The $188 million, 21,000-member First Financial Federal Credit Union in Wall, N.J., has begun offering a 10-year mortgage to members seeking to refinance existing loans or take out purchase loans.
The credit union says the loans carry an interest rate as low as 2.5% and $599 in closing costs. A $100,000 loan with those terms would carry a monthly payment of $942.70, the credit union said.
"If you thought you could never afford to pay your mortgage off in 10 years, think again! Shortening the term of your mortgage makes the single largest difference in the interest you pay, even more than a lower rate," said Alice Stevens, chief operating officer at First Financial.
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"The 10-year mortgage is a great option for those interested in refinancing, since most lenders don't have a 10-year option," she added.
Stevens noted that changes in mortgage rates make a big difference when members consider buying or refinancing a home. Especially when they are actively looking and considering making an offer – a change in the rate could be an important factor in the decision and timing.
First Financial also announced that given the very "fluid" nature of current interest rates, interested members could sign up to have interest rate changes sent to the mobile phones in text messages.
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