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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) | Yes | Yes | Yes | Yes |
| High-balance ($766,551 - $1,149,825) | No | Yes | No | Yes |
| Jumbo ($1,149,826 - $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 $766,550
- As low as 5% down up to $1.5 million
- As low as 10% down up to $2 million
Monterra Credit Union NMLS #416747.
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