First Mortgages

Home buyers across the country are securing home loans at historically low interest rates. Furthermore, first-time buyers may qualify for special loan programs to purchase a home of a higher value. In Arizona, mortgages from the Arizona Central Credit Union can help finance the purchase of a home in a variety of ways.
The terms of a home mortgage from Arizona Central Credit Union give first-time and experienced home buyers flexibility in crafting the loan that is appropriate for their financial situation. We offer mortgages in Arizona at both fixed rates and variable rates (also known as adjustable rate mortgages, or ARMs). Fixed rate loans and variable rate loans each have certain advantages for home buyers, and Arizona Central Credit Union can help you decide what type of mortgage is the best fit for you.

A mortgage with a fixed interest rate means monthly mortgage payments stay the same for the lifetime of the loan. Fixed rate mortgages from Arizona Central Credit Union are available as 10, 15, 20, and 30 year loans, with down payments of between 5% and 20% typically required at closing. Fixed rate loans are more predictable than ARMs – planning and budgeting is easier when a mortgage payment stays the same month to month.

Variable rate mortgages, on the other hand, involve monthly payments which are subject to change periodically based on a number of factors. Usually the interest rate of an ARM is tied to an overall index of interest rates, with a specified margin rate agreed upon in the terms of the mortgage. Some of the indexes commonly used to set interest rates include the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), One-Year Treasury Bills, and the London Interbank Offered Rate (LIBOR).

The best way to find the first mortgage in Arizona that's right for you and your family is to get in touch with Arizona Central Credit Union. Our representatives have years of experience helping to secure stable financing for our members. We're dedicated to providing borrowers with the information and resources they need to decide what kind of mortgage they can afford and the home that suits their needs.

Arizona Central Credit Union has been an essential resource for thousands of families across the state looking to purchase the home of their dreams. Since 1939, our membership has grown to over 60,000 members from 2,000 employee groups across the state of Arizona, with 10 full-service branch locations and access to over 43,000 surcharge-free ATMs throughout the country.