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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