When you finance your home through Spectrum Credit Union, you get access to customizable solutions and competitive interest rates that fit your needs.
Buying a home is a life-changing experience. Whether it’s your first home purchase or a retirement home purchase, the excitement is truly one of a kind.
Fixed-rate mortgages
With a fixed-rate mortgage, your payment will not change over the course of your loan. Your interest rate is set at the outset and can’t go up or down. We offer fixed-rate mortgages in 30, 20, 15 and 10-year options1.
Adjustable-rate mortgages
An adjustable-rate mortgage (ARM) offers a lower initial interest rate and, consequently, a lower monthly payment. Your interest rate and your payment typically increase as time goes on. We offer ARMs in 15 and 30-year terms2, and we provide an initial fixed-rate period of 3, 5, 7, or 10 years before the first rate adjustment.
Jumbo mortgages
A jumbo mortgage allows you to borrow more than $548,2503, the most common maximum limit of conventional conforming lenders. We help you find a jumbo loan package to fit your needs.
1 Payment Example: At a 2.875% interest rate (2.929% APR), a 30-year conventional mortgage would have monthly payments of $2,274.64. These payments are based on a $548,249 loan on a $685,300 property in Alameda county, CA. If an escrow account is required or requested, your actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. The values shown assume the loan is for the purchase of a single family residence that will be used as a primary residence and that the applicant has a credit score of 740 or higher.
2 Payment Example: At a 2.125% initial interest rate (2.659% APR), a 7/6 ARM with a 30-year term would have monthly payments of $2,060.88 for the first 84 months, then $2,257.17 for the next 275 months, with a final payment of $2,256.42. Your actual payments will be based on market conditions at the time of interest rate changes per the terms of your loan agreement. For ARMs, the rate may increase after consummation. These payments are based on a $548,249 loan on a $685,300 property in Alameda county, CA. If an escrow account is required or requested, your actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. The values shown assume the loan is for the purchase of a single family residence that will be used as a primary residence and that the applicant has a credit score of 740 or higher.
3 Limits will vary depending on your county.
"Ms. T was professional in every way … explained everything, great service. I would recommend the Credit Union to everyone."
"Great service from beginning to end. Michael S. was extremely patient answering all my questions through the process. Thanks so much!"
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