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First Mortgages for Buying a New Home
There are several different mortgage options for buying a new home. Choosing the right type of mortgage for you is important in your home buying journey. At Deer Valley Credit Union, our mortgages feature:
- Competitive rates
- Fixed-rate1 and variable-rate2 mortgages available
- Loan terms of 15 and 30 years
- A Mortgage Loan Specialist provides guidance from start to finish
- Finance amounts vary by lending program
Learning the lingo and figuring out which option is best for you can feel overwhelming. Here are a few basic descriptions of the types of loans we offer:
A fixed-rate mortgage is a loan with a 15- or 30-year term that has the same rate during the entire term of the loan. Your monthly mortgage payment is the same each month until the loan is paid off. You can use our Mortgage Calculator below to estimate what your payment could be. While you have a mortgage on your home, DVCU holds the title/deed to your home. When you pay the mortgage off, your name will go on the title/deed as the owner of the home.
Variable (Adjustable)-Rate Mortgage:
An adjustable-rate mortgage, often abbreviated as ARM, is a loan in which the rate is fixed for a certain number of years and then it adjusts based on the current prime rate. At DVCU, we offer a 5/1 ARM. This means that your rate will stay the same for five years, and then it’s subject to change each year thereafter. Adjustable-rate mortgages are often good for people who don’t intend to stay in the home very long or predict a favorable change in market rates in the future. Of course, no one knows with absolute certainty what the future holds, so if this is the reason you’re considering an adjustable-rate mortgage, be sure to discuss your intentions with one of our Mortgage Loan Specialists.
To ensure you’re choosing the right mortgage, call 602.375.7300 to set up an appointment with a Mortgage Loan Specialist. If you’re ready, you can also apply now to get pre-approved
so you can make an offer with confidence.
Refinance Your Home Mortgage
Refinancing a mortgage you have elsewhere to DVCU is easy. The same fixed-rate and adjustable-rate options are available to you as well. Often, our members like to capitalize on equity they have in their home by also taking out a Home Equity Line of Credit
or Second Mortgage when they refinance. To determine how much you could save on your monthly mortgage payment, use the Mortgage Calculator below.
We encourage everyone looking to refinance their existing mortgage to call 602.375.7300 to speak with a Mortgage Loan Specialist. This helps to ensure you’re getting the best mortgage option for your home.
Questions? Contact us!
If you have questions about mortgage rates, which type of mortgage is best for you, or how to get started, fill out the form below and we’ll have a Mortgage Specialist contact you.
Mortgage and Mortgage Refinance Calculator
Use our Mortgage Calculator to estimate your payment on a first mortgage or how much you could save by refinancing your existing mortgage to DVCU.