Purchase Loans

Unlock the door to a better home loan

At Monterra Credit Union, we provide customized mortgages with competitive rates and local service.  

Get Started with our comprehensive guide to finding, buying and financing a home

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

Limited Time ARM discount offer: Receive 0.125%* off an ARM for a new home purchase.

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 $766,550 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 $766,550)YesYesYesYes
High-balance ($766,551 - $1,149,825)NoYesNoYes
Jumbo ($1,149,826 - $3,500,000)NoYesNoYes

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 $766,550
  • As low as 5% down up to $1.5 million
  • As low as 10% down up to $2 million
All mortgage loans through Monterra Credit Union are for homes in California only. Adequate property insurance required for the life of the loan. Flood insurance may be required. All loans are subject to credit approval. Please speak with a Real Estate Representative for current rates and information on loan limits as additional conditions and restrictions may apply. 
*Discount of 0.125% applies to Adjustable-Rate Mortgage (ARM) products for a new home purchase and is good through 07/31/24. Offer is valid on first mortgages only. ARM interest rates are subject to change. ARM rates are based on the United States Treasury securities and are adjusted to a constant maturity (CMT) of 5-year or 1-year as made available by the Federal Reserve Board. All mortgage loans through Monterra Credit Union are for homes in California only. Maximum loan amount varies based on product type and property location. Conditions and restrictions apply.

Monterra Credit Union NMLS #416747.

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