Clackamas Federal Credit Union (CFCU) is a local financial institution in Clackamas, Oregon. Founded in 1975, the credit union has been serving the financial needs of its members for nearly fifty years. CFCU offers competitive mortgage rates on its various mortgage products, making it an ideal option for those looking to purchase a home in the area. In this article, we’ll be taking a look at the current mortgage rates offered by Clackamas Federal Credit Union and how you can take advantage of them.
Understanding Mortgage Rates
Before we dive in to the various mortgage rates offered by CFCU, let’s quickly review what mortgage rates are and how they work. Mortgage rates are the interest rate you will pay on your loan when you borrow money to purchase a home. The rate is determined by the lender and it is based on the current market conditions. Your credit score and other factors such as your down payment and loan term can also affect your mortgage rate.
Mortgage rates can change often, so it’s important to stay up to date on the current rates. When mortgage rates go down, it can be a great time to refinance your loan or purchase a home. When rates go up, it can be a good time to lock in a rate before they rise further.
CFCU Mortgage Rates
CFCU offers a number of different mortgage options, including fixed-rate mortgages, adjustable-rate mortgages, and jumbo loans. The rates on these products vary, so it’s important to compare the different options and find the one that best fits your needs. Here are the current mortgage rates offered by CFCU:
Fixed-Rate Mortgages
CFCU offers fixed-rate mortgages for terms of 10, 15, 20, 25, and 30 years. The current rates range from 3.50% APR to 4.25% APR, depending on the term. This type of mortgage is a good option for those who want to lock in a rate and make the same payment for the life of the loan.
Adjustable-Rate Mortgages
CFCU also offers adjustable-rate mortgages with terms of 3, 5, 7, and 10 years. The current rates range from 3.00% APR to 4.00% APR, depending on the term. This type of mortgage is ideal for those who are looking for a lower initial rate, but want the flexibility of having a rate that can adjust in the future.
Jumbo Loans
CFCU also offers jumbo loans for those looking to purchase a home that exceeds the conforming loan limit. The current rate for a jumbo loan is 4.50% APR. This type of loan is a good option for those looking to purchase a higher-priced home.
Applying for a Mortgage
If you’re interested in applying for a mortgage with CFCU, the process is simple. You can start by filling out an online application or visiting one of the credit union’s branches. The credit union will then review your application and provide you with a decision. Once you’ve been approved, you can begin the process of securing your loan.
Conclusion
Clackamas Federal Credit Union offers competitive mortgage rates on its various mortgage products. Whether you’re looking for a fixed-rate mortgage, an adjustable-rate mortgage, or a jumbo loan, CFCU has a product that can meet your needs. If you’re interested in applying for a mortgage with CFCU, you can start by filling out an online application or visiting one of the credit union’s branches.
