JUMBO Fixed Rate Mortgage

These loans are fully amortized Mortgage loan for either a Purchase or Refinance purposes. Loan amounts start at $417,001 to $650,000. Terms can be anywhere from 10 years to 30 years. Very competitive rates compared to Banks. 

  • Land Only Loans

Loans from up to $100,000 for bare land. 10 or 12 year terms with a fixed rate. Up to 5 acres maximum. Maximum LTV is 80% for Purchase or Refiance purposes. No Cash out refinances allowed.

  • Adjustable Rate Mortgages (ARM)

When it comes to ARMs, there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.

  • Home Equity or Second Mortgages

Borrower up to 133% LTV (loan-to-value). We go 33% above the current appraisal for home improvements you or your contractor wish to do. Get the money today for the upgrades you want to do tomorrow.  See us for more details. These are fixed rate loans

  • HELOC (Home Equity Line of Credit):

Using your home equity to establish a line of credit type mortgage. You only pay on balance you owe at 1% per month. Re-use the line just like a credit card for the first ten years. At the end of ten years, you will have another five years to pay it off. Rates as low as 5%. Intial advances as low as $5,000 required. Variable rate loans (Prime Rate).

Never a pre-payment penalty at your federal credit union.

Intangible tax exempt also. Saves you money at closing.

Tampa Bay Federal Credit Union-NMLS#441290 NMLS #441290
3815 N Nebraska Ave, Tampa, FL  33603
Office:  (813) 247-4414 Ext. 7601
Toll Free:  (800) 380-8880 Ext. 7601
Fax:  (813) 280-9398
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