Low Interest Rates for Eligible Buyers
PrimeWay fixed rate mortgages offer affordable interest rates that put the dream of homeownership within reach.
Choose the term that suits your long-term plans, from a short 10-year term to a traditional 30-year term.
Achieving your long-term goals is easy when you know what to expect. Fixed rate mortgages offer the predictability you need to make your dreams come true.
Affordable Down Payment
With a Fixed Rate Mortgage from PrimeWay, you can make a down payment of 5%. If you are a first-time homebuyer, you can make a down payment of as little as 3% allowing you to buy a home now instead of postponing your dream.
Fixed Rate Mortgage FAQs
The difference between a fixed rate and an adjustable rate mortgage is that, for fixed rates the interest rate is set when you take out the loan and will not change. With an adjustable rate mortgage, the interest rate may go up or down.
Many ARMs will start at a lower interest rate than fixed rate mortgages. This initial rate may stay the same for months, one year, or a few years. When this introductory period is over, your interest rate will change and the amount of your payment is likely to go up.
Part of the interest rate you pay will be tied to a broader measure of interest rates, called an index. Your payment goes up when this index of interest rates increases. When interest rates decline, sometimes your payment may go down, but that is not true for all ARMs. Some ARMs set a cap on how high your interest rate can go. Some ARMs also limit how low your interest rate can go.
A down payment is an up front payment towards the cost of a home. Typically, the more you're able to put down, the lower your interest rate and monthly payment.
Why would you get a lower interest rate? When you put more money down, you're taking some of the risk from the lender. It is your cash investment in your home and the lender can reciprocate by giving you potentially lower mortgage interest rates.
Typically, to get the lower mortgage rates, you will need down payment of at least 20 percent of the home's purchase price.
It is possible to purchase a home with a down payment of 15 percent, 10 percent, or even less. FHA mortgages and VA loans are government backed that may be available to qualified home buyers with little or no down payment. With these loan programs, you may be required to pay for mortgage insurance, which is an additional monthly expense to your mortgage payment.
The mortgage loan process mostly consists of mortgage paperwork; providing documents to show how much you earn, where you've lived, monthly debts and account balances.
Most of the information can either be provided in person or on your application. There are a number of additional documents you may need to provide - it will depend on where you are in the loan approval process.
Mortgage prequalification is an assessment of whether your debt-to-income ratio fits mortgage guidelines and provides an estimate of the amount you may be able to borrow. A prequalification letter can also be given to your real estate agent to show you are a serious home buyer. Prequalification is optional, but it's a helpful step in the process of buying a house.
Mortgage prequalification is free and doesn't require a commitment from you or the bank or credit union.
Mortgage prequalification checklist
It is convenient to get prequalified and can help you in the mortgage process. Here's what you'll need to provide for a mortgage prequalification:
- Your name (plus any co-borrowers' names)
- Your current address
- Your estimated annual household income
- Your estimated monthly household debt expenses
You can apply for pre-approval at any time, regardless of whether you've completed the prequalification process. You'll complete a full mortgage loan application, which will include the following information.
This is a partial list as varying information and documentation can be requested during the closing process. Your mortgage specialist can tell you about any additional requirements.
- Your residential address for the past two years
- Landlord names and addresses for the past two years
- Past months checking and savings account statements
- Past two months for other investments, including CDs, IRAs, stocks, bonds or other securities you intend to use for your down payment
- Current real estate holdings, including property address, current market value, mortgage lender's name and address, loan account number, balance and monthly payment
Employment & Income History
- Paycheck stubs from the last 30 days showing your year-to-date earnings
- W-2 or I-9 tax forms for the past two years
A list of any new monthly debts not listed on your credit report (auto loans, student loans, mortgage loans, credit cards, etc.), including creditor name, address, account number, minimum monthly payment amount and outstanding balance on each account.
Additional documents may be required at your mortgage closing. Your real estate agent and mortgage loan officer will let you know which documents will be needed when you close on your new home and they'll work closely with you at each step of the mortgage loan process.
Learn Why Our Members Love PrimeWay
"I never feel like a customer, more like family. Over my years of membership, the bankers have taken the time to educate me about my money – they have made the process easy."
"My parents have been members for years. My family trusts PrimeWay."
"PrimeWay helped with my daughter's college tuition. The process was easy."
"I've been a member since 1968. My relationship with PrimeWay has been rock solid."
"Originally I joined PrimeWay because of a great rate on a personal loan. I've remained a member ever since."
"We live in this community and the new branch location is perfect and the promotional CD rate is even better."
Loan approval is subject to credit approval and program guidelines. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through PrimeWay Federal Credit Union. Deposit products are offered through PrimeWay Federal Credit Union.
To guarantee a rate, you must submit an application to PrimeWay and receive confirmation from a mortgage loan officer that your rate is locked. Application can be made by calling 713-799-6200, by applying online, or by meeting with a mortgage specialist.
Interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.