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Our mortgage and home equity options are perfect for purchases, refinances and renovations.
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Traditional Mortgage Loans

    • Overview
    • Fixed Rate Mortgages
    • Adjustable Rate Mortgages
    • Apply

KeyPoint Credit Union’s newly expanded line of mortgage products are designed to fit your need, no matter how big or small. We’re a California credit union that offers traditional mortgages tailored to your budget. We offer 10- to 30-year terms, and both fixed rate or adjustable rate mortgages, to help you purchase the California real estate that you want.

  • Purchases: Get into your new home with as little as 3% down.
  • Refinances: Borrow as much as 95%* of your home’s value and reduce your interest rate or monthly payments.
  • Cash-Out Refinances: Borrow as much as 85%* of your home’s value and get cash out to help with life’s demands.
  • High Balance Loans: Borrow as much as 90%* of your home’s value on loan amounts up to $625,500 at great low rates!
  • Jumbo Loans: Offering loan amounts as high as $2,000,000.00 for purchases, or cash out refinances!

*Mortgage Insurance may be required if borrowing more than 80% of the property value.

Fixed Rate Mortgages

Fixed rate mortgages are the simplest. Your payment will not change over the life of your loan because your interest rate cannot change. These are among the most popular loans for those reasons.
This "traditional" type of loan maintains its original interest rate throughout the entire life of the loan. (Any change in monthly loan payments will be due to increases in other charges like insurance or taxes that will naturally occur over time.) Fluctuations in market rates, over the term of your loan, won't have any impact on the amount of interest you pay because that rate is already "fixed." A Fixed Rate Mortgage loan may be a good choice if you:

  • Want the security of knowing your interest rate will not change, nor will your monthly payment, unless property tax and insurance amounts change
  • Plan to stay in this home for several years
  • You don't expect your income to increase significantly in the coming years

Fixed rate Mortgage Loans come in various terms such as 10, 15, 20 or 30 years. In determining the length of your loan, you may want to consider:

  • Total amount of interest you want to pay over the course of your loan
    • For example, the total cost of a 30-year loan in terms of the interest paid on the loan is higher than the total cost of a 10, 15, or 20-year loan. With a 30-year loan, you have the advantage of lower monthly payments due to the longer loan term.
    • With a 15-year loan, you have the advantage of repaying the loan more quickly with higher monthly loan payments.
  • Your ability to make high monthly payment
    • If you can afford to pay more per month, you reduce the number of months you have to pay. Also, choosing a 15-year term will save you thousands in interest charges vs. the typical 30 year term

Another option to decrease the amount of interest you pay is to get a 30-year loan, so you don't lock yourself into higher monthly payments, but pay a little "extra" each month towards the principal when you are able to do so.

Adjustable Rate Mortgages

Adjustable Rate Mortgages, ARMs, offer a lower starting interest rate and therefore, a lower monthly payment. Your rate and your payment may increase, though, as time goes on. ARMs are useful loans for a variety of circumstances.
An Adjustable Rate Mortgage may be a good choice if you:

  • Want to maximize your buying power
  • Want to keep your payments lower during the initial period of your loan
  • Plan to move or sell the home within the next ten years
  • Plan to pay-off your mortgage within the next 10 years
  • If in the coming years, you expect your income to increase significantly

Advantages:

  • Allows for higher loan amount qualification and enhanced buying power.

Disadvantages:

  • It can be riskier if you don't expect your income to increase over the initial introductory rate period to cover the changes in monthly payment.
  • Interest rate can rise above the current fixed rate over time.

What You Will Need to Apply:

  1. Date of birth
  2. Social Security Number
  3. Valid email address & contact phone number
  4. Current home address (plus previous address if you have lived at your current residence for less than two years)
  5. Estimated market value of the property you are trying to finance
  6. Name and address of current employer (plus name and address of previous employer if you have been at your current job for less than two years)
  7. All credit obligations and expenses, including housing, child support, credit card payments, loan payments, etc.
  8. All asset information, including the value of all of your accounts: checking, savings, investments, retirement, etc.
  9. Gross income amount, which can include secondary income sources. If applicable – you do not need to list alimony, child support, or separate maintenance agreements if you do not want to have that income taken into consideration

If you're buying a home, you'll also need:

  1. Address of your prospective home
  2. Estimated purchase price of your prospective home and closing date
  3. Estimated down payment amount
  4. Estimated annual property tax, insurance, or any homeowner's association dues

If you're refinancing a home, you'll also need:

  1. The year your home was purchased
  2. Original purchase price
  3. Original loan amount and the total outstanding balance on that loan and any other loans secured by your property
  4. Current estimated property value
  5. The total amount you wish to borrow

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