)
Purchase Loans
Unlock the door to a better home loan
At Monterra Credit Union, we provide customized mortgages with competitive rates and local service.
Unlock the door to a lower rate. Receive a 0.125% rate discount1 on all ARM products for new home purchases only.
Explore our home loan options
Choose fixed or adjustable rates
Various terms are available to fit your finances
Opt for low down payment options
Borrow up to $3.5 million
Get Started with our comprehensive guide to finding, buying and financing a home
Budget with certainty knowing your principal and interest payments won't change over the home loan's term. Our lowest down payment is 3% on conforming loan amounts up to $806,500 and as low as 5% up to $1.5 million.
Here are your options:
| Loan Type | 10-year fixed | 15-year fixed | 20-year fixed | 30-year fixed |
|---|---|---|---|---|
| Conforming (up to $806,500) | Yes | Yes | Yes | Yes |
| High-balance ($806,501 - $1,209,750) | No | Yes | No | Yes |
| Jumbo ($1,209,751 - $3,500,000) | No | Yes | No | Yes |
ARMs typically offer lower interest rates and lower monthly payments for the initial period, either 5, 7 or 10 years.
- Initial fixed rate period of 7 or 10 years with payments amortized over 30 years
- Interest rate adjusts annually following the initial fixed-rate period
- Index is based on weekly average yield of one-year Treasury Constant Maturity (TCM)
- 2.5% Margin
- Can increase up to 5% for the initial adjustment; the annual rate increase thereafter is capped at 2% with a 5% increase cap for the life of the loan
- Floor rate will not drop below the margin
- Adjustable rate with an initial fixed rate prior of 5 years, with payments amortized over 30 years
- Interest rate adjustment every 5 years starting the year following the initial fixed rate period
- Index is based on weekly average yield of 5-year Treasure Constant Maturity (TCM)
- 2.5% Margin
- 2% annual rate increase cap with a 5% increase cap above the initial fixed rate for the life of the loan
- Floor rate will not drop below the margin
- Interest-only payments during the first 5 years
- Adjustable rate with an initial fixed rate of 5 years
- Interest rate adjustment every year after initial 5 year fixed period (starting the year following the initial fixed period)
- Index is based on weekly average yield of 1-year Treasure Constant Maturity (TCM)
- 2.5% Margin
- 2% annual rate increase cap with a 5% increase cap for the life of the loan
- Floor rate will not drop below the margin
Afford a broader range of homes with jumbo loans up to $3.5 million.
- Fixed and adjustable-rate options available
- 40-year ARMs available
- Close in as few as 21 days
Here are your down payment options:
- As low as 3% down up to $806,500
- As low as 5% down up to $1.5 million
- As low as 10% down up to $2 million
The 80/10/10 Home Loan is here to help you purchase a home with a lower down payment while avoiding costly private mortgage insurance.
This loan:• Has an 80% first mortgage
• Allows for a 10% second mortgage
• Requires only 10% down payment
The first and second mortgages are combined at the same time covering 90% of the home’s purchase price, saving you money by avoiding the private mortgage insurance (PMI) that is usually required. Plus, this home loan has a lower down payment of 10%.
Monterra Credit Union NMLS #416747.
Federally insured by NCUA.