410-534-4500 | 1-800-JHFCU-70 jhfcu.org SPRING 2019 JOHNS HOPKINS FEDERAL CREDIT UNION Spring is in the Air And Home Buying Season is Underway Whether you’re buying your rst house, moving to accommodate a growing family, downsizing, or simply trying to re nance, JHFCU can help. We prequalify you so you have an idea how much to spend and how to avoid costly mistakes along the way. Home buying isn’t a one-size- ts-all process—so we offer multiple nancing options to t your individual needs. Have questions? Not sure which option is best for you? Call our Mortgage Lending Specialist at 410-534-4500, ext.740 , or email at Mortgages@jhfcu.org . JHFCU can only offer mortgages for properties in Maryland and surrounding states. 1 Rates are based on evaluation of credit history, loan-to-value, and the term of loan. With a $100,000 loan at 4.327% APR for 30 years, your payment will be $492.91 per month. The quoted APR is based on 20% down payment required or 80% loan-to-value. 2 Rates are based on evaluation of credit history, loan-to-value, and the term of loan. With a $10,000 loan at 5.125% APR for 10 years, your payment will be $105.78 per month. The quoted APR is based on 10% down payment required or 90% loan-to-value. 3 Closing costs will be added back to loan balance if the loan is paid off within three (3) years. 4 APR = Annual Percentage Rate. Rates are based on evaluation of credit history, term of loan and upon re nancing your non- JHFCU loan. With a $100,000 loan at 4.25% APR for 10 years, your payment will be $1,024.38 per month. Payments do not include amounts for taxes and insurance premiums, if applicable, actual payment obligation will be greater. Property and ood insurance may be required. Other restrictions may apply. Conventional Fixed Mortgage A traditional xed-rate, xed-term mortgage works for many borrowers. Choose from 10-, 15-, 20-, and 30-year terms 1 . Financing is available for purchase and re nancing of the primary and secondary residence. 80/10/10 Mortgage Avoid paying private mortgage insurance (PMI) with our 80/10/10 Loan. This option allows you to make a smaller down payment while avoiding PMI. The nancing is broken down into 80% as a rst mortgage 1 , 10% as a second mortgage (Home Equity) 2 , and the remaining 10% is your down payment. Traditional conventional mortgages require 20% down to avoid PMI. HomeReady Mortgage Our newest option is great for the borrower that doesn’t have a large savings set aside for a down payment. With HomeReady, your down payment can be as low as 3% (FHA requires 3.5%) and the cost of mortgage insurance is reduced and can be canceled when your mortgage reaches a certain balance. This loan is a great option for some rst-time home buyers. There are some maximum income limits that apply. 30-Year Adjustable Rate Mortgage (ARM) An ARM starts with a xed rate for a speci ed time (5, 7 or 10 years), then the rate adjusts once a year after the speci ed term for the remainder of the loan. Borrowers looking to move within 10 years or less may nd the lower rates on an ARM appealing. Refinance HomeFree Home Loan – This is a popular re nance option for those that have at least 25% equity in their home. It’s a great way to “retire” your mortgage without paying closing costs 3 . Terms range from six to 12 years 4 . Other restrictions apply.